Cyprus is moving closer to joining Europe’s border-free Schengen Area. As part of this process, it is weighing changes to its permanent residency, or golden visa, program.
On Sept. 24, Deputy Minister of Migration Nicholas Ioannides told Parliament’s Audit Committee that the government would check whether holders of roughly 12,000 permits issued since 2013 still meet the program’s requirements. Ioannides also told the committee that about 1,500 golden visas had been issued over the previous two years. Ongoing monitoring is part of the program’s structure, as holders must maintain the qualifying investment and may lose the permit if they are absent from Cyprus for two consecutive years.
The main reason for these stricter rules is compliance with Schengen requirements. Once Cyprus becomes a full Schengen member, people with Cypriot residency permits will be able to travel without border checks within the Schengen area, which currently has 29 member states. This will make the permits more valuable and lead to greater scrutiny.
The European Commission gave Cyprus a positive readiness assessment in June 2026, after member state experts in the Schengen Committee issued a positive opinion on June 26. The Commission’s 2025-26 Schengen country report was formally presented to the Council of the European Union in September. Accession still requires a unanimous Council decision. Before this can happen, Cyprus must demonstrate that its external border management, anti-money-laundering measures, and investor checks are robust.
The review aims to identify permits that no longer meet the conditions and reassure EU partners that Cyprus will not weaken Schengen security.
How the Changes Affect Current and New Applicants
If adopted, the changes would affect current permit holders and new applicants differently.
Current Permit Holders
- Review of Existing Permits: If they received permanent residency through investment at any time since 2013, their file may be among the 12,000 being reviewed.
- Proof of Continued Compliance: Authorities are checking whether investors have maintained their qualifying investments, such as the property or asset used in their application. They are also checking whether investors still receive the required secured annual income — €50,000 for the main applicant, plus €15,000 for a spouse and €10,000 for each dependent child, which must come from abroad where the investment is in first-sale residential property.
- Risk of Losing Residency: Permanent residency may be canceled if an investor no longer meets the qualifying conditions — for example, by disposing of the qualifying investment or failing to show the required income.
For New and Future Applicants
- More Investment Options: The government is examining ways to direct capital away from real estate, and toward other sectors, Ioannides said, including education, defense, and innovation.
- Possible Price Increases: Cyprus is considering a tiered pricing system, broadly along the lines of the Greek model, which sets thresholds of €800,000 in high-demand areas such as Attica, Thessaloniki, and the larger islands; €400,000 elsewhere; and €250,000 for conversions of commercial buildings to residential use. The current minimum investment of €300,000, excluding VAT, may increase, especially in high-demand areas.
- Stricter Checks: Checks on applicants’ backgrounds and sources of funds would become more detailed under the proposals, which could increase application processing times in the short term.
