Cyprus Has Issued Around 30,000 “Golden” Visas to Foreigners Over the Past 10 Years

Over the past decade, Cyprus has issued 28,660 permanent residence permits to foreigners in exchange for investment in the country’s economy.

This was announced on Friday, May 30, by Finance Minister Makis Keravnos.

The majority of these “golden” visas were granted to Chinese citizens — 10,100 in total.

They are followed by:

1. Russia – 8,478
2. Lebanon – 1,822
3. Ukraine – 983
4. Jordan – 907
5. Iran – 699
6. Egypt – 586
7. Vietnam – 412
8. Syria – 346
9. USA – 277
10. UK – 251

These figures include not only main applicants but also their dependents — spouses and children (3,267 individuals).

As of 2025, Cypriot authorities received 14,646 individual applications for permanent residency under the real estate investment program. Of these:

1. 12,189 were approved
2. 1,209 were rejected
3. 1,248 are still under review

Similar data was provided for Category F visas:

1. 7,372 applications were submitted
2. 3,642 were approved
3. 514 were rejected, and the remainder are in various stages of review.

Additionally, 61,128 temporary residence permits have been issued, mainly to foreign professionals employed by international companies operating in Cyprus — further evidence of the country’s growing role as a business and investment hub in the Eastern Mediterranean.

Notably, Yiorgos Koukoumas of the opposition AKEL party expressed concern about the scale of the program, claiming it has led to a shortage of affordable housing for locals.

According to the MP, a large portion of the real estate market in Cyprus now caters not to residents' needs, but to the interests of wealthy foreigners who use property as an investment vehicle.

In response, Keravnos emphasized that the Cypriot government operates within a transparent system, where each application is vetted for source of funds and compliance with legal requirements.

The investment program allows foreigners to obtain permanent residency in Cyprus by investing at least €300,000 in Cypriot real estate, shares, or investment funds.

Additional requirements include:

1. Annual income of at least €50,000 after taxes
2. The ability to include family members:
3. Spouse(s)
4. Children under 18
5. Students up to age 25, if unmarried and enrolled full-time

To maintain permanent residency, holders must:

1. Annually confirm the investment is still active
2. Maintain medical insurance for themselves and their family
3. Submit a police clearance certificate every three years
4. Reside permanently in Cyprus — absence of more than two years may result in loss of PR status.