A parliamentary committee will meet on Wednesday, April 15, for an extraordinary session to discuss a bill aimed at tightening the rules for issuing so-called “golden” visas. The legislative proposal, introduced by the opposition party AKEL, is being considered under an accelerated procedure. Lawmakers want to bring it to a plenary vote before the dissolution of Parliament ahead of the May 2026 elections. The bill proposes amendments to the immigration law for foreigners. Under the new scheme, the fast-track permanent residency program for non-EU citizens would only operate if relevant regulations are issued. AKEL suggests giving the government three months after the law is adopted to issue these regulations. If they are not introduced within that period, the program would be automatically terminated.
Who qualifies for a golden visa in Cyprus
The fast-track permanent residency program, known as “golden” visas, is available to investors who purchase new real estate worth at least €300,000 plus VAT. Investments can also be made in investment funds or company shares. The residency permit extends to spouses and financially dependent children up to the age of 25. The investor is required to visit Cyprus at least once every two years. After seven years of continuous residence, the investor may apply for citizenship. Key requirements include a clean criminal record and proof of income from abroad exceeding €50,000 per year. These rules have been in place since 2013 and have been revised several times.
How many visas have been issued and their current status
According to data provided to lawmakers, since the program’s launch in 2013, a total of 7,088 golden visas have been issued. All of them remain valid to this day. The Migration Department reports that the investment criteria of the program have been revised four times since 2013. At the same time, the department warns that if Parliament is granted a role in determining the criteria, it may limit the program’s flexibility. Therefore, it recommends keeping full jurisdiction with the executive branch.
During the parliamentary committee discussions, AKEL representatives stated that the purpose of the proposal is to tighten checks on foreign investments to avoid repeating the scandal involving golden passports. In addition, the party argues that increased demand from non-EU citizens is pushing housing prices higher, making property less affordable for local residents.
It should be recalled that in March 2026, the European Commission officially closed the infringement case against Cyprus related to the former “golden” passport program. The scheme was suspended on November 1, 2020 after legal issues related to citizenship-by-investment had been resolved. Previously, the EU demanded the immediate termination of such schemes due to serious risks related to security, money laundering, and corruption.
Although the golden passport program has been closed, EU monitoring of residency-by-investment schemes continues. The European Commission requires strict due diligence procedures to prevent abuse. For Cyprus, which actively attracts foreign capital through its golden visa program, tightening the rules could mean a decline in investor demand. This would be particularly sensitive for the real estate markets in Limassol and Paphos, where the share of foreign buyers is especially high. Parliament must make a decision before the elections, and the future of a multi-million investment flow into the island’s economy depends on it.