On February 8 2016 Article 18Ζ (7) and Article 4 of the Aliens and Immigration Law (Cap 105) were amended with immediate effect to incorporate the following changes concerning the issuance of residence permits:

  • The parents of the main applicant and the parents of his or her spouse can now apply for a permanent residence permit by providing evidence of an additional €8,000 on the main applicant's income certificate. The main applicant must provide evidence of an income of €30,000 and €5,000 for each dependant (eg, the main applicant, his or her spouse, one child and four older dependants would require an annual income of €72,000).
  • Dependants between 18 and 25 will be granted a permanent residence permit as long as they can provide a university or college certificate and their permit will remain valid after they turn 25 without the need for additional supporting documents. As a result, dependants will have their permanent residence permit for life, but they will not be able to pass it on to their spouses or children.
  • Dependants of a permanent residence permit holder who wish to study in Cyprus will be granted a temporary student visa for the whole duration of their studies and after their graduation they will be eligible for a permanent residence permit regardless of their age.

The same investment criteria for residence permits continue to be in place; therefore, applicants who wish to acquire a permanent residence permit must have the following:

  • a €300,000 investment in residential real estate plus 5% value added tax (the property must be new and not a resale);
  • a €30,000 three-year fixed-term deposit in a Cyprus financial institution; and
  • proof of income of €30,000 plus €5,000 for every dependant.

For further information on this topic please contact Georgia Georgalla at G Georgalla Law Firm by telephone (+357 22 35 32 90) or email ([email protected]). The G Georgalla Law Firm website can be accessed at www.georgallalaw.com.