Cyprus plans to tighten its existing golden visa programme for investors. Deputy Minister of Migration and International Protection Nicholas Ioannides announced this on Thursday, September 24, during a meeting of the House Committee on Development Plans and Public Expenditure Control.
At present, an investor can obtain permanent residence by investing at least €300,000 excluding VAT. The investment can be made in a new residential property purchased from a developer, commercial real estate, shares in a Cyprus company or regulated investment funds. In addition, the applicant must demonstrate a secure annual income of at least €50,000.
According to Ioannides, around 1,500 such permits have been issued in Cyprus over the past two years, while approximately 12,000 permits issued since 2013 are currently being reviewed to determine whether their holders continue to meet the programme’s requirements. The specific new conditions have not yet been announced. Authorities are considering changing the direction of investments so that more funds could be channelled into education, defence and innovation. At this stage, therefore, the programme is being reviewed rather than abolished.
Why the programme may change ahead of Schengen accession
One of the reasons cited by the authorities for reviewing the programme is Cyprus’s possible accession to the Schengen Area. At present, a Cyprus residence permit by itself does not give its holder the right to move freely throughout the Schengen Area on the basis of Cyprus residency status. If the country becomes a full member of Schengen, the situation would change.
At the same time, there is still no confirmed date for Cyprus to join the Schengen Area. The final decision requires approval at EU level. This is why the Cypriot authorities consider it necessary to strengthen oversight of investment migration before any possible accession to Schengen. According to the Deputy Minister, investment remains important for the country’s economy, but granting residence rights must remain a controlled process.
New system for tracking foreign nationals and fewer asylum applications
At the same time, Cyprus is changing the way it monitors migration flows. The authorities plan to introduce a new information system that will track foreign nationals from the moment they enter the country until their departure. The need for such a system is linked to discrepancies in existing records. According to information presented by the Deputy Ministry, around 290,000 foreign nationals legally entered Cyprus between 2021 and 2023, but no corresponding departure was recorded for them in the available systems.
The authorities stress that this figure cannot automatically be treated as the number of people remaining illegally in Cyprus. Possible reasons for the absence of a recorded departure include leaving through a non-government-controlled crossing point, obtaining a residence permit or departing using a different passport.
At the same time, the number of asylum applications has fallen significantly. Fewer than 12,500 applications remain pending, compared with around 24,000 when the Deputy Ministry was established in 2024. Since December 2024, more than 6,100 applications involving Syrian nationals have been withdrawn or revoked, while around 5,500 people have returned. The number of unaccompanied minors has fallen from around 1,100 to 130.
Migrant returns and labour migration
Returns also remain one of the government’s migration policy priorities. More than 7,000 third-country nationals left Cyprus during the first eight months of 2026, compared with more than 12,000 during all of 2025. Since 2023, around 40,000 people have returned to their countries.
Cyprus is also able to participate in and organise joint European return operations with Frontex. A significant share of migration-management costs is covered by European funds. At the same time, the authorities are placing greater emphasis on regulated labour migration and targeted recruitment of foreign workers, particularly in sectors facing labour shortages.
Overall, the possible tightening of the golden visa programme forms part of a broader change in Cyprus’s migration policy. Against the backdrop of preparations for possible Schengen accession, the authorities are simultaneously strengthening oversight of investment-based residence permits, digital monitoring of entry and departure, asylum procedures and the migrant return system.