Will Cyprus golden visas be closed?

The Audit Office of Cyprus has released the results of an investigation into the country’s “Golden Visa” program (residency by investment). The audit uncovered a number of violations and deficiencies within the Migration Department.

Main issues identified

According to the report, oversight authorities:

• do not conduct regular compliance checks after residence permits are issued;

• fail to revoke permits when an investor obtains permanent residency in another country or remains outside Cyprus for more than two years;

• issue residence permits without confirmed property title deeds;

• accept “unofficial proof of payment” when reviewing applications.

As a result, the Audit Office has called on the Ministry of Interior to terminate the program. The Ministry acknowledged the need to tighten control procedures but did not comment on the possibility of a complete closure.

Stricter rules introduced in 2023

It should be recalled that in spring 2023, the Cypriot government had already amended the rules for granting permanent residency through investment:

• Investment confirmation – investors must now provide annual proof of ownership of real estate or company shares worth at least €300,000.

• Higher minimum income requirements –

  • €50,000 for the main applicant,

  • €15,000 for the spouse,

  • €10,000 for each dependent minor child.

• Narrower family inclusion – parents, adult children, and in-laws can no longer be included in the same application. They must apply separately and make their own investment of at least €300,000.

What this means for investors

Although the “Golden Visa” program has not been officially terminated, investors should be aware that:

• the requirements have become significantly stricter;

• the verification process is now more detailed and may take longer;

• the program’s long-term future remains uncertain.