Limassol, the second largest population center in Cyprus and an important financial center of the island, has long attracted the attention of Russian citizens as a great place to live and invest in real estate. There are several key reasons why Russians choose this port city.
Climate
Limassol is famous for its mild Mediterranean climate, offering warm but not exhausting summer months and moderately cool winters. This creates ideal conditions for comfortable living all year round. Of course, this climate is especially attractive to those seeking refuge from the harsh Russian winters. In addition, the coastal Limassol has a well-developed water sports infrastructure. The most popular beach Lady's Beach is located 7 minutes drive from the center. And in the center at any time of day you can see athletes, swimmers, and sunbathers.
Economic stability
Cyprus is a member of the European Union, which provides economic stability and security of investments. For Russians seeking to diversify their assets and protect them from political and economic risks, Limassol is a very attractive option.
Education
In Limassol and nearby Paphos there are several private Russian schools, after graduation from which you can continue your education in Russia or in one of the foreign educational institutions. This greatly facilitates the adaptation of middle-aged children. Despite this, many Russian-speaking families boldly choose international schools, where they follow the British curriculum, as well as Limassol public Greek schools, if the family plans to stay in Cyprus for a long time. Public education is free for all children. A private school is also seen as a good investment in your child and costs about 5-10 thousand euros a year.
Cultural similarities
Cyprus has not just a large, but a gigantic Russian-speaking diaspora of 50 thousand people, which simplifies the adaptation of newcomers. This is especially true in Limassol. Many services and businesses are adapted to Russian-speaking clients, offering services in Russian. This creates a cozy and familiar environment for Russian immigrants.
Tax benefits
Cyprus is known for its favorable tax policy, including low taxes on rental income and capital gains, which makes investing in real estate even more attractive. This is especially true for investors and entrepreneurs looking for tax-efficient solutions.
Living standards and quality of life
Limassol offers a high standard of living and quality of life, modern infrastructure, quality education, and medical services, which are available, including Russian (many popular doctors once graduated from Russian medical universities and managed to learn Russian). In other cities of the island there is no such volume of supply of modern apartments and houses. The city also abounds with cultural and entertainment events, restaurants, cafes and beaches, providing a varied and busy lifestyle. You certainly won't get bored here!
Every year Limassol hosts the island's largest carnival in spring, and throughout the year there are many interesting festivals, concerts and theater productions.
Investment potential
Real estate in Limassol continues to be in demand, which ensures its investment appeal. Growing rental demand provides a stable income from investments, and the strategic location of the city and its development contribute to the growth of property values. According to the forecasts of experts of the largest Real Estate Agency - DOM, new buildings in Limassol from the off-plan stage are steadily increasing in price by an average of 30-40%.
Programs for investors
Cyprus offers various programs for investors, including the possibility of obtaining a residence permit and citizenship by naturalization.
Permanent Residence Program
The government's Permanent Residence Program for investors offers many benefits, including a favorable tax system, the ability to obtain citizenship after five years of residency, quality health care, and the opportunity to own a business. Investors can obtain a residence permit in as little as three months by investing in real estate or securities worth 300,000 euros or more. The program is open to foreigners over 18 years of age, with a legal income of 50 thousand euros per year, without a criminal record, and with purchased or rented residential property in Cyprus. Families of investors can also participate in the program.
Investment in real estate
Investment is possible in residential or commercial real estate, securities through the Cyprus Collective Investment Organization or shares in Cypriot companies. The real estate must be purchased on the primary market, and to maintain permanent residency status, investors are required to maintain the investment and provide health insurance for the family. A visit to Cyprus every two years is sufficient to maintain permanent residence permit in Cyprus.
The program costs include investments from 300 thousand euros, VAT (from 5% on the first primary property to 19% on investment new buildings), legal support of the transaction, proof of income and various administrative fees. Investors can choose from four investment options: purchase of residential or commercial real estate, purchase of shares in Cypriot companies or units in investment funds. It is important to have a registration address in Cyprus, and every year it is necessary to confirm the preservation of the investment and the availability of health insurance for all family members. For more detailed information and assistance in applying for permanent residence permits in Cyprus for investment, it is recommended to contact specialized legal organizations.
Jokingly, the financial center of Limassol is sometimes called a small Moscow, so comfortable and cozy for a Russian person here. However, this does not negate the need to learn the Greek language and local traditions if you wish to become a full member of Cypriot society and continue to develop as a person and professional.
