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28.08.2020

The Cyprus – Russia Connection

Cyprus has historically been a preferred destination for Russian nationals to relocate or use as a second base. Currently, there are more than 100,000 residents of Russian origin living in Cyprus, a number that has grown at a rapid rate. We look at what makes our island such as attractive haven for the Russian community.

 

Strong Cultural Bonds

There is much to be said about the role of Cyprus’s sunny climate and warm hospitality in attracting both visitors and residents from Russia to the island. The almost-year-round sunshine offers them a balmy respite from their home country’s chilly winter temperatures, and the cheerful disposition and friendliness of Cypriots makes them feel right at home. Even more important, however, are the strong cultural bonds of religion and family which tie together these two communities.

Cypriots are staunch followers of the Greek Orthodox religion, which essentially follows the same doctrines, Holy Traditions and understandings of the Scripture as the Russian Orthodox Church, thus creating much overlap between the two. As such, several Russian churches have been built across the island in order to accommodate the Russian-speaking community. That, coupled with a shared reverence over the importance of family ties, has made Russians feel right at home in a country which shares many of their same values.

Services and amenities that feel like home

Over the years, as the Russian community in Cyprus began to expand in size, several Russian-oriented services and amenities were also established across the island. From Russian-speaking schools and educational institutions, to branches of Russian banks across Limassol, Nicosia and, and Paphos, Russian families can adjust to life in a new country without ever feeling too far from home.

Today, a diverse range of Russian-speaking media are also available. Russian radio station Radio Logolf offers listeners the latest in Cypriot and International news and upcoming events, and broadcasts programs of interest relating to everything from tax laws and consumer protection to health issues and legal affairs. Russian-language newspaper, Vestnik Kipra, is published twice per month and available at local Russian shops island-wide, while a quarterly business magazine is delivered to Russian-speaking CEOs and directors across Cyprus.

 

Business Incentives

Cyprus itself offers several business advantages that are attractive to Russian nationals and beyond, making it the fifth best relocation destination out of 23 countries in the world, ahead of London, Madrid and Monaco. The island is a diverse business hub, internationally renowned for its investment opportunities across sectors, open-market economy, favourable tax and legal infrastructure, and abundantly skilled human talent. Its close vicinity to Europe, Africa and Asia makes the country a strategic location and gateway for investment into and outside the EU.

Since the establishment of the Cyprus Investment Program, comprising part of the efforts and policies of the Cypriot government to attract foreign investment to Cyprus, non-Cypriot high net worth individuals and investors, as well as their families, can obtain Cypriot citizenship through naturalization. Thus, by investing in the Cyprus economy, Russian nationals and their families can ensure Cypriot citizenship – and, by extension, EU citizenship, for life.

 

A New Life at Aphrodite Hills Resort

Whether relocating or using the island as their second base, many Russian nationals opt for locations that are away from the hustle and bustle of city life and offer a more tranquil and peaceful existence.

Aphrodite Hills Resort is ideal for families wishing for a more laidback way of life among the serenity of the Resort grounds, or even for families seeking a holiday home to use during school breaks and holidays. The Resort provides all amenities for a relaxed, high quality of living, including a fully stocked supermarket and pharmacy, a fully equipped medical centre, a chapel, a plethora of restaurants, and leisure and sports activities.

The Aphrodite Hills Holiday Residences can also be used to earn long- or short-term rental income, with the assistance of the Aphrodite Hills Property Management team, who look after the premises on the owners’ behalf.

By Rachel Chrysostom

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