Cyprus to tighten Golden Visa rules ahead of Schengen accession

Cyprus is preparing to tighten the rules of its ‘Golden Visa’ program, which grants permanent residency or citizenship to foreign investors, in anticipation of the country joining the Schengen Area. Nicholas Ioannides, the Deputy Migration Commissioner, announced that reform proposals have been submitted to relevant ministers to strengthen eligibility criteria and oversight.

Authorities are currently conducting a massive review of approximately 12,000 permits issued since 2013 to ensure beneficiaries continue to meet all legal requirements. In the last two years alone, about 1,500 such permits were issued. The government aims to redirect foreign capital toward strategic sectors, including education, innovation, and defense.

Additionally, a new digital information system is being developed to monitor the entry, stay, and exit of third-country nationals within Cyprus. This move follows previous controversies regarding the program, including a 2023 instance where citizenship was revoked for 222 investors and their families.