Immigration to Cyprus from Russia: available methods, reviews of those who moved

Immigration to Cyprus: top 6 reasons to move to an island in the Mediterranean Sea

While you are just thinking about it, many compatriots are already enjoying life on the “island of Aphrodite”. According to official statistics, the jurisdiction issued 4,660 passports in 2021, a quarter of which to Russians. What attracts wealthy people to Cyprus and why do some decide to stay on the island forever?

Low crime rate . Since it is a small island, it is not difficult for local law enforcement to ensure the safety of citizens. ValuePenguin's 2021 list of the world's safest countries to live places Cyprus in 5th place.
Comfortable language environment . Reviews from those who moved to Cyprus for permanent residence prove that there will be no problems with communication. There are many Russians in the country, and the locals speak good English.
Moderate real estate prices . Moving to Cyprus for permanent residence will cost at least €300 thousand. For this amount you can buy spacious apartments in Limassol or a 4-bedroom villa in Paphos.
Business benefits . The country has low taxes: corporate tax is 12.5%, and property tax has been completely abolished.
Access to quality European education . An investor can move for permanent residence with children. Diplomas from local universities are highly valued in Russia and other post-Soviet countries.
Mild Mediterranean climate. Life in Cyprus will be different from usual due to climatic conditions. Cyprus does not have such frosty winters as in Ukraine or Russia. Summer here is quite hot, smoothly flows into autumn, the weather and temperature of which remains until spring. In winter it is often windy and damp, but the temperature does not drop below 22°C. There are a lot of greens, fresh citrus fruits (lemons, oranges, tangerines grow here), exotic flowers. Emigration to Cyprus will definitely delight young children: here you can watch flamingos.
Moving to Cyprus from Russia and Ukraine is quick and easy. You can get to Cyprus from Ukraine by plane in 2.5 hours. The flight from Russia takes 3-4 hours.

Residence permit based on the purchase of real estate

Owning real estate in Cyprus, regardless of the purchase amount, gives the right to apply for a multiple-entry national visa and obtain a guest residence permit. The same right arises if you rent a house or apartment on the island for a long time.

When purchasing real estate for an amount over €300 thousand, you can immediately apply for permanent residence. Moreover, both the main applicant and his family members will receive permission. For this amount you can buy one or several real estate properties.

Documents: contract of purchase/sale or long-term lease of real estate; an extract from the Register confirming ownership of the object.

Immigration to Cyprus: what should you be prepared for?

To obtain permanent residence in Cyprus, you must have good financial stability. How to move to Cyprus quickly? Take advantage of the program for obtaining a residence permit for investment. But there is a “But” here. Firstly, to emigrate under the residency program by investment, you need to spend at least 300 thousand euros and open a deposit in a bank. Secondly, the status does not allow you to run a business (business immigration is prohibited by the terms of the program) or work for hire. This means that you must have a stable income outside the borders of the island. Do not forget that Cyprus (not Northern) is an expensive country in comparison not only with post-Soviet, but also with some European countries (the cost of living in Cyprus is 120% higher than in Ukraine).
Children can get a European education, but they need to “fight” for it. You can choose kindergartens and schools at your discretion: public or private. In public schools, teaching is conducted in Greek, in others - in English or even Russian. To get into kindergarten, you must submit an application and documents in advance. In some cities this should be done 3 months before admission, and in some – 2 years before! Also, in order for a child to enter primary school, a preliminary interview will be required.
Cyprus real estate is relatively affordable, but it is expensive to pay for utilities. Permanent residence in Cyprus also includes regular payment of utilities. On the island they are high in price - on average, the cost of utilities ranges from 80-255 euros/month (excluding the cost of Internet and mobile communications - plus at least 40 euros). Living conditions do not require central heating; very rarely local residents use convectors for heating. But due to the extremely hot summers, air conditioners have to be used frequently.

Instructions for obtaining a residence permit in Cyprus

The Cyprus residence permit is called the “pink card” (Pink Slip). There are three types of permits: student, work or guest. The latter includes a residence permit based on the purchase of real estate, for financially independent persons. Guest Pink Slip does not give the right to work in the country.

Scheme for obtaining a residence permit in Cyprus:

Get a Cyprus entry visa - a short-term national visa, a provisional visa, or enter with a multiple-entry Schengen visa.
Rent or buy property on the island, which will become your permanent residence. In the first case, the contract must be signed for at least a year.
If you are applying for a guest residence permit, you need to obtain a certificate confirming that your income is sufficient to live on the island.
Issue a bank guarantee (takes one to two days).
Get health insurance (one day, €200 per person).
Take the package of documents to the office of the Cyprus Migration Department in the city of your residence. This can be done in person, or sent by mail or transferred by proxy through a lawyer.

How to move for permanent residence to Cyprus?

In order to obtain permanent residence in Cyprus, you need to buy housing worth €300 thousand or more. The property must be one of the new buildings and put up for sale by the developer. The investor also undertakes to transfer €30 thousand to a deposit account in a Cypriot bank. Funds cannot be withdrawn for at least 3 years. It will be necessary to confirm the legality of the source of investment funds located outside Cyprus. The applicant's minimum annual income is €30 thousand per year (plus €5,000 for each additional dependent and €8,000 for each parent).

The legislation provides for the following investment methods:

one object;
two residential real estate units (apartment/villa);
purchase of housing and shop (up to 100 sq.m);
purchase of housing and office (up to 250 sq.m).

You can buy properties owned by the same developer. It doesn't matter where they are.

Permanent residence permit in Cyprus by investment (category 6.2)

In accordance with the provisions of 6(2) of the Aliens and Immigration Regulations, the Minister of Home Affairs, after notifying the Council of Ministers, decides to issue immigration permits for permanent residence to applicants from other countries in cases where the following conditions are met.

How to get permanent residence in Cyprus for investment?

To obtain permanent residence in Cyprus by investment, the applicant must:

Buy new property from a developer for an amount of at least 300,000 euros (excluding VAT).
Deposit an amount of 30,000 euros into a Cypriot bank account for 3 years.
Prove that you have a guaranteed foreign income of at least 30,000 euros per year.
Provide documents confirming the absence of a criminal history.

If the requirements are met, the investor receives a Cyprus residence permit within 2 months.

Permanent residence when purchasing real estate in Cyprus

The applicant must submit, along with the application for permanent residence, title documents or a contract for the purchase and sale of real estate in Cyprus in his own name and/or the name of his spouse, submitted to the Land Registration Department. The total market value of the property must be at least 300,000 euros (excluding VAT). And also provide official receipts for payment for an amount of at least 200,000 euros (excluding VAT), regardless of the date of purchase of the property. Full payment of the property price must be made into a bank account in Cyprus and the money must be transferred from abroad.

The purchase of real estate may be taken into account even if it is made in the name of a company if the applicant and/or his/her spouse are the sole shareholders or ultimate beneficiaries of that company.

The applicant may purchase (provided that the total market value satisfies the above conditions):

up to two housing units (apartments or houses), which can be independent, but purchased from the same development company;
or one housing unit and a shop with an area of up to 100 sq.m.;
or a housing unit and office up to 250 sq.m.

If there is a pair of applicants involved, these restrictions apply to the pair and not to each individual involved.

Said purchase must be of properties (and combinations described above) being sold for the first time by the development company. In the case of the acquisition of two properties, both must be sold by the same development company.

Alienation of the acquired property without immediate replacement with another property, as described above, of the same or higher value and in accordance with the conditions of this procedure (i.e. sold for the first time by the developer), will result in the cancellation of the Permit to Immigrate (Permit Residence) in accordance with with the provisions of rule 6(2) of the Aliens and Immigration Rules.

Bank deposit in Cyprus

The applicant must submit a confirmation letter from a bank in Cyprus for the deposit of EUR 30,000, which will be frozen in the account for three years.

The said amount must be transferred to Cyprus from abroad.

Foreign income

The applicant for permanent residence must prove that he has a guaranteed annual income of at least 30,000 euros. This annual income increases by €5,000 for each dependent in the family (spouse and children) and by €8,000 for each dependent parent or parent-in-law.

This income must come from abroad and may include wages, pensions, dividends on shares, fixed deposits, rent. Your spouse's income may also be taken into account when calculating your total annual income.

Dependents

The Cyprus Permanent Residence Permit issued to the applicant is valid for the spouse and children under 18 years of age. If desired, each spouse may be granted two separate Immigration Permits, subject to a separate application and payment of the appropriate fee, without the need for the other spouse to satisfy the criteria of purchasing a property, a guaranteed annual income and a deposit with a financial institution in Cyprus.

Permanent residence for children

Children under 18 years of age may be included as dependents on their parents' Immigration Permits (PRPs) upon payment of the appropriate fee.

Unmarried children aged 18 to 25 years can submit a separate application for Cyprus permanent residence, subject to payment of the appropriate fee, if they can document that:

They are students at a University abroad (with at least six months of study remaining from the date of application).
They are financially dependent on the applicant.

In such a case, the father or mother and/or both parents together must provide an additional annual income of EUR 5,000 for each such dependent child. It is noted that each such dependent child must submit all supporting documentation with his or her application.

This permit remains valid even if its holders are over 25 years of age, and even if they are no longer unmarried and/or students and/or financially dependent on their parents. It is noted that their future spouses or minor children cannot be included in this list as dependents.

If children wish to study at a University in the Republic, they must apply through the institution for temporary residence permit in the Republic as students, in accordance with the provisions of the relevant legislation (EU Directive). Upon completion of their studies in the Republic, these children, regardless of their age, will be able to make their own application for an Immigration Permit as described above, provided that their parents only provide an additional annual income of €5,000 for each such child.

Permanent residence for parents

An Immigration Permit (PR) may also be granted to the parents and relatives of the applicant/Immigration Permit holder upon their application and payment of the appropriate fee, provided that the applicant/Cyprus PR holder only provides an additional annual income of EUR 8,000 for each such parent - dependent. It should be noted that each such dependent parent must submit with their application all documentation listed in the appropriate list below.

Qualitative criteria

The applicant for permanent residence in Cyprus and his/her spouse must submit documents proving they have no criminal history. Documents are provided from their country of residence or from Cyprus if applicants are residents of the Republic. Permanent residence applicants must not be considered a threat to public order or public safety in Cyprus.
The applicant and his/her spouse must confirm that they do not intend to work in Cyprus.
The applicant and/or his/her spouse may be shareholders in a company registered in Cyprus and dividend income from such a company in Cyprus is not considered an obstacle to obtaining an Immigration Permit.
The holder of a permanent residence permit in Cyprus, in accordance with the provisions of Rule 6(2) of the Aliens and Immigration Rules, and the dependents included in his/her permit, are required not to be absent from the Republic for more than two (2) years. Otherwise, the Immigration Permit will be automatically cancelled.

Issue date

Provided that all requirements are met and there are no grounds for refusal due to the applicant's criminal record or issues of public order or public safety, the application for Cyprus Permanent Residence must be examined and approved by the Minister of the Interior within two (2) months from the date of submission of the complete application . An immigration permit (PR) is issued immediately after the application is approved.

Why is it profitable to obtain Cyprus permanent residence status?

Without further ado, let’s name three advantages of this solution:

There is no need to live in the country . But! You need to come to the island 2 times a year.
Real estate can be rented out and make a profit from it . According to Cystat, about 3 million tourists visit Cyprus every year, which ensures high demand for rental housing.
Opportunity to become a tax resident . Registration of status does not automatically make you a tax resident. However, a permanent residence permit provides legal grounds to stay in the jurisdiction and change tax residency. Basic conditions - the investor must reside on the island for at least 60 days a year and not stay more than six months in any other jurisdiction.

General documents

To apply for a residence permit you will need:

statement
passport (original and copy)
four photos
confirmation of purchase or long-term rental of housing in Cyprus
medical insurance
bank guarantee (valid for two years)
certificate of good conduct
confirmation of financial solvency (certificate of passive or remote income, profit from investments or bank interest, rental income, tax return, pension certificate, etc.)

If you are moving with your family, you will also need:

marriage certificate, birth certificate
spouse's passport
personal accounts for each family member
proof of sufficient income to support anyone moving with you
health insurance for each family member
if the child is studying in Cyprus - a certificate from the educational institution

All documents must be translated into English and Greek and certified by a notary.

Documents issued abroad must not only have a translation, but also an apostille.

Permanent residence in Cyprus: new opportunities and guarantees of well-being

A residence permit gives its owner the right to move to Cyprus for permanent residence and receive education. But residents cannot work for hire in Cypriot companies, and for visa-free travel within Schengen they will have to apply for a visa. If you want to travel to other European countries and realize your working potential, the optimal solution is to obtain Cypriot citizenship. This opportunity will present itself after 7 years of permanent residence in the country.

IMPORTANT! In October 2021, the Portuguese government approved a project to grant citizenship after 5 years of LEGAL stay/residence in Portugal without knowledge of the language.

Note that Cyprus has a passport program that allows you to obtain EU citizenship within 6 months in exchange for a substantial investment. The minimum investment amount is €2 million. Right now we are ready to name three advantages available to citizens of Cyprus: an “alternate airfield” in the EU, storage of capital in reliable European banks, low tax burden.

Residence permit for financially independent persons

Cyprus is open to those who can afford not to look for work on the island and live either on passive foreign income or on profits from foreign business. If you can confirm an income of €10 thousand for yourself and €5 thousand per year for each family member, you can apply for permanent residence. In this case, adult children will go as separate applicants.

The same conditions apply to wealthy pensioners.

Documents: proof of income. This could be a tax return, rental income, passive income on investments, bank deposits, account statements, etc.

Labor immigration

One of the most difficult options to obtain a residence permit in Cyprus. In this case, the inviting company is in charge of obtaining a work visa - the whole procedure takes two to three months.

The employer will have to go through several stages: post an advertisement for an open vacancy and only if within 40 days none of the citizens of Cyprus and the EU have applied/are suitable for the position - fill out documents for a foreign specialist.

Documents: official invitation from a Cypriot company; work permit in Cyprus; a signed employment contract indicating terms, salary and other conditions; confirmation of place of residence on the island; A license may be required (depending on the field of activity).