From January 2023 to August 2024, Cyprus granted more than 48,000 residence permits to non-EU citizens – employees of foreign-owned firms and their families – with Russian citizens topping the list, as an MP warns that recent Golden Visa reforms could mirror the island’s discredited golden passport scheme.
Cyprus’ migration and residency policies have once again come under the spotlight, following parliamentary concerns that the country’s recently amended Golden Visa scheme could be seen as a backdoor return of the disgraced “golden passport” scheme that was terminated abruptly in November 2020.
Nicosia MP Alexandra Attalides voiced her concerns that the inclusion of a fast-track route to citizenship for “highly specialised” employees at designated foreign firms might effectively soften the government’s stance on investment-based migration.
In response, Interior Minister Constantinos Ioannou presented fresh figures in Parliament, outlining the scale of residence permits issued over the past 20 months. (By my calculation that’s more than 120/day, assuming they didn’t work weekends and public holidays.)
48,212 residence permits issued since 2023
According to the Deputy Ministry of Migration and International Protection, between 1 January 2023 and 26 August 2024, more than 48,000 temporary residence permits were granted to employees of foreign-owned companies and their families.
The breakdown is as follows:
| Category | 2023 | 2024 | Total |
| Employees in foreign owned companies | 12,239 | 8,758 | 20,997 |
| Family members under family reunification | 15,864 | 9,189 | 25,053 |
| Family members as dependent visitors | 1,559 | 603 | 2,162 |
| Total | 29,662 | 18,550 | 48,212 |
Where do these workers come from?
The data show that the majority of residence permits were issued to Russian nationals, who accounted for more than two-thirds of the total. Significant numbers also came from neighbouring and regional countries, reflecting Cyprus’ role as a relocation hub.
- Russia: 33,517
- Ukraine: 3,504
- Belarus: 2,713
- Israel: 1,957
- India: 1,230
- Lebanon: 1,193
- Kazakhstan: 336
- United Kingdom: 322
- United States: 254
- China: 241
- Other countries: 2,945
These figures cover a combination of residence and work permits, as well as permits for family reunification and dependent visitors. However, the Minister gave no indication of what checks (if any) would be carried out should these non-EU citizens apply for citizenship after just four years of residence.
Balancing growth and public confidence
The influx of non-EU and other professionals reflects Cyprus’ ongoing appeal as a base for international business, technology firms, and financial services. Their arrival contributes to the economy through housing demand, consumption, and taxation.
However, the numbers also raise questions about:
- Public services: whether infrastructure, schools and healthcare can keep up.
- Housing affordability: as rising demand drives up property prices and rents, particularly in Larnaca.
- Public perception: particularly in the shadow of Cyprus’ past with “golden passports”.
The government insists that the current framework is designed to balance economic growth with integrity and transparency, while critics stress the need for close monitoring to avoid reputational risks.
A policy debate that will continue
The publication of these figures highlights the scale of non-EU migration linked to Cyprus’ international business ecosystem. While thousands of foreign professionals and their families now call Cyprus home, the political debate over the Golden Visa scheme and its potential risks show no sign of fading.
For now, Cyprus’ challenge lies in ensuring that residency policies remain credible, sustainable, and beneficial to both the economy and society at large.
(Meanwhile, Cyprus has launched an ambitious recruitment offensive targeting its overseas diaspora, deploying successful business professionals as “ambassadors” to reverse decades of brain drain and compete for skilled workers in an increasingly competitive global talent market with offers of up to €25,000 tax breaks to attract overseas Cypriot workers.)
