Revision of criteria for granting residence permits (Regulation (2))
“Dependent persons” of the applicant
The term “Dependent persons of the applicant” has been reviewed to include the following:
1) A permit can be issued to the applicant who has as dependent persons his/her spouse and children under the age of 18. In case they wish so, it is possible for two separate immigration permits to be issued for each of the parties of the couple without the obligation for the second to satisfy the requirements of the property, the secured annual income and the deposit in a financial institution, provided that a separate application will be submitted and the relevant fee is paid. Minor children can be included as dependent persons in both Permits with the payment of the relevant fee.
2) Unmarried children aged 18-25, who may prove that they are students of higher education abroad with remaining attendance of at least 6 months from the date of the submission of the application and who are financially dependent on the applicant, may submit a separate application to obtain an Immigration Permit with the payment of the relevant fee. In such a case, the father or mother and/or both parents together must present an additional annual income of €5.000 for every such dependent child. It is noted that every such dependent child, shall submit with his application, all the necessary documentation provided in the relevant list of requirements.
The permit is still valid even if the said child-holder has exceeded the age of 25, even if he/she got married and/or he/she is not a student anymore and/or financially dependent on his parents. It is noted that the child’s / holder’s spouse and minor children cannot be included as dependent persons on the said Permit.
3) If such children are students in higher and upper educational institutions of the Republic, they shall submit an application for obtaining temporary residence permit in the Republic as students in accordance with the relevant legislation (EU Directive). After the completion of their studies in Cyprus, they can submit their own application to obtain an immigration permit, regardless of their age and with only condition that their parents present an additional annual income of €5.000.
4) An immigration permit may also be granted to parents of the applicant/holder of the permit and his/her spouse, with the submission of the relevant application and the payment of the relevant fee, with only condition that the applicant/holder of immigration permit presents an additional annual income of €8.000 for every such dependent parent. It is noted that every such dependent parent, shall submit with the application all the necessary documentation provided in the relevant list of requirements.
Cases where higher value investments are necessary
An immigration permit may also be granted to children of the applicant over the age of 18, who are not financially dependent on the applicant, provided that the market value of the acquired property attributed to each such child is at least €300.000 (excluding V.A.T).
For example, in the event the applicant has a child that is 30 years old and wishes to obtain such permit, the applicant must purchase a property valued at €600.000. If the applicant has 2 adult children, financially independent, he must purchase a property valued at €900.000. In such an event a confirmation of payment for the 66% of the market value of the dwelling must be submitted with the application (e.g. €400.000 for a dwelling of a market value of €600.000). It is noted that the purchase of the dwelling can be made exclusively on the name of one or both parents, or exclusively on the name of the adult child or jointly, on the name of the parents and their adult child.
In such an event each child shall submit shall submit with the application all the necessary documentation provided in the relevant list of requirements i.e. secured annual income of €30.000, a deposit in a financial institution in Cyprus amounting to €30.000, which shall remain bound for 3 years.