Cyprus plans tighter golden visa rules ahead of Schengen entry

Nicosia, Cyprus. Cyprus is preparing to tighten its golden visa programme ahead of its planned entry into the Schengen area, Deputy Migration Minister Nicholas Ioannides said on Thursday. Authorities are checking about 12,000 permits issued since 2013 to determine whether holders still meet the programme’s requirements.

Programme under review

Speaking before the House audit committee, Ioannides said about 1,500 golden visas had been issued over the past two years. He said decisions on tighter rules were expected and that he had submitted proposals to other ministers involved, noting that Schengen entry would make Cyprus a more attractive destination.

Authorities are also examining where investments made through the programme should be directed, including whether funds could go towards education, defence and innovation. “We need investment,” Ioannides said, but added that it must take place “in a controlled manner”.

Alma president and MP Odysseas Michaelides said the programme remained in operation and argued that it was adding pressure to the housing market.

Migration monitoring

The committee was examining a special Audit Office report on migration management. Its discussion covered shortcomings in the monitoring of third-country nationals, as well as asylum applications, returns and the Green Line.

Ioannides said a new information system was being developed to track third-country nationals from their entry into the Republic until their departure.

An Audit Office review covering 2021 to 2023 found that about 290,000 third-country nationals who had legally entered Cyprus appeared in available records without a corresponding departure being registered. Ioannides said the situation had since changed, information systems were being linked with those of other ministries, and the new system was expected to be installed in March.