Praised as one of the world’s leading residency programmes, Cyprus now faces questions at home over new citizenship rules that critics warn could echo the scandals of its disgraced golden passport scheme.
Cyprus has secured seventh place in Nomad Capitalist’s ranking of the world’s top nine Golden Visa programmes for 2025, underlining its growing profile as a destination for investors seeking residency through investment.
Yet, as the country earns plaudits for its residency scheme, controversy is mounting over recent changes to its citizenship laws that some fear could amount to a revival of the disgraced “golden passport” scheme.
Cyprus golden visa & fast-track citizenship appeal
The Cypriot Golden Visa offers permanent residency with some of the most flexible terms in Europe. Applicants need only visit once every two years, while spouses and minor children are automatically included. Non-domiciled residents benefit from favourable tax treatment, and importantly, successful applicants may later apply for Cypriot – and EU – citizenship.
Investment options start at €300,000 (plus VAT) for residential or commercial property, but also include stakes in Cyprus-registered companies or collective investment schemes. This variety, combined with relatively modest thresholds, positions Cyprus as a competitive alternative to higher-cost programmes in countries such as Italy and the UAE.
The global ranking placed Greece in first position, with one of the most popular residency-by-investment schemes worldwide, requiring property investments between €250,000 and €800,000. Portugal ranked second, emphasising targeted investment funds and cultural projects, while Malta came third, offering a combination of property commitments, government contributions and donations. Other countries recognised include Italy, Hungary, the UAE, Latvia and Oman.
Fast-track citizenship sparks debate
While the Golden Visa is gaining international recognition, Cyprus’ naturalisation rules have drawn domestic criticism. Recent amendments introduced a fast-track route for “highly specialised” employees at designated firms, particularly in the technology sector. These individuals can apply for citizenship after just four years of residence – compared with the usual eight – with only elementary (A2) Greek. Over 200 people have already been approved under the scheme, with 360 applications still pending.
MP Alexandra Attalides has raised concerns that the measure represents a “softer return” of disgraced “golden passport” scheme, which was shut down in November 2020 amid corruption scandals. She plans to propose legislation requiring authorities to keep detailed records of applicants’ employers, roles and qualifications to prevent potential abuse.
The government, however, argues the scheme is part of its strategy to position Cyprus as a hub for innovation. With the tech sector already contributing more than 14% of GDP, officials say attracting global talent is vital for sustaining growth.
Questions of fairness
Critics counter that the system privileges a narrow group of professionals while many long-term residents – including domestic workers, entrepreneurs in traditional sectors, and children of mixed-status families – struggle to gain citizenship despite deep ties to Cyprus.
The debate cuts to the heart of what citizenship should represent: a reward for sustained contribution to society, or a tool for boosting economic competitiveness.
Attalides has warned that unless transparency improves, Cyprus risks facing “the next big scandal” in the years ahead.
Cyprus is definitely positioning itself as a strong Golden Visa contender. The €300,000 threshold is attractive compared to other EU countries, though the new fast-track citizenship route will surely be debated further. From an immigration consultant’s perspective, it’s important that investors weigh both benefits and long-term stability before applying.