The Republic of Cyprus plans to tighten the regime for issuing so-called "golden visas", reports the Cypriot television "Sigma", citing the Deputy Minister of Migration and International Protection, Nicholas Ioannidis. Ioannidis announced to MPs that in the last two years the country has issued 1,500 permits for permanent residence on the territory of the country with a condition of a minimum investment of 300,000 euros in property. Currently, a check is underway on the holders of 12,000 such documents issued since 2013 to determine whether they meet the criteria for inclusion in the program.
In view of the country's future membership in the Schengen area, the authorities plan to tighten the regime for issuing such residence permits. Ioannidis announced that it is considering whether the investments associated with the issuance of "golden visas" can be directed to areas such as education, defense, and the development of new technologies.
Cyprus is also introducing an information system that allows tracking of citizens from countries outside the European Union from the moment they enter the country until they leave. Data show that for the period 2021-2023, for about 290,000 third-country nationals who legally entered Cyprus, there is no information on when they left the country. According to the Deputy Minister of Migration and International Protection, the system will start operating in March.
The Republic of Cyprus is currently at an advanced stage of preparation for entry into the Schengen area. Political decisions regarding membership are expected to be taken at the end of this year or the beginning of next year, reports the Cypriot newspaper "Kathimerini".
The permanent residence permit for citizens of non-EU member states in Cyprus - the so-called "golden visa" is tied to a minimum investment of 300,000 euros in real estate. The program attracts investors from the Middle East and Asia because of the opportunity to have access to the EU without necessarily residing permanently on the territory of the country. Holders of a "golden visa" do not receive Cypriot citizenship and the automatic right to move freely in the Schengen area.