Latitude's guide for Russians relocating to Cyprus
02 April 2019
For wealthy Russian businessmen, entrepreneurs and families, the island of Cyprus has always been an attractive place to relocate or use as a second base during the harsh winter weather. Cyprus has a well-established Russian community. Russian media, schools and churches are commonplace across the island and the similarities between the two cultures make it easy for Russian nationals to settle and thrive in Cyprus.
Cyprus Citizenship grants Russians freedom in Europe
Since 2011, hundreds of successful Russian families have acquired citizenship from the island nation of Cyprus with a straightforward investment of €2,000,000 or more in real estate, business or financial assets. The real estate investment has proven to be the most popular option. The Cyprus Citizenship-by-Investment programme grants investors and their families the right to live, work and conduct business in any EU nation, as well as sought after benefits including:
- Visa-free travel to 171 Countries worldwide
- Cypriot passports for immediate family members
- Low cost, high standard of living
- Warm weather all year round
- Favourable corporate tax structures
- Many double taxation treaties in place
- Exceptional real estate investment opportunities
Russian Schools & Education
The education system in Cyprus is one of the best in the world. Many Russian children attend Cypriot or English-speaking schools to develop their foreign-language skills and work towards internationally recognised qualifications.
If you'd prefer your children to continue working towards Russian qualifications, the school at the Russian Embassy in Nicosia is the only recognised state educational institution in Cyprus accredited by the Russian Ministry of Education.
In Limassol, the LITC offers a full primary and secondary programme of classes in Russian. LITC has native Russian and English speaking teachers and the school has a brilliant track record of sending its graduates to leading universities in Cyprus, Europe, Russia, Australia, Canada and the U.S.A.
It's important to note that Russian students with Cypriot passports can attend European universities without applying for visas and study permits.
Events
Russia's national holidays are always observed by the Russian community, the largest of which exists in Limassol. Demonstrations are made for important days, but the largest celebration of Russian culture happens during summer at the Cyprus Russian Festival.
The Cyprus Russian Festival
Over two days, the Russian community hosts a number of cultural events alongside their Cypriot counterparts. The festival includes performances from Russian and Cypriot stars, parades, traditional performances, Russian food stalls and lots more.
The festival, now in its 14th year celebrates the strong bond between Russia and Cyprus bringing the two cultures together to celebrate what makes them unique.
Media
Russian media including TV, newspapers, magazines and radio is all readily available across Cyprus. Two of the larger Cypriot newspapers print Russian versions and there are a number of locally-based, Russian-speaking radio stations, which keep the Russian community informed on local issues.
Radio Stations
Russian Wave: 105.7FM
Xит: 91.4FM
MyRadio Art: 99.0FM
Newspapers
Russian Food
Cypriot cuisine is influenced by the many cultures that have chosen to settle in the island over the years. Food is a big part of life in Cyprus and quality restaurants can be found in every town and city. Russians moving to Cyprus are well looked after and every taste is catered for.
In general, Cypriot food is outstanding, but you'll never be too far from a good Pelmeni; especially in Limassol where many Russians have set up their own successful restaurants.
In fact, Limassol evokes positive emotions amongst Russians because it is a warm, laid back city on the sea that is affordable, easygoing and offers a variety of Russian cuisine.
The perfect European citizenship solution for Russians
It is all of the above that makes Cyprus such a natural choice for Russians, who have come to admire and appreciate the entrepreneurial spirit of Cyprus. Culture and lifestyle aside, Cyprus has also made it legally possible for these Russians to belong.
Cyprus offers successful Russians a streamlined pathway to ultimate freedom in Europe. The benefits of a European passport alone make Cyprus' Citizenship-by-Investment programme an attractive prospect, however the opportunity to relocate to a beautifully warm climate without sacrificing home comforts make it the perfect citizenship solution for Russian investors and families.
For more information about Cyprus' Citizenship-by-Investment programme and to discuss your eligibility with Omar or one of our experienced advisors, please fill out our contact form.