Over the last ten years, Cyprus has awarded over 30,000 passports and “golden visas” to non-EU citizens, while granting more than 60,000 additional residence permits. On paper, these figures indicate robust investment in the nation’s economy, yet the core question remains: what does this capital influx really achieve, and for whom?
According to data published by Finance Minister Makis Keravnos, Cyprus has utilized citizenship and residency-for-investment schemes to draw foreign funds. The breakdown from 2014 to 2025 underscores the scale:
This focus on attracting wealthy investors, rather than working families or those in genuine need, highlights the primary goal: capital inflow.
The majority of permanent residency-by-investment permits were concentrated among nationals from:
While the government hints at strict reviews, it froze over 3,000 ongoing “golden visa” applications in 2021. Critics argue the freeze looked more like a quick fix than genuine reform. By the time new criteria were promised, approvals under older frameworks still went through.
Property prices have soared, skewing new projects toward high-end developments. Local Cypriots often find themselves priced out of entire areas. Housing affordability is increasingly a worry, and the government has yet to release key data on how many purchases are made by EU citizens versus foreign investors.
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From 2014 to 2025, 27,043 first-time temporary residence and work permits were granted to foreign employees of high-tech companies, climbing to 61,128 with renewals. Critics remain concerned about potential loopholes—specifically, oversight of local hiring ratios and renting standards. Without transparent data on foreign residents’ rental contracts, the true impact on the housing market remains ambiguous.
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As the golden visa model evolves, it continues to attract global capital. However, capital alone doesn’t support local communities, families, or long-term sociopolitical stability. The debate intensifies over whether Cyprus can transform its foreign investment policies to bring transparency, accountability, and fairness. Otherwise, the island risks being seen less as a home for its people and more as a commodity to be bought and sold freely.
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