diff --git a/src/basic_memory/api/app.py b/src/basic_memory/api/app.py
index 71641321..ba1d6931 100644
--- a/src/basic_memory/api/app.py
+++ b/src/basic_memory/api/app.py
@@ -82,6 +82,9 @@ async def lifespan(app: FastAPI):  # pragma: no cover
 # Legacy web app proxy paths (compat with /proxy/projects/projects)
 app.include_router(v2_project, prefix="/proxy/projects")
 
+# Legacy v1 compat: older CLI versions call GET /projects/projects
+app.include_router(v2_project, prefix="/projects")
+
 # V2 routers are the only public API surface
 
 
diff --git a/src/basic_memory/cli/commands/mcp.py b/src/basic_memory/cli/commands/mcp.py
index 764cd468..5e7de048 100644
--- a/src/basic_memory/cli/commands/mcp.py
+++ b/src/basic_memory/cli/commands/mcp.py
@@ -1,22 +1,14 @@
 """MCP server command with streamable HTTP transport."""
 
 import os
-import typer
 from typing import Optional
 
+import typer
+from loguru import logger
+
 from basic_memory.cli.app import app
 from basic_memory.config import ConfigManager, init_mcp_logging
 
-# Import mcp instance (has lifespan that handles initialization and file sync)
-from basic_memory.mcp.server import mcp as mcp_server  # pragma: no cover
-
-# Import mcp tools to register them
-import basic_memory.mcp.tools  # noqa: F401  # pragma: no cover
-
-# Import prompts to register them
-import basic_memory.mcp.prompts  # noqa: F401  # pragma: no cover
-from loguru import logger
-
 
 @app.command()
 def mcp(
@@ -47,6 +39,13 @@ def mcp(
     # Even when cloud_mode_enabled is True, stdio MCP runs locally and needs local API access.
     os.environ["BASIC_MEMORY_FORCE_LOCAL"] = "true"
 
+    # Deferred imports to avoid heavy startup cost for unrelated CLI commands
+    from basic_memory.mcp.server import mcp as mcp_server  # pragma: no cover
+
+    # Import mcp tools/prompts to register them with the server
+    import basic_memory.mcp.tools  # noqa: F401  # pragma: no cover
+    import basic_memory.mcp.prompts  # noqa: F401  # pragma: no cover
+
     # Initialize logging for MCP (file only, stdout breaks protocol)
     init_mcp_logging()
 
diff --git a/src/basic_memory/cli/main.py b/src/basic_memory/cli/main.py
index 2e0041d7..1571eef2 100644
--- a/src/basic_memory/cli/main.py
+++ b/src/basic_memory/cli/main.py
@@ -1,22 +1,29 @@
 """Main CLI entry point for basic-memory."""  # pragma: no cover
 
+import sys
+
 from basic_memory.cli.app import app  # pragma: no cover
 
-# Register commands
-from basic_memory.cli.commands import (  # noqa: F401  # pragma: no cover
-    cloud,
-    db,
-    doctor,
-    import_chatgpt,
-    import_claude_conversations,
-    import_claude_projects,
-    import_memory_json,
-    mcp,
-    project,
-    status,
-    tool,
-)
 
+def _version_flag_present(argv: list[str]) -> bool:
+    return any(flag in argv for flag in ("--version", "-v"))
+
+
+if not _version_flag_present(sys.argv[1:]):
+    # Register commands only when not short-circuiting for --version
+    from basic_memory.cli.commands import (  # noqa: F401  # pragma: no cover
+        cloud,
+        db,
+        doctor,
+        import_chatgpt,
+        import_claude_conversations,
+        import_claude_projects,
+        import_memory_json,
+        mcp,
+        project,
+        status,
+        tool,
+    )
 # Re-apply warning filter AFTER all imports
 # (authlib adds a DeprecationWarning filter that overrides ours)
 import warnings  # pragma: no cover
diff --git a/tests/api/v2/test_project_router.py b/tests/api/v2/test_project_router.py
index 9e10f6fa..5e7ba02e 100644
--- a/tests/api/v2/test_project_router.py
+++ b/tests/api/v2/test_project_router.py
@@ -340,3 +340,26 @@ async def test_resolve_project_empty_identifier(client: AsyncClient, v2_projects
     response = await client.post(f"{v2_projects_url}/resolve", json=resolve_data)
 
     assert response.status_code == 422  # Validation error
+
+
+# --- Legacy v1 compatibility tests ---
+
+
+@pytest.mark.asyncio
+async def test_legacy_v1_list_projects_endpoint(client: AsyncClient, test_project: Project):
+    """Test that the legacy /projects/projects endpoint still works for older CLI versions.
+
+    This endpoint was removed when we migrated to v2 but older versions of
+    basic-memory-cloud CLI still call it for `bm project list`.
+    """
+    # The legacy v1 endpoint was at /projects/projects
+    response = await client.get("/projects/projects/")
+
+    assert response.status_code == 200
+    data = response.json()
+    assert "projects" in data
+    assert "default_project" in data
+
+    # Verify the test project is in the list
+    project_names = [p["name"] for p in data["projects"]]
+    assert test_project.name in project_names