Cyprus: EU passport to Russians who lost over 3 mln euros
To compensate for tax levy on island's bank accounts
(ANSAmed) - NICOSIA, APRIL 15 - In exchange for ''a minimum'' of three million euros lost to the levy on the island's bank deposits - part of the European bailout of the Cypriot economy - dozens of foreign investors will soon be able to request Cypriot citizenship and an EU passport.
This is the ''consolation prize'' thought up by the Cypriot government and announced by President Nicos Anastasiades for foreign millionaires who have been doing business for years and will continue to do so on the Mediterranean island: millionaires who are now a bit less wealthy, after their capital was slashed by a heft 37.5% (though the final rate may be closer to 60%, and will only be known in September) as part of levy on all deposits over 100,000 euros held in Cyprus's two largest banks, the Bank of Cyprus and Laiki Bank.
The Cypriot regulation ''citizenship in exchange for investment'' exists in other countries as well, and will be modified to reduce the required investment from 10 million euros to three million to be granted citizenship. Moreover, said Anastasiades at a gathering of Russian businessmen in Limassol, ''non-resident investors holding bank accounts on the island before March 15, when the tax levy was introduced, and who lost at least three million euros will be able to request Cypriot citizenship''. It is not known how many Russian investors lost ''at least'' three million euros from their bank deposits, nor why government financial experts set that specific minimum to be able to submit a citizenship request. The only thing known is that an increase has been seen on the island recently of Russian citizens, who now number about 50,000 and are mostly businessmen and their families settling in the coastal cities of Limassol, Larnaca and Paphos.
Russians residing in Limassol are so numerous that the city has for some time been known as 'Limassolgrad'. Russian is often heard in the streets, two daily newspapers and a weekly magazine are published in the language, there are two Russian schools and a Russian radio station and restaurant menus are in both Greek and Cyrillic script. The economy of the Russian community is based on trade and investment, activities many suspect of involvement with money laundering. Whatever the case may be, the activities have resulted in large bank accounts on Cyprus, where recent estimates put the total related deposits as some 20 billion out of an estimated 69 billion overall.
The reaction of Cypriot's Russians to Anastasiades's announcement ranged between utter indifference and mild interest, with a joke now making the rounds that the Cypriot passport may become the more expensive travel document in the world: one obtained in exchange for three million euros.
http://ansamed.ansa.it/ansamed/en/news/sections/generalnews/2013/04/15/Cyprus-EU-passport-Russians-lost-3-mln-euros_8556540.html
This is the ''consolation prize'' thought up by the Cypriot government and announced by President Nicos Anastasiades for foreign millionaires who have been doing business for years and will continue to do so on the Mediterranean island: millionaires who are now a bit less wealthy, after their capital was slashed by a heft 37.5% (though the final rate may be closer to 60%, and will only be known in September) as part of levy on all deposits over 100,000 euros held in Cyprus's two largest banks, the Bank of Cyprus and Laiki Bank.
The Cypriot regulation ''citizenship in exchange for investment'' exists in other countries as well, and will be modified to reduce the required investment from 10 million euros to three million to be granted citizenship. Moreover, said Anastasiades at a gathering of Russian businessmen in Limassol, ''non-resident investors holding bank accounts on the island before March 15, when the tax levy was introduced, and who lost at least three million euros will be able to request Cypriot citizenship''. It is not known how many Russian investors lost ''at least'' three million euros from their bank deposits, nor why government financial experts set that specific minimum to be able to submit a citizenship request. The only thing known is that an increase has been seen on the island recently of Russian citizens, who now number about 50,000 and are mostly businessmen and their families settling in the coastal cities of Limassol, Larnaca and Paphos.
Russians residing in Limassol are so numerous that the city has for some time been known as 'Limassolgrad'. Russian is often heard in the streets, two daily newspapers and a weekly magazine are published in the language, there are two Russian schools and a Russian radio station and restaurant menus are in both Greek and Cyrillic script. The economy of the Russian community is based on trade and investment, activities many suspect of involvement with money laundering. Whatever the case may be, the activities have resulted in large bank accounts on Cyprus, where recent estimates put the total related deposits as some 20 billion out of an estimated 69 billion overall.
The reaction of Cypriot's Russians to Anastasiades's announcement ranged between utter indifference and mild interest, with a joke now making the rounds that the Cypriot passport may become the more expensive travel document in the world: one obtained in exchange for three million euros.
http://ansamed.ansa.it/ansamed/en/news/sections/generalnews/2013/04/15/Cyprus-EU-passport-Russians-lost-3-mln-euros_8556540.html
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