Cypriot MPs clash over “golden visa” bill days before Parliament is dissolved

The Home Affairs Committee of the Cyprus House of Representatives continues to review an opposition bill proposing to shift the permanent residence by investment program from being governed by administrative decisions to being regulated by proper, binding legislation. The session took place on Wednesday in an emergency format, but no vote was held.

The House of Representatives will self-dissolve on 23 April due to the May elections. That leaves the opposition party AKEL (Progressive Party of Working People), which has initiated the draft, with roughly a week to get the issue added to the agenda for the plenary sitting.

Under amendments to the Aliens and Immigration Law, the government would have to approve implementing regulations within three months after the new provision enters into force. If the deadline is missed, the “accelerated” processing mechanism would automatically be discontinued. Permits issued earlier would remain valid.

Committee chair Aréstos Damianou (AKEL) is also advancing other legislative initiatives. His major around 250-page proposal to align Cyprus with the European Migration and Asylum Pact is expected to be considered in plenary on 23 April—the same day Parliament is dissolved. Whether the “golden visa” issue will make it onto the agenda is still unclear.

What changes—and what stays the same

The key threshold conditions are not being revised. The minimum investment level of €300,000 (about $354,000) remains, as does the requirement for an annual foreign income of €50,000, mandatory visits every two years, and the path to naturalisation over 7 years.

In essence, this is not about changing the criteria, but about a procedural transformation: instead of relying on cabinet decisions and policy circulars from the relevant ministry, the program would be anchored through official implementing regulations.

Managing partner at Andreas Demetriades & Co Demetriades stresses that the bill cannot be interpreted as a rejection of the program or its cancellation. In his view, the discussion is about requiring the program to operate under formalised rules, rather than relying solely on administrative practice.

“Today, the program already works using criteria set by the executive branch through cabinet decisions and the Ministry of Interior’s policy. The proposal does not change the investment thresholds, the income requirement, or the admission conditions. It only requires that those criteria be codified via implementing regulations—in order to increase legal certainty and strengthen parliamentary oversight,” he said.

Government position: a risk of losing flexibility

The Migration Department warns that parliamentary involvement in the criteria could “constrain” the program’s flexibility. At the same time, it notes that since 2013, the investment requirements have been adjusted four times, including to reflect market developments and EU pressure.

AKEL responds that after the “golden passports” scandal, stricter guardrails are needed. It also points to demand for Cypriot property from non-EU buyers, which—according to the opposition—helps drive up housing prices.

AKEL’s parallel bill, limiting foreign nationals’ purchase of Cypriot real estate, cleared the committee in March and reached the plenary stage on 2 April.

Accusations of populism

Demetriades rejects attempts to link the proposed change to the “golden passports” case. “The current political debate is to a large extent fuelled by a populist approach tied to the previous citizenship-by-investment scheme, even though the permanent residence program is fundamentally different and already includes strict conditions and due diligence procedures,” he said.

AKEL, for its part, cites the cancelled citizenship scheme to justify tightening the residency program. It also emphasises that the two programs have little in common—apart from the jurisdiction.

Cyprus abolished the citizenship route on 1 November 2020 following Al Jazeera’s investigation “Cyprus Papers”. In March 2026, the European Commission closed the earlier infringement procedure it had initiated.

In February, a criminal court in Nicosia acquitted former House speaker Demetris Syllouris and former MP Christakis Yiovanis—two of the most prominent figures. However, the prosecution continues against former Transport Minister Marios Demetriades and other individuals.

Housing: a different problem

“Limiting access for third-country citizens to new real estate developments is unlikely to solve Cyprus’ housing difficulties,” Demetriades argues. In his view, the main reasons are a shortage of housing supply, delays in planning and permit issuance, rising construction costs, and a lack of affordable housing.

He made a similar point in a column last May: the “accelerated processing” program applies only to new builds, meaning it does not directly compete with Cypriots who buy ready-to-live-in homes on the secondary market.

Schengen factor and timelines

Some of the urgency, observers say, is driven by Cyprus’ goal of joining the Schengen Area. Once inside Schengen, a residence permit would provide visa-free access. Opposition politicians warned as early as last July that the linkage could primarily attract those interested in EU mobility.

The current AKEL draft is a tougher version of an initiative the party had previously proposed. At the time, the plan was to shorten the deadline for ending the mechanism from six months to three.

The data presented to MPs this week shows that since 2013, 7,088 permits have been issued—all of which remain valid. According to disclosed Finance Ministry information for 2025, the total number of “golden visa” permits since 2014 is 28,660, including family members. By volume, leading countries are China and Russia.

Two issues remain unresolved: whether the bill can pass before the plenary vote on 23 April, and whether Parliament will take it up again after the elections if it does not.

Update from Demetriades: “The Home Affairs Committee has completed its review of AKEL’s proposal and decided to send it for final voting in the plenary sitting on 23 April. The text of the initiative remains exactly as it was discussed earlier: the permanent residence program will continue, but only if the government issues the official implementing regulations within the specified period. Those regulations will then be subject to parliamentary scrutiny rather than remaining solely within the ministries’ discretion. No new investment thresholds, income requirements, or real-estate criteria were introduced at the meeting.

According to Georgos Loukiadis, the aim is to limit the broad discretion currently exercised by the executive branch, create a more transparent legal framework, and respond to criticism from EU institutions about investment-based residency programs. He also reiterated AKEL’s position that the program increases pressure on the housing market and drives up rental rates. The bill is expected to be considered at Parliament’s final plenary session on 23 April.”

If you’re considering Cyprus’s Golden Visa, it’s crucial to track not only investment thresholds, but also how the legal framework evolves: the bill’s status, timelines for implementing regulations, and the risk of ending the “fast-track” procedure. At Digital Nomad, we help you understand the current requirements and build a submission strategy so you don’t waste time at a stage where decisions can move quickly.

Our Telegram channel about various types of Greek residence permits, digital nomad programs, and the Greek Golden Visa: @digitalnomadgr