Will Cyprus golden visas be closed?

The Audit Office of the Republic of Cyprus has released the findings of its special investigation into the Golden Visa permanent residency by investment framework. The audit revealed a series of systemic compliance failures and oversight deficiencies within the Migration Department.

Core Weaknesses Identified in the Programme

According to the official report, regulatory authorities:

• fail to conduct mandatory periodic audits to verify ongoing compliance following residency permit issuance;
• do not revoke permits when investors acquire permanent residency in another jurisdiction or remain absent from Cyprus for over two years;
• grant residency permits without the presentation of official Title Deeds for the underlying property;
• accept "informal evidence of payment" during application processing.

Tightening of Statutory Criteria in 2023

As a reminder, in spring 2023 the Cyprus Government enacted revised criteria governing permanent residency by investment:

• Annual Proof of Investment: Mandatory yearly evidence confirming continued ownership of qualifying real estate or corporate equity valued from €300,000.
• Increased Minimum Income Thresholds: Now established at:
  • €50,000 for the primary applicant,
  • €15,000 for the spouse,
  • €10,000 for each minor child.
• Restricted Qualifying Dependants: Parents, adult children, and parents-in-law can no longer be included under the primary application. Sponsoring adult dependants now demands independent permits backed by separate investments of at least €300,000 each.

What This Means for International Investors