From mega yachts to multimillion-dollar villas, the city of Limassol is known as a Mediterranean playground for Russian oligarchs

Monica HumphriesMar 29, 2022, 17:33 IST

The Oval complex (left) and the Crowne Plaza Limassol Hotel (right) in Limassol, Cyprus.Danil Shamkin/NurPhoto/Getty Images

Limassol, Cyprus, has earned the nickname "Limassolgrad" for its large Russian population.
Cyprus' ties to the EU and its formerly lax citizenship requirements enticed many to move there.

The tiny Mediterranean island of Cyprus sits at a crossroads, between southern Europe and the Middle East.

An arrow points to Cyprus.Google Maps

The country is predominately home to a Greek-Cypriot community, but it's also known for its large Russian population — the majority of which live in the city of Limassol.

A red pinpoint shows Limassol's location in Cyprus.Google Maps

The country is predominately home to a Greek-Cypriot community, but it's also known for its large Russian population — the majority of which live in the city of Limassol.

Cyprus' second-most populated city, Limassol, has earned the nickname "Limassolgrad" for its high concentration of Russian residents.

Aerial photo of Kolossi Medieval Castle in Limassol, Cyprus.shuttergeek/Shutterstock

In the 1990s, powerful and rich leaders arrived in Cyprus with suitcases reportedly filled with cash.

A panorama of Limassol, Cyprus.kirill_makarov/Shutterstock

While the salty ocean breeze and hot sun are enticing, what appeals to many wealthy individuals are the country's favorable tax laws (and formerly, its lax citizenship requirements).

Panoramic view of the Limassol coastal front and promenade.f8grapher/Getty Images

While the salty ocean breeze and hot sun are enticing, what appeals to many wealthy individuals are the country's favorable tax laws (and formerly, its lax citizenship requirements).

Cyprus became a haven for Russian investors, and accusations of money laundering followed, prompting the country to ax its controversial citizen-by-investment program in 2020.

An aerial view of the Crowne Plaza Limassol Hotel.Danil Shamkin/NurPhoto/Getty Images

Cyprus became a haven for Russian investors, and accusations of money laundering followed, prompting the country to ax its controversial citizen-by-investment program in 2020.

Walk around Limassol, and you'll see the Russian community's influence all over the city.

A couple walk past a Russian supermarket in Limassol, Cyprus.Sean Gallup/Getty Images

Shiny, new luxury apartment buildings and five-star hotels dot Limassol's horizon.

The Oval complex (left) and the Crowne Plaza Limassol Hotel (right) in Limassol, Cyprus.Danil Shamkin/NurPhoto/Getty Images

There are also Russian schools, newspaper stands selling Russian-language newspapers, and boutiques filled with mink coats.

The front page of a Russian business magazine in Cyprus.FLORIAN CHOBLET/AFP/Getty Images

One of the biggest signs of wealth in Limassol can be found in the city's marina, where mega yachts line the docks.

Aerial view of the marina in Limassol in Cyprus.f8grapher/Getty Images

Limassol is also home to rows of luxury villas — many of which are owned by rich Russian residents.

An aerial view of villas in Limassol, Cyprus.Oxanaso/Shutterstock

For 15 years, thousands gathered in downtown Limassol for the city's annual Cypriot-Russian Festival.

The stage at the Cypriot-Russian festival in 2008.ruzanna/Shutterstock

Even during COVID-19 lockdowns, Russians still flocked to Cyprus.

Limassol skyline on July 13, 2020.Athanasios Gioumpasis/Getty Images

Since Russia started a war against Ukraine, Cyprus has distanced itself from its former ally.

An empty boardwalk in Limassol, Cyprus.Athanasios Gioumpasis/Getty Images

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From mega yachts to multimillion-dollar villas, the city of Limassol is known as a Mediterranean playground for Russian oligarchs

The tiny Mediterranean island of Cyprus sits at a crossroads, between southern Europe and the Middle East.

The country is predominately home to a Greek-Cypriot community, but it's also known for its large Russian population — the majority of which live in the city of Limassol.

Cyprus' second-most populated city, Limassol, has earned the nickname "Limassolgrad" for its high concentration of Russian residents.

In the 1990s, powerful and rich leaders arrived in Cyprus with suitcases reportedly filled with cash.

While the salty ocean breeze and hot sun are enticing, what appeals to many wealthy individuals are the country's favorable tax laws (and formerly, its lax citizenship requirements).

Cyprus became a haven for Russian investors, and accusations of money laundering followed, prompting the country to ax its controversial citizen-by-investment program in 2020.

Walk around Limassol, and you'll see the Russian community's influence all over the city.

Shiny, new luxury apartment buildings and five-star hotels dot Limassol's horizon.

There are also Russian schools, newspaper stands selling Russian-language newspapers, and boutiques filled with mink coats.

One of the biggest signs of wealth in Limassol can be found in the city's marina, where mega yachts line the docks.

Limassol is also home to rows of luxury villas — many of which are owned by rich Russian residents.

For 15 years, thousands gathered in downtown Limassol for the city's annual Cypriot-Russian Festival.

Even during COVID-19 lockdowns, Russians still flocked to Cyprus.

Since Russia started a war against Ukraine, Cyprus has distanced itself from its former ally.