Cyprus Permanent Residence by Investment for Russian Citizens: A Full Guide

Cyprus Permanent Residence by Investment for Russian Citizens is possible through the attractive Cyprus Golden Visa program. This program allows non-EU nationals, including Russian citizens, to obtain a permanent residency permit by making a qualifying foreign investment in real estate, company shares, or approved investment funds. Cyprus has alread seen a significant increase in property purchases by Russian citizens in recent years with acquired over 4,000 properties, between 2021 and 2024.

Having permanent residency in Cyprus comes with several benefits specific benefits for Russian citizens, including access to European markets, a favorable tax system, and the security of owning property in a stable, EU-regulated environment.

This article explains everything Russian citizens need to know about obtaining permanent residency by investment in Cyprus, including the benefits, eligibility requirements, investment options, application process, taxation, and more.

• What is the Cyprus Permanent Residency by Investment for Russians?
• Why are Russians investing in Cyprus?
• Cyprus Golden Visa Eligibility Criteria for Russians
• What documents do Russian citizens need to apply for the Cyprus Golden Visa?
• Step-by-Step Application Process
• How much does it cost to get a Cyprus Golden Visa for Russian citizens?
• Cyprus Golden Visa Timeline for Russian Citizens
• How are Russian citizens taxed in Cyprus?

What is the Cyprus Permanent Residency by Investment Program for Russians?

The Cyprus Permanent Residency by Investment program also known as the Cyprus Golden Visa is open to non-EU nationals Russian citizens. The program offers a simple route to long-term residence there by investing at least €300,000 in real estate, shares of a Cyprus company, or investment funds. Applicants must also show a secure annual income of €50,000, with extra amounts required for spouses and children.

The residence permit covers the whole family, including dependent children up to 25, and is issued within about two months. The program grants Russians and their families the advantage to live permanently in Cyprus, enjoy its favorable tax regime, and more.

Why are Russians investing in Cyprus? 

The Ministry of Interior of the Republic of Cyprus released data showing a significant increase in property purchases by foreign nationals between 2021 and 2024. Russian citizens were among the most active buyers, especially in Limassol and Paphos. In this period, Russians acquired 2,561 properties in Limassol and 1,563 properties in Paphos, making them one of the leading groups of foreign homeowners in Cyprus. The country is also ranked top 8 on the Global Residency and Citizenship by Investment report by Global Intelligence Unit. There are many benefits behind Russian citizens looking for permanent residence in Cyprus and these include:

• Security of assets – Property ownership in Cyprus is fully protected by EU law, offering Russian investors stronger guarantees compared to keeping assets in Russia or less stable jurisdictions.
• Family-friendly relocation – Many Russian families choose Cyprus for its Russian-speaking communities, private schools which provide Russian curricula, and cultural familiarity, making integration easier.
• Tax-efficient living – Russians moving capital abroad benefit from Cyprus’s favorable tax regime such as no tax on dividends from abroad, no inheritance tax, and one of the lowest corporate tax rates in Europe of 12.5%.
• Convenient location – Cyprus is just a short flight from Russia and easily connects to Europe, Asia, and the Middle East, making it a strategic base for both business and travel.
• Comfortable lifestyle – Residents benefit from affordable healthcare, good schools, modern infrastructure, and a safe environment, with large Russian-speaking communities in cities like Limassol.

Cyprus Golden Visa Eligibility Criteria for Russians 

To qualify for the Cyprus Permanent Residency by Investment program Russian applicants must meet the following requirements:

• Must be a citizen of a country outside the EU, EEA, or Switzerland.
• Must be at least 18 years old.
• Applicants and all dependents must provide certificates from their country of origin and from Cyprus.
• Must invest at least €300,000 in one of the approved categories: residential or commercial property, company shares, or Cyprus investment funds.
• Must have secured an annual income of at least €50,000 from abroad for the main applicant, plus €15,000 for a spouse and €10,000 per dependent child. Income can include salaries, pensions, dividends, interest, or rental income and must be documented via a tax declaration from the country of tax residence. Spouse income can also be considered.
• Evidence of property ownership or rental in Cyprus is required, especially for commercial or fund/company investments.
• No minimum stay requirement, but applicants must visit Cyprus at least once every two years.

Cyprus Golden Visa Investment Options for Russians

Buy a Residential Property: Make a minimum investment of €300,000 (excluding VAT) in a residential property to qualify for permanent residency. At least €200,000 plus VAT must be paid before applying. Funds must come from abroad and be deposited in a Cypriot bank before reaching the seller.

Buy a Commercial Property: Purchase a commercial property, such as an office, shop, or hotel, with a minimum value of €300,000 (excluding VAT). The property can be resold later.

Invest in a Cypriot Company: Buy shares in a Cyprus-registered company with a physical presence that employs at least five Cypriot or EU citizens. Investors or their spouse can act as unpaid directors. By investing €300,000, they gain ownership rights and can receive dividends.

Invest in a Cyprus Investment Fund: Invest €300,000 in a Cyprus-registered fund (AIF, UCITS, or RAIF) regulated by CySEC with a physical presence in Cyprus. A certificate confirming the investment amount is required.

What documents do Russian citizens need to apply for the Cyprus Golden Visa? 

All documents must be translated into Greek or English by a certified translator. If the applicant’s country is part of the Apostille Convention, an Apostille stamp must be attached. For countries not part of the convention, documents must instead be legalized by the applicant’s Ministry of Foreign Affairs and the Cypriot Ministry of Foreign Affairs.

• Application Form – Completed and signed.
• Valid Passport – Copies of your passport and those of dependents.
• Curriculum Vitae (CV) – Detailing education and work experience.
• Proof of Investment – Contract of sale or title deed for purchased property in Cyprus, or bank transfer receipts showing at least €300,000 investment.
• Proof of Funds – Bank statements showing source of funds, employment contract (if applicable).
• Annual Income Proof – Documents showing €50,000 yearly income from abroad, plus €15,000 for spouse and €10,000 per child (tax returns, bank statements, etc.).
• Criminal Record Certificate – Issued by country of residence, with certified English translation. Required for applicants 16+.
• Marriage Certificate – If applicable, certified and officially translated.
• Children’s Birth Certificates – Certified copies, plus proof of dependency (e.g., school enrollment).
• Health Insurance – Coverage for all family members.
• Passport Photos – Recent passport-sized photos of each applicant.
• Statement of Intent – Signed declaration confirming no employment in Cyprus, except as a company director.

Step-by-Step Application Process

The application process for the Cyprus permanent residency by investment for Russian citizens can be even more straightforward when working with an immigration lawyer in Cyprus or an immigration agency like Global Citizen Solutions, as a right-hand partner that will guide you through every step.

1. Choose your investment route

When working with legal expert, the first step will be to assess your goals and help you decide whether to invest in residential real estate, commercial property, company shares, or investment funds, ensuring your choice aligns with Cyprus’s eligibility requirements.

2. Make the minimum investment

You must invest at least €300,000 (plus VAT for real estate). With agency support, funds are carefully transferred from outside Cyprus to ensure compliance with local laws.

3. Prepare the documentation

All required documents are collected, translated, and legalized where necessary. The agency ensures everything meets Cypriot legal standards to avoid delays.

4. Complete the application form

Global Citizen Solutions prepares and reviews your application form to make sure all details are accurate before submission.

5. Open a local bank account

Assistance is provided to set up a bank account in Cyprus for transferring investment and related fees.

6. Submit your application

The application is submitted to the Civil Registry and Migration Department either in person or through an authorized legal representative. The application fee is paid at this stage.

7. Application review (Approx. 2 Months)

Once your application is submitted, it is reviewed by the Civil Registry and Migration Department and the Ministry of Interior of Cyprus. The processing agency monitors the progress closely and provides regular updates to the applicant throughout this stage.

8. Approval & confirmation of investment

Once approved, you will receive confirmation of the approved investment route. At this point, you must finalize your investment if not already fully executed.

9. Biometric data collection

You must travel to Cyprus to provide biometric data (fingerprints and photo) in order to receive your 10-year permanent residence card.

10. Maintain Your Residence

You are required to visit Cyprus at least once every two years to keep your residency valid.

11. Path to Citizenship

After 7 years of continuous residence, you become eligible to apply for Cyprus citizenship. The agency will assist in preparing and submitting your citizenship application when the time comes.

How much does it cost to get a Cyprus Golden Visa for Russian citizens? 

The main financial requirement is the minimum investment of €300,000 (plus VAT) in either real estate, company shares, or investment funds. Beyond this, there are other additional fees and costs:

How are Russian citizens taxed in Cyprus?

Russian citizens will only be taxed when they become tax residents. A person is considered a tax resident in Cyprus if they spend more than 183 days in the country during a calendar year, or if they meet the 60-day rule, meaning they live in Cyprus for at least 60 days, are not considered tax residents in any other country, and have economic or personal ties to Cyprus.

Non-Domicile (Non-Dom) Tax Status in Cyprus

The Cyprus Non-Domicile Tax Residence in Cyprus applies to tax residents who have not been domiciled in the country, meaning they have lived outside Cyprus for at least 17 of the past 20 years. Non-Dom residents benefit from significant tax advantages, including exemption from the Special Defence Contribution (SDC) tax, which means they pay no tax on dividends (domestic or foreign), no tax on interest income, and no tax on rental income apart from a minimal income tax charge. This status is desirable for high-net-worth individuals with global investments, allowing them to optimize their tax planning while residing in Cyprus.

How Can Global Citizen Solutions Help You?

Global Citizen Solutions is a boutique migration consultancy firm that helps individuals find the right residency or citizenship by investment program to achieve their goals of becoming global citizens.

With offices worldwide and an experienced, multilingual team, we have supported hundreds of clients in securing citizenship, residence visas, and property investments, while helping them diversify their portfolios.

For Russian nationals, we offer dedicated support through our Russian-speaking consultants, ensuring clear communication and guidance every step of the way. We understand the unique challenges Russian citizens face in today’s landscape, and our team provides personalized guidance in line with international compliance practices, prioritizing programs with dual citizenship opportunities and simplified banking requirements.

At Global Citizen Solutions, we go beyond application assistance, offering comprehensive, localized support to help you achieve your long-term residency, citizenship, and investment goals with confidence.

Frequently Asked Questions about Cyprus Permanent Residence by Investment for Russian Citizens