The parliamentary Internal Affairs Committee has concluded its review of a proposal to regulate Cyprus’s golden visa programme, with the bill set to go before the full House on 23 April.
The proposal, tabled by AKEL MPs Giorgos Loukaides, Aristos Damianou, Marina Nikolaou and Valentinos Fakontis, aims to amend existing legislation so that the programme can only continue if the government introduces formal regulations approved by parliament.
Loukaides said the bill would require the executive to submit a regulatory framework within a set timeframe, effectively limiting ministerial discretion over how golden visas are granted. The goal, he added, is to establish stricter criteria and address sustained criticism from European institutions, including calls for the programme’s full abolition.
He argued that aligning the scheme with EU expectations is essential, noting that pressure has been mounting on member states to tighten oversight of such investment-based residency programmes.
Loukaides also linked the issue to Cyprus’s housing pressures, saying increased demand driven in part by such schemes has contributed to rising property prices and rents, placing a growing burden on ordinary citizens.
He criticised the current system for allowing broad discretionary powers to the Interior Minister, calling for greater transparency and parliamentary control.
The MP pointed to a similar approach previously adopted for the citizenship-by-investment programme, where legislative intervention led to clearer rules.
The bill is expected to be put to a vote during the final plenary session on 23 April.
Source: CNA