Cyprus’ Deputy Minister of Migration and International Protection, Nicholas Ioannides, told parliament on 24 September that the government will shortly publish amendments to the island’s fast-track permanent-residency scheme—popularly known as the ‘golden visa’. Under the planned changes, investors will have to show that the funds they use to buy real estate or make business investments originate from legitimate sources and that they continue to maintain an actual residence in Cyprus for at least five years. The Deputy Minister also confirmed that applications will be automatically re-examined every two years, and permits will be revoked if the residency or investment criteria are no longer met. Pressure to tighten controls has intensified as Cyprus prepares for a Council of the EU vote—expected before the end of 2026—on lifting internal border checks and allowing the island to join the passport-free Schengen area. Brussels has repeatedly warned that investment-migration programmes must have robust due-diligence safeguards to avoid money-laundering and security risks. Cyprus fast-tracked more than 6,100 residency applications between 2013 and 2025, many from high-risk jurisdictions, according to an Audit Office report reviewed by MPs this week. Ioannides revealed that 92 % fewer irregular arrivals and 93 % fewer new asylum applications were recorded in the first eight months of 2026 compared with 2022, partly because residency routes are being cleaned up. Authorities have already withdrawn or revoked over 6,000 golden-visa approvals involving Syrian nationals since December 2024. For companies relocating staff, the stricter vetting means longer processing times and the need to document source-of-funds more thoroughly. Real-estate developers have already begun circulating compliance check-lists to foreign buyers. Legal advisers recommend initiating any planned investments before the new legislation is published in the Official Gazette—likely in October—because applications lodged beforehand should be assessed under the current, more lenient rules. Longer term, the reforms could make the Cyprus golden visa more politically sustainable and therefore more predictable for multinational mobility teams. If Schengen accession proceeds smoothly, holders of Cyprus permanent-residence permits would gain visa-free access to the entire Schengen zone, significantly increasing the programme’s appeal despite the higher compliance burden.
Source: Cyprus Mail / Cyprus News Agency
