We discuss recent results on the arithmetic properties of special cycles on unitary Shimura varieties. We explain how these results lead to certain norm-compatibility relations similar to the relations satisfied by classical cyclotomic units and Heegner points, thus leading to a higher-dimensional construction of an Euler system. The latter is useful in the study of the higher-dimensional analogues of the Birch and Swinnerton-Dyer conjecture and its links to the Langlands program.