Cyprus to inspect 12,000 passports issued under investment programme

Cyprus plans to significantly tighten the program of granting a residence permit by investment (“golden visas”) before the expected accession to the Schengen area. This was stated by Deputy Minister of migration of the Republic Nicholas Ioannidis, speaking before the parliamentary Committee on control of public spending, reports Kathimerini.

According to the official, the revision of the rules is necessary, as joining Schengen will make the Cyprus program much more attractive to foreign investors. Participants will be able to move freely around the countries of the zone, which will require stricter control.

Authorities are already conducting detailed checks on about 12,000 passports issued since 2013. The purpose of the audit is to ensure that their owners still meet the requirements. Over the past two years, about 1,500 new golden visas have been issued.

Ioannidis said that he had already submitted recommendations to the relevant ministers on changing the terms of the program. The government also determines priority areas for the direction of attracted capital. Among the possible directions are education, defense and innovation. “We need investments,” the deputy minister stressed, adding that they should be carried out in controlled conditions.

To strengthen surveillance, the Cypriot authorities are developing a new information system. It will allow tracking of third-country nationals throughout their stay on the island.

The Golden Visa Program grants foreigners the right to reside in Cyprus if certain investment conditions are met.

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