Cyprus

The Republic of Cyprus is an island with a European flavor located in the Middle Eastern part of the Mediterranean. Cyprus was a British Crown colony until 1960, and after achieving independence it became a member of the Commonwealth of Nations in 1961.

Cyprus, the country whose almost one million inhabitants are primarily employed in the tertiary sector has been a member of the European Union since 2004. Cyprus is also familiar to many Europeans as a tourist destination thanks to its beautiful beaches and rich culture. The ruins of Paphos, the painted churches in the Tróodos region, and the Khirokitia archeological site are listed as UNESCO World Heritage Sites. Due to its attractive tax rates and numerous double taxation agreements, Cyprus is an important trading partner for Russia in particular.

Residence in Cyprus

The Cypriot Residence-by-Investment program offers an easy and fast way through a minimum real estate invest of EUR 150,000 to attain a permanent residence permit within 6-8 months from date of the application. There is a Fast-Track procedure for property purchases in Cyprus with a minimum amount of EUR 300,000. The Cyprus Golden Visa Fast Track application takes only two months. Furthermore, the main-applicant has to prove a minimum annual income of EUR 50,000, an additional income of EUR 15,000 for the souse and EUR 10,000 for each dependent child. The income has to be earned outside of Cyprus. The applicants are not allowed to work in Cyprus.

Even though Cyprus is a member of the European Union it is not yet member of the Schengen zone. The participation in Schengen is aimed for the upcoming years, but the exact date has not yet been confirmed.