Under
Chapter 105 of the Aliens and Immigration Law, once a young person turns 18 and studies at a Cypriot university, they cannot keep investment-based permanent residence.
He must obtain a student visa, issued for 1 year with the right to extend. By losing permanent resident status, Arseny loses the right to a passport under the accelerated 5-year programme. To apply for citizenship he must now add 4 more years on a student visa to his 3 years as a permanent resident, making 7 years in total.
There is only one way to become a student and keep Cyprus permanent residence: go to study in another country. But time spent studying abroad does not count towards the Cyprus residence period required for citizenship. So the time to a passport grows even longer, since a university course lasts at least 4 years.
The Cyprus student visa has another advantage. Arseny will be able to start preparing for adult life: students are allowed to work as employees. During term time, part-time work of up to 20 hours a week is permitted, and during holidays they can work full time. Holders of investment-based permanent residence cannot legally work.