Over the past ten years, the Republic of Cyprus has granted more than 30,000 passports and “golden visas” to non-EU nationals, alongside over 60,000 residence permits to encourage investment in the island’s economy.
On paper, these figures reflect a booming investment-driven migration strategy. But behind the numbers lies a growing concern: who really benefits from this influx of capital – and who’s paying the price?
A decade of selling access
New data disclosed by Finance Minister Makis Keravnos in response to parliamentary questions paints a striking picture of how far Cyprus has leaned into citizenship and residency-for-investment schemes.
Between 2014 and 2025:
- 28,660 third-country nationals were granted permanent residency through property purchases.
- 7,372 individuals received permanent residency via broader investment routes (including businesses).
- 61,128 permits were issued for temporary residence and work, primarily targeting foreign talent in international companies.
At first glance, this may sound like economic growth. But these programmes weren’t built to provide citizenship to immigrants in need or to attract working families. They were designed to attract capital, and the results reflect that aim.
Who’s buying in?
The data reveals a clear geographic pattern in the permanent residency-by-investment category:
- China: 10,100
- Russia: 8,478
- Lebanon: 1,822
- Ukraine: 983
- Jordan: 907
- Iran: 699
- Egypt: 586
- Vietnam: 412
- Syria: 346
- United States: 277
- United Kingdom: 251
The remaining 3,267 permits were granted to nationals of other countries, with dependants of main applicants included in these numbers.
The government received 14,646 applications for these permits over the decade. Yet 1,209 were rejected, and 1,248 are still pending, a telling sign of the scheme’s loose oversight and slow reforms.
A programme on pause – but not really
In 2021, amid growing scrutiny, the Ministry of Interior froze the review of over 3,000 golden visa applications. The freeze, we’re told, was temporary, just until new criteria could be approved. But three years later, no clear accountability has emerged, and new applications continued to roll in even as old ones sat untouched.
The reason for the pause? According to the Finance Minister, the original criteria were too easily exploited. Yet during that time, the government continued issuing permits under essentially the same framework, reinforcing critics’ claims that the freeze was more of a public relations gesture than real reform.
Real estate for the few
What makes all of this even more controversial is the impact on Cyprus’ property market. While the government has sold the scheme as a win for the economy, the reality is starker: these programmes have inflated housing prices, skewed supply toward luxury development, and left many locals priced out of the housing market.
In fact, MP Giorgos Koukoumas of AKEL raised direct concerns about this in Parliament. He argued that these schemes have helped turn parts of Cyprus into exclusive investment enclaves for wealthy foreigners, with little long-term benefit to Cypriots themselves.
However, several key questions remain unanswered, including:
- The proportion of total property in the free areas of Cyprus owned by Cypriots, EU citizens, and third-country nationals.
- The number of sales or assignment agreements submitted to the Land and Surveys Department over the past decade, relating to purchases by EU and non-EU citizens.
Without this information, it’s difficult if not impossible to measure the full extent of the programme’s impact on local Cypriots.
Work permits for high-tech workers – or loopholes?
On the employment front, 27,043 initial temporary residence and work permits were issued to foreign nationals hired by high-tech and international companies between 2014 and 2025. Including renewals, this number rises to 61,128.
However, the Ministry did not respond to questions regarding the number of rental contracts filed with state agencies by these foreign nationals.
While attracting international talent may benefit Cyprus’ tech and business sectors, critics worry that loopholes allow exploitation, including lax enforcement of local hiring ratios and limited housing oversight.
Where do we go from here?
Cyprus’ golden visa era is far from over – but the cracks in the model are becoming harder to ignore. The country has become a magnet for capital, but capital doesn’t vote, doesn’t need a home to live in, and doesn’t raise families on the island.
Meanwhile, housing affordability continues to decline. Young Cypriots are finding it harder to rent, let alone buy. And for many, the sense that the country is being sold off – piece by piece – is no longer just rhetoric – it’s a reality.
Unless policymakers move toward greater transparency, accountability, and fairness, Cyprus risks becoming not a destination, but an asset – one that can be bought, developed, and flipped – with little thought for the people who call it home.
Replies by Interior Minister to parliamentary questions (Greek & English)
