The Republic of Cyprus is an island with a European flavor located in the Middle Eastern part of the Mediterranean. Cyprus was a British Crown colony until 1960, and after achieving independence it became a member of the Commonwealth of Nations in 1961.
Since the Turkish occupation of Northern Cyprus in 1974, the island has been effectively divided into two parts. Having now lasted over 40 years, the separation between the South and the North is not legally accepted by the UN but is tolerated for the purposes of avoiding conflict. As a consequence, Southern Cyprus is protected by the UN without facing any real threat, and forms an integrated part of the European Union.
The country whose almost one million inhabitants are primarily employed in the tertiary sector has been a member of the European Union since 2004. Cyprus is also familiar to many Europeans as a tourist destination thanks to its beautiful beaches and rich culture. The ruins of Paphos, the painted churches in the Tróodos region and the Khirokitia archeological site are listed as UNESCO World Heritage Sites. Due to its attractive tax rates and numerous double taxation agreements, Cyprus is an important trading partner for Russia in particular.
Residence in Cyprus
The Cypriot Residence-by-Investment program offers an easy and fast way through a minimum real estate invest of EUR 300,000 to attain a permanent residence permit. Furthermore the applicant has prove a minimum annual income of EUR 30,000, which has to be achieved abroad. The applicants are not allowed to work in Cyprus.
Even though Cyprus is a member of the European Union it is not yet member of the Schengen zone. The participation in Schengen is aimed for the upcoming years, but the exact date has not yet been confirmed.