Moving to Cyprus for Permanent Residency: How to Immigrate to Cyprus

Cyprus, known for its favorable climate, high standard of living, and attractive tax conditions, attracts many expatriates from around the world, including Russians. Moving to Cyprus for permanent residency (PR) might seem like a complicated process, but with the right information and preparation, it becomes much easier. In 2024, there are several legal and accessible ways to immigrate from Russia to Cyprus, including real estate investment, business immigration, obtaining a work visa, and other options.

Real Estate Investment

Investing in real estate is one of the most popular ways to obtain permanent residency in Cyprus. To qualify, you need to purchase new property worth at least €300,000 (excluding VAT). The property must be purchased from a developer and can include residential or commercial real estate. The investor and their family receive permanent residency, making this option particularly attractive. Purchasing property can also serve as a basis for obtaining other visas and residence permits.

The process of buying real estate includes the following steps:

1. Selecting and purchasing property: Find suitable property and sign a purchase agreement.
2. Registering the contract: Register the purchase agreement with the Land Department.
3. Transferring funds: Transfer the funds from abroad to the bank account of the Cypriot company or developer.
4. Applying for permanent residency: Gather the necessary documents and submit your application to the Migration Department.

Business Immigration

Business immigration to Cyprus offers the opportunity to start your own business on the island and obtain a work visa (yellow slip). To do this, you need to register an international company in Cyprus with a share capital of €171,000. These funds must be transferred from the shareholder’s account abroad. After registering the company and transferring the funds, you can employ yourself in the company and apply for a work visa. The entrepreneur’s family can receive a dependent visa.

Main steps for business immigration:

1. Company registration: Register an international company in Cyprus with a share capital of €171,000.
2. Capital transfer: Transfer the funds to the company’s bank account.
3. Employment: Employ yourself in the company and submit the documents for a work visa.
4. Applying for a work visa: Gather the necessary documents and submit the application to the immigration office.

Work Visa

To obtain a work visa (yellow slip) in Cyprus, you need to be a highly skilled specialist in demand on the local labor market. For example, programmers, engineers, and other high-level specialists can easily find jobs as many IT companies have relocated to Cyprus from Russia and other CIS countries or have opened branches there. Employment contracts are usually for a period of two to three years.

The process of obtaining a work visa includes:

1. Job search: Find an employer in Cyprus willing to offer you a work contract.
2. Signing the contract: Sign an employment contract for a period of two to three years.
3. Applying for the visa: Gather the necessary documents and submit the application for a work visa.
4. Relocation and adaptation: Move to Cyprus with your family and start working under the contract.

Student Visa

A student visa allows you to live in Cyprus for the duration of your studies. To qualify, you need to enroll in one of the educational institutions in Cyprus. This visa allows students not only to receive education but also to get acquainted with the culture and life in Cyprus.

Steps to obtain a student visa:

1. Enrollment in a university: Submit your documents and enroll in an educational institution in Cyprus.
2. Visa application: Obtain a student visa for the entire duration of your studies.
3. Living and studying: Live and study in Cyprus while enjoying the local culture.
4. Job search: After graduation, find a job and apply for a work visa.

Visitor Visa (Pink Slip)

A visitor visa is intended for individuals with passive income. This can include entrepreneurs with income sources abroad, retirees, and remote workers. It is important to annually confirm the income that is deposited in a Cypriot bank account. You are not allowed to work on this visa, but you can be a founder of a Cypriot company without the right to employment within it, but with the ability to receive dividends.

The process of obtaining a visitor visa includes:

1. Income confirmation: Prove the existence of passive income.
2. Applying for a residence permit: Gather the necessary documents and submit your application for a visitor visa.
3. Annual renewal: Annually confirm your income and renew your visa.

Step-by-Step Immigration Process: Obtaining Temporary Residence, Permanent Residence, and Citizenship

Immigrating to Cyprus involves several stages:

1. Obtaining a temporary residence permit (TRP): First, you need to obtain a tourist or guest visa to enter Cyprus. Then you can apply for a long-term visa, including a work visa (yellow slip) and a visitor visa (pink slip).
2. Permanent residence permit (PRP): After five years of living in Cyprus on a work or visitor visa, you can apply for an LTRP. Additionally, you can obtain permanent residency by purchasing property worth at least €300,000.
3. Obtaining citizenship: After 8 years of living in Cyprus, you can apply for a Cypriot passport. There is also an accelerated procedure for obtaining a Cypriot passport within 4-5 years of residence. This program is intended for employees of international companies.

Russian-Speaking Cyprus

A large number of Russian-speaking people live in Cyprus, which makes adaptation easier. About 20% of Cyprus’s population is made up of people from Russia and CIS countries. Limassol is the most popular city among Russian expatriates. There are Russian-English schools, kindergartens, and many places for expatriates to meet. This makes the process of integrating into the new society less stressful and more comfortable.

Immigrating to Cyprus offers numerous opportunities for a comfortable life and business. The main ways to obtain permanent residency include real estate investment, starting a business, and obtaining a work visa. Cyprus provides favorable conditions for living and doing business, making it an attractive destination for expatriates from around the world.