Contents tagged with Cyprus

  • Russia withdraws from tax agreement with Cyprus

    Russia is denouncing the double taxation agreement with Cyprus, the Russian Ministry of Finance announced on Monday.

    Negotiations with the authorities of the island, which since the 1990s has become the main piggy bank of offshore capitals from Russia, have not been successful, the Ministry said in a press release.

    The Russian side insisted on taxing 15% of the dividends that the business puts into the accounts of its parent Cypriot structures. Russian President Vladimir Putin gave such an …

  • Russian billionaire reregisters one of Russia’s biggest retailers in Cyprus

    Lenta, Russia’s third biggest retailer by profit, with a network of 249 hypermarkets in more than 130 Russian cities, has received permission from the Cypriot authorities to use Cyprus as its jurisdiction, and has changed its official name to Lenta PLC, the company announced.

    “Today the Department of Registrar of Companies and Official Receiver (DRCOR) has issued the company a certificate of temporary registration in Cyprus. As a result of the company’s transition to another jurisdiction …

  • Russian billionaire Deripaska stripped of Cyprus citizenship

    The billionaire Oleg Deripaska, who became one of the 10 wealthiest people in Russia in the early 2010s and came under personal US sanctions last year, has been stripped of his Cypriot citizenship.

    After auditing its “citizenship for investment” program, in which one can “buy” a passport by investing €2 million in the island’s economy, the government of Cyprus has revised its decision regarding 26 individuals.

    As reported by Vedomosti, citing the Cypriot mass media, in addition to Deripaska, …

  • Cyprus strips nine Russians of ‘golden passport’ citizenship

    The government of Cyprus has revoked 26 so-called “golden passports” that were issued to foreigners in exchange for investments. According to the Cypriot news agency Sigmalive, this has affected nine Russians, eight Cambodians, five Chinese, two Kenyans, one Iranian and one Malaysian. The news outlet clarifies that only nine of those affected are the investors, the rest are their family members.

    Nicos Anastasiades, President of Cyprus, announced on November 4 that the country’s government …

  • Israel, Cyprus and Greece to collaborate on natural gas pipeline to EU

    Israel, Cyprus and Greece are determined to transport natural gas from the eastern part of the Mediterranean Sea to Europe. After a trilateral meeting in Athens on August 7, Greek Energy Minister Kostis Hatzidakis confirmed that the three countries will be collaborating closely.

    “We hope that we will soon be able to sign the relevant agreement,” said Israeli Energy Minister Yuval Steinitz. He emphasized the importance of the project for Europe.

    Several years ago, large natural gas reserves …

  • Russian-made missile lands and explodes in Cyprus

    An unknown object that fell from the sky on Sunday night north of Nicosia, Cyprus, turned out to be a Syrian anti-air defense missile, the Turkish news agency Anadolu reports, citing Kudret Ozersay, Foreign Minister of the self-declared Turkish Republic of Northern Cyprus.

    According to him, the missile landed in mountainous terrain and did not cause any serious damage.

    “Based on the initial assessment, this is a Russian-made missile that is part of an anti-air defense system, which was …

  • Flight of Russian elites to Cyprus accelerates

    The demand from wealthy Russians for real estate in Cyprus surged by 40.4% in the first quarter of 2019, according to a study by the Prian.ru service, the results of which were published by Kommersant.

    The spike in interest was triggered by an announcement in winter that the Cypriot program of granting citizenship in exchange for investment in property would be made stricter. The amendments to Cyprus’s citizenship program came into force on 15 May, observes Prian.ru expert Filipp Brezin.

    A …

  • Putin sends 35 Russian soldiers to UN mission in Central African Republic and Cyprus

    President Vladimir Putin signed the decree to send a group of 30 Russian soldiers to Central Africa. They will serve as part of the UN mission. The decree is published on the official internet-portal of legal information

    “The Russian Ministry of Defense is to send to the UN mission up to 30 servicemen of the Russian Armed Forces as liaison officers, military observers and staff officers”, the order says. The funding for the stay of the Russian military in the Central African Republic will be …

  • Pompeo and the leaders of Cyprus and Greece will meet in Israel to discuss gas pipeline to Europe

    US Secretary of State Michael Pompeo, Greek Prime Minister Alexis Tsipras and President of Cyprus Nikos Anastasiadis will arrive in Israel in the near future to discuss the construction of the world's longest underwater EastMed gas pipeline from the Eastern Mediterranean to Europe, Benjamin Netanyahu, Prime Minister of the Jewish state stated on Wednesday.

    “In a few days, the leaders of Cyprus and Greece will come here together with US Secretary of State Pompeo to advance the construction of a …

  • Cyprus court arrests Ukrainian oligarch Firtash’s assets in Russian bank lawsuit

    The District Court of Limassol, Cyprus, has arrested nearly $46 million worth of Dmytro Firtashi’s property as part of a lawsuit by Russia’s VTB Bank, Kommersant reports.

    The lawsuit was filed on 20 December 2018, and within the week, the Ukrainian businessman’s property was placed under arrest as an interim measure. The consideration of the case is scheduled for the end of January.

    The lawsuit concerns the debts of PJSC Ukrainian Chemical Products and LLC Titan Investments, which own …