Cyprus Has Approved 28,660 Golden Visas Since 2014

Cyprus has approved 28,660 golden visas since 2014. Chinese and Russian nationals account for nearly two-thirds of all permits.

Cyprus has issued 28,660 golden visas since launching its residency by investment program in 2014, Finance Minister Makis Keravnos revealed in official correspondence on Friday.

The letter to Akel MP Giorgos Koukoumas shows that Chinese nationals dominate the program, receiving 10,100 permits, followed by Russians at 8,478.

Lebanese citizens received 1,822 permits, Ukrainians 983. Jordanians 907, Iranians 699, and Egyptians 586.

The Middle Eastern presence extends further through Syrian nationals receiving 346 permits. Asian participation includes Vietnamese citizens obtaining 412 approvals, while Western applicants remain comparatively modest, as American nationals received 277 permits and British citizens secured 251 visas.

The numbers include family dependents, as the government processed 14,646 individual applications over the 11-year period.

Authorities rejected 1,209 applications and maintain 1,248 pending cases in their current pipeline.

Cyprus’ program requires minimum investments of €300,000 in real estate, shares, or funds. Applicants must demonstrate annual post-tax income of at least €50,000 to qualify for permanent residence status.

The program restricts qualifying purchases to new properties, meaning foreign buyers seeking residency do not compete directly against Cypriots purchasing resale homes.

Recent parliamentary discussions have examined foreign property investment’s impact on housing affordability, though no official proposals exist to abolish the golden visa program.

Immigration lawyer Demetris Demetriades notes the government views the program “within the context of regulation, not cancellation.”

Visa holders face ongoing compliance requirements, including annual proof of maintained investments and health insurance coverage.

The government demands clean criminal records every three years and prohibits permanent residency elsewhere or absences exceeding two years.

Cyprus has simultaneously expanded its immigration offerings through recent policy changes. The government modified its startup visa program in January, extending residence permits to three years and reducing share capital requirements to 25%.

Parliament is also reviewing a proposed €250,000 independent means visa targeting financially independent individuals who can demonstrate €40,000 annual income.

The letter also revealed that Cyprus issued 61,128 residence permits of all types to third-country nationals between 2014 and 2025. This encompasses various visa categories beyond the investment-based golden visa route. This means that nearly half of all the residence permits Cyprus issued during that period were investment-based visas, a very high rate by global standards.