Cyprus's Deputy Minister for Migration says the golden visa scheme will be tightened before the country joins Schengen, though no specific changes or timetable have been announced.
Cyprus plans to tighten its golden visa scheme ahead of joining the Schengen area, Deputy Minister for Migration Nicolas Ioannides told MPs, according to Cyprus Property News. He said around 1,500 golden visas had been issued over the past two years, and that authorities are checking whether holders of about 12,000 permits issued since 2013 still meet the scheme's requirements. Ioannides said the expected move into Schengen could make the scheme more attractive, and that he has submitted proposals on possible changes to other ministers. The government is also reviewing where investment linked to the scheme should be directed, with education, defence and innovation among the options. "We need investment," he said, but it must be made "in a controlled way". The discussion took place during a parliamentary committee's review of an Audit Office report on migration management. ALMA party leader Odysseas Michaelides said the scheme remains in force and, in his view, is putting pressure on the housing market. According to the report, the government has not announced specific changes or a timetable for tightening the scheme. Separately, Ioannides said a new information system to track third-country nationals from arrival to departure is being developed and is expected to be installed in March, without specifying the year. Migration services are also being digitised, starting with online residence permit renewals for five categories of applicants.