Cyprus Golden Visa Rules Set for Tightening Ahead of Schengen: 12,000 Permits Under Review

Cyprus is preparing to tighten its Golden Visa programme before joining the Schengen Area, while authorities review thousands of existing permits to determine whether their holders continue to satisfy the programme’s conditions. Deputy Minister of Migration and International Protection Nicholas Ioannides announced the plans before a parliamentary audit committee on September 24, 2026.

Around 1,500 Golden Visas have been issued over the past two years, according to Ioannides. At the same time, officials are examining approximately 12,000 permits issued since 2013. The government has not yet published the proposed amendments, and no new investment thresholds or implementation timetable have been announced.

What Could Change Under the Cyprus Golden Visa

Ioannides has already submitted proposals to the other ministers involved in the programme. One issue under consideration is whether investment could be directed into additional sectors, including education, defence and innovation.

The government has not indicated which existing conditions will ultimately be amended. Ioannides stressed that Cyprus continues to need investment but that it should be attracted and deployed in a controlled manner.

The current investment framework requires at least €300,000 to be placed in one of four qualifying categories. These include a newly purchased residential property, commercial real estate, shares in a Cyprus-based company employing at least five people, or units in a qualifying Cyprus investment fund.

Applicants must also continue to meet the programme’s ongoing conditions, including demonstrating that the qualifying investment remains in place and complying with the applicable residence requirements.

The programme provides permanent residence rather than citizenship. Cyprus ended its citizenship-by-investment programme in November 2020.

Higher Investment Thresholds Among Possible Changes

Potential changes being discussed include raising the minimum investment requirement or introducing different thresholds depending on the location or type of investment.

Greece provides an example of a tiered model. Since September 2024, its Golden Visa programme has applied a €800,000 threshold in Attica, Thessaloniki, Mykonos, Santorini and islands with more than 3,100 residents, while the minimum is €400,000 in other areas.

A stricter investment framework could also place greater emphasis on directing capital away from residential property and towards areas such as innovation, education, funds, commercial development and strategic regional projects.

Further compliance measures could include stronger ongoing monitoring, additional due diligence and more extensive reporting requirements.

Applicants already undergo criminal-record and source-of-funds checks, while Cyprus banks apply anti-money-laundering controls. Any additional measures would therefore build on an existing compliance framework rather than introduce screening for the first time.

Why the Number of Permits Under Review Is Unclear

The approximately 12,000 permits currently being reviewed do not correspond directly to the number of Golden Visas previously reported by Cypriot authorities.

Figures presented to MPs in April showed 7,088 Golden Visas issued since 2013, with all of them reported as still valid. The figure is considerably below the 12,000 permits now cited by the deputy minister.

A separate Finance Ministry letter sent to an opposition MP in 2025 recorded 28,660 permits when family members were included. Those permits were associated with 14,646 applications, of which 1,209 had been rejected and 1,248 were still pending.

Removing the rejected and pending applications leaves 12,189 applications that were neither rejected nor pending — a figure close to the 12,000 mentioned by Ioannides.

However, the deputy minister did not specify which category or measurement the 12,000 figure represents.

Parliament Previously Considered Changes to the Programme

The question of who should determine the Golden Visa criteria was also debated in parliament in April.

The government argued that the executive should retain responsibility for setting the programme’s requirements. An opposition bill proposed requiring the government to issue formal regulations within three months, failing which the fast-track route would end.

The Migration Department warned that parliamentary involvement could constrain the programme’s flexibility and recommended that responsibility remain with the executive.

Since June 17, 2024, the department has operated under Ioannides’ deputy ministry rather than the Interior Ministry. The transfer was recorded in the deputy ministry’s response included in an April 2025 Audit Office report.

The proposed legislation reached the House plenary on April 23, shortly before the May 24 elections. Five months later, the Golden Visa programme remained in force.

Cyprus Is Also Considering Restrictions on Foreign Property Purchases

Separate proposals could affect the property market in which many Golden Visa investments are made.

On September 3, Interior Minister Constantinos Ioannou presented parliament with a working draft concerning property purchases by non-EU nationals. The draft would prohibit certain acquisitions on agricultural land and in areas close to the ceasefire line or critical infrastructure. It would also introduce restrictions on plot sizes and the floor area of residential properties. The precise limits on home size remained under discussion.

Ioannou has not specified whether those proposed restrictions would also apply to purchases made under the Golden Visa programme.

Parliament is expected to examine purchases involving companies through the House Interior Committee in October.

Schengen Accession Could Increase Demand for the Programme

Cyprus’s planned Schengen accession is an important factor behind the proposed review.

The European Commission issued a positive assessment of Cyprus’s readiness in July. EU member states within the Schengen Area still need to reach a unanimous decision on accession.

The Schengen file was formally discussed by the Council’s Working Party for Schengen Matters on September 15, 2026.

Cyprus still faces outstanding issues, including incorporating its Green Line crossing procedures into EU law and improving checks at crossings located at the two British Bases.

The prospect of Schengen membership has also raised concerns among opposition MPs that the Golden Visa could attract applicants primarily interested in greater access to EU mobility.

For the government, this provides an additional reason to review the programme before the country potentially joins the Schengen Area.

Monitoring Golden Visa Holders and Other Third-Country Nationals

The effectiveness of the programme’s residence requirements also depends on accurate records of arrivals and departures.

An April 2025 Audit Office report recorded 289,599 non-EU nationals who had legally entered Cyprus between 2014 and 2023 but had no corresponding departure recorded as of March 31, 2024.

The absence of a departure record does not necessarily establish that an individual remained in Cyprus unlawfully. Possible explanations include departure through a non-government-controlled crossing, obtaining a residence permit or travelling under another passport.

Ioannides has said that a new information system for tracking third-country nationals from entry through departure is expected to become operational in March.

The development of this system could also strengthen the authorities’ ability to monitor compliance with residence and immigration requirements across Cyprus.

What Investors Should Watch Next

Cyprus has announced that the Golden Visa programme will be tightened, but the precise amendments have not yet been made public. The government is considering changes to the direction of investment, while possible adjustments to financial thresholds, property-related requirements and compliance procedures remain under discussion.

At the same time, authorities are reviewing approximately 12,000 existing permits issued since 2013. The discrepancy between that figure and previously published Golden Visa statistics means that the exact scope of the review is not yet clear.

With Cyprus also progressing towards Schengen accession, the programme is facing a period of regulatory scrutiny that could affect both future applicants and existing permit holders.

If you are considering relocating to Europe through these or other programmes, you can book an individual consultation. I will assess your situation, including available residence-permit options, the right to work, family requirements, budget, and legal risks before you submit an application or sign an agreement. Submit a request, and we will develop a step-by-step relocation plan tailored to your objective.