Cyprus to Tighten Golden Visa Program Ahead of Schengen Entry
Cyprus plans to tighten its "Golden Visa" investment residence program as the country prepares to join the Schengen Area. Deputy Minister of Migration Nikolas Ioannidis announced that around 1,500 such visas have been issued over the last two years, with ongoing strict checks on approximately 12,000 holders since 2013 to ensure continued eligibility.
The tightening aims to regulate the influx linked to the program, considering the increased attractiveness of Cyprus with Schengen membership. Investments may be redirected towards sectors like education, defense, and innovation under controlled measures. Additionally, digital renewal options for five categories of residence permits will roll out, enhancing application monitoring and communication.
Efforts to streamline migration management also include a new information system tracking third-country nationals' entry and exit, tackling gaps identified by the Audit Office. Alongside, asylum application backlogs have halved, and returns of individuals without residence rights have significantly increased, reflecting Cyprus's move towards more effective migration control.
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