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"Golden Visa" scheme in Cyprus is cancelled with effect from 1 November 2020

For a minimum investment of 2 million euros, the Cypriot Citizenship by Investment Program (sic) would guarantee visa-free travel for the successful applicant throughout the European Union.

This investment visa programme, which has been in operation in its current form since 2013, allowed foreign individuals to invest €2 to €2.5mln in Cyprus in exchange for citizenship.  However, on 13 October, 2020,  the Council of Ministers in Cyprus confirmed its decision to cancel the scheme, following public exposure of procedural deficiencies and abuse by some applicants. The date of cancellation is 1 November, 2020, meaning Cypriot Citizenship by Investment Program applications can be submitted up to 31 October 2020.

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