Residence permit (RP) in Cyprus offers numerous opportunities for Russians, including the right to live on the island, access to educational and medical services, and the ability to conduct business. In 2024, there are several ways to obtain an RP, each with its own requirements and conditions. Below are the key options and requirements for obtaining an RP in Cyprus in 2024.
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Grounds for obtaining RP in Cyprus in 2024 for Russians
In 2024, Russians can obtain a residence permit (RP) in Cyprus on several main grounds. Let’s consider the most popular and in-demand options:
Real Estate Purchase
To obtain permanent residency (PR), a minimum investment of 300,000 euros + VAT in new real estate is required, making this option attractive for wealthy individuals. It’s important to note that the application review process can take up to a year after submission. You can only reside in Cyprus after approval and receiving the plastic card. Therefore, it is recommended to first apply for a Visitor Visa, receive a submission receipt, and then apply for PR. With the submission receipt for RP, the Visitor Visa allows legal residence in Cyprus until the decision on the permit is made and the plastic RP card is issued if approved.
Starting Your Own Business
RP based on entrepreneurial activity is possible if a Russian opens a business in Cyprus. For instance, one can establish an international company with a share capital of 200,000 euros (the funds must come from abroad from the founder’s account). These companies are also known as companies of international interest or BCS companies. After this, the founder can obtain a work permit and apply for a work visa. With a work visa, the applicant and their family members can reside in Cyprus.
The second option is to open a non-international company in Cyprus without replenishing the share capital. Dividends received from a Cypriot company can be used as a source of income when applying for a Visitor Visa.
Financial Independence (Visitor Visa)
This type of RP is intended for those who receive income from outside Cyprus and do not plan to work on the island. The requirements include:
- Income: A minimum of 2,000 euros per month (24,000 euros per year) for one person. For a family with a spouse and two children — from 36,000 euros per year.
- Residence: It is necessary to have property (either rented or owned) in Cyprus.
When applying, a bank statement from a Cypriot bank showing that the required amount was transferred from abroad must be provided, or from a Cypriot company in the case of company ownership. Additionally, a letter from an auditor must confirm that the founder is not officially receiving a salary from the company.
Employment
If a Russian signs a long-term contract with a Cypriot employer, they are eligible for a work RP. This option requires proof of employment, a contract, and other documents, including medical insurance, a certificate of no criminal record, and more. Usually, the employer handles the submission of the document package for the work visa for the new employee and their family. After successful submission and approval by the Migration Department, the employee receives an entry visa, flies to Cyprus, and soon after arrival, visits the Migration Department to obtain a work RP.
Education
Students studying at educational institutions in Cyprus can obtain RP for the duration of their studies. Moreover, students enrolled in public universities can work up to 20 hours per week. More details can be found in our article about the student visa in Cyprus.
Marriage to a Cypriot Citizen
Russians who marry a Cypriot citizen can also obtain RP. The process of applying for citizenship is possible after three years of marriage, provided they have lived in Cyprus for at least two years during this period.
These options provide Russians with flexibility in choosing the appropriate basis for obtaining a residence permit in Cyprus, depending on their goals and financial capabilities.
Requirements for obtaining RP in Cyprus in 2024
To obtain a residence permit in Cyprus, Russians must meet several requirements, which vary depending on the chosen RP category. The general key criteria include the following:
Age Restrictions
The applicant must be over 18 years old. Some RP programs have additional conditions for including family members. For example, adult children cannot be included in the application.
Proof of Financial Solvency
Financial solvency is a key requirement for obtaining an RP in Cyprus. Depending on the chosen program, different requirements apply to minimum income or available funds:
- For financially independent individuals: Applicants must have a stable income from foreign sources, such as a salary, pension, rental income, dividends, or interest on deposits. The minimum income must be at least 2,000 euros per month (24,000 euros per year) for a single applicant. For family applications, the amount increases — from 3,000 euros per month for a family with a spouse and two children.
- When submitting documents: A bank statement from a Cypriot bank must be provided, confirming that the specified amount has been transferred to the account from abroad. If the applicant owns a company in Cyprus, a company statement confirming the receipt of funds can be provided.
Medical Insurance
All applicants are required to have valid medical insurance. Insurance must cover all family members included in the application.
No Criminal Record
The applicant must provide a certificate of no criminal record from their country of citizenship. This document must be translated into English and properly certified. The certificate is required only for the initial application.
Medical Examinations
To confirm the applicant’s health, the results of tests for HIV, syphilis, hepatitis B and C, as well as a chest X-ray for tuberculosis, are required. All medical documents must be certified by a medical professional. These are also required only for the initial application.
Proof of Residence
It is necessary to provide a document confirming the availability of housing in Cyprus. This can be a rental agreement for at least one year or a property ownership certificate.
Advantages and Limitations of RP in Cyprus
Obtaining a residence permit in Cyprus offers several advantages to its holders but also imposes certain limitations. Let’s look at the main pros and cons associated with RP in Cyprus in 2024.
Advantages of a Residence Permit in Cyprus
- Right to reside: RP holders gain the right to live in Cyprus and freely move around the country. This grants access to a high quality of life, excellent climate, and environmentally clean surroundings.
- Safe investment environment: An RP obtained through property purchase or other investments offers a stable legal framework and security for investors. Cyprus is renowned for its transparent legal system and reliable economy.
- Favorable tax regime: An RP in Cyprus provides tax benefits, including reduced rates on income and capital. This makes Cyprus an attractive location for entrepreneurs and those looking to optimize their taxes.
- Access to healthcare and education: RP holders can use state services in healthcare and education, which is especially important for families with children.
- Opportunity to obtain PR and citizenship: An RP in Cyprus opens the door to obtaining permanent residency (PR) and eventually Cypriot citizenship, provided all residence conditions on the island are met.
Limitations of a Residence Permit in Cyprus
- Work restrictions: RPs for financially independent individuals, as well as visitor visas, do not grant the right to work in Cyprus. To be employed, a work visa is required.
- Minimum residency requirements: To maintain RP or PR status through the investment program, one must reside in Cyprus for at least 60 days a year. Failure to meet this requirement may result in the annulment of the status. Holders of Visitor Visas cannot leave Cyprus for more than 90 days per trip, as this would lead to RP cancellation.
- Limited access to social benefits: RP holders do not have full access to social programs available to Cypriot citizens, such as allowances and subsidies.
- Need for renewal: Most types of RP require periodic renewal. This means re-submitting documents, proving income, and meeting the conditions for continued residence in Cyprus.
In 2024, a residence permit in Cyprus offers many opportunities for Russians, including comfortable living in favorable climatic conditions, access to state healthcare and education, as well as the possibility of tax optimization. RP can become an important step toward obtaining permanent residency or even Cypriot citizenship. However, it is important to consider the limitations, such as the need to comply with minimum stay requirements on the island, the lack of a work permit for financially independent individuals without additional authorization, and the need for regular status renewal. Overall, obtaining an RP in Cyprus is an attractive option for those seeking a safe and stable jurisdiction for living, investing, and conducting business.
