What happened?
Since the beginning of the military conflict in Ukraine, the EU and a number of countries have imposed sanctions against various sectors of the Russian economy. The Kremlin has also taken a number of measures to prevent capital flight from the country. They touched upon the sphere of finance, visa and immigration policy.
On February 27, the European Union announced the disconnection of some Russian banks from the SWIFT interbank payment system. The decision was agreed with the United States, Britain and Canada. Later Japan joined this decision.
On February 28, the Western community adopted the main package of sanctions against Russian financial institutions. The EU imposed restrictions on deposits in European banks for Russians. Now Russians are forbidden to keep more than 100 thousand euros on accounts in one bank. The decision to ban Russians to keep deposits in British banks for more than 50 thousand pounds (59,800 euros) was also adopted by the UK.
Russian banks VTB, Otkritie, Sovcombank, Promsvyazbank and Novikombank have fallen under tough US sanctions. Their assets and accounts in US dollars were blocked. Apple Pay and Google Pay payment services stopped working for the cards of these five banks.
Restrictions were also introduced against Sberbank, but in a milder version. The bank's assets in the U.S. jurisdiction are not frozen, and financial institutions are given 30 days to close any correspondent accounts of Sberbank and start rejecting any transactions involving the bank or its subsidiaries.
Sectoral sanctions have been imposed against Gazprombank, RSHB, Alfa Bank and Moscow Credit Bank. These imply restrictions on the provision of financing and other transactions with new debt obligations with a maturity of more than 14 days, as well as the placement of new shares.
On February 28, 2022, President Putin signed a decree "On the Application of Special Economic Measures in Connection with Unfriendly Actions by the United States and Adjacent Foreign States and International Organizations". And on March 1, 2022 - the decree "On additional temporary measures of economic nature to ensure financial stability of the Russian Federation". According to these two documents, Russians will not be able to transfer currency to their foreign accounts and take out of the country in cash currency of more than 10 thousand dollars.
On March 1, it became known that France is drawing up a list of property belonging to wealthy Russians, including luxury cars, yachts and houses, which may be confiscated in accordance with EU sanctions after the start of the military conflict in Ukraine. A similar decision was announced by the UK authorities.
On March 2, the Russian Central Bank banned transfers from Russia abroad to non-residents from 43 countries who are citizens of countries that have announced sanctions against Russia. Non-residents from other countries (which did not apply sanctions against Russia), in turn, will not be able to transfer abroad more than 5 thousand dollars a month, using transfer systems without opening a bank account.
On March 3, the consulates of the Republic of Cyprus in Russia suspended the issuance of pro-visas to Russians due to the lack of direct flights to Russia.
Nevertheless, Cyprus has not completely closed entry to Russian citizens.
Holders of a valid multiple-entry Schengen visa (the period of stay must not exceed 90 days within a 180-day period) or a national visa of Cyprus may enter the country. In addition, holders of national double-entry or multiple-entry visas of Bulgaria, Romania and Croatia are also entitled to enter Cyprus, without having to visit these countries beforehand.
In addition, Transportation Minister Yiannis Karusos made it clear that he is discussing the possibility of reconsidering the decision to close the airspace to Russia, both with Cypriot President Nicos Anastasiades and Foreign Minister Ioannis Kasoulidis.
At the moment our decision to follow the sanctions adopted by the EU Foreign Affairs Council remains in force, but I emphasize that we are the only country that has expressed a reservation, which has also been recorded," he said.
Kasoulidis, for his part, said if Turkey does not join the ban and sends Russians to the occupied northern part of the divided island, Nicosia could change course, specifying that Cyprus could go its own way and reopen its airspace to Russian flights if the national interests of the republic are at stake.
On March 4, the list of countries whose citizens are banned by the Russian Central Bank from making transfers from Russia abroad from March 1 to March 31, 2022 was published. The Republic of Cyprus is among the 43 countries on the list.
March 6, the Bank of Russia to maintain financial stability decided to limit bank transfers abroad by individuals to other people or relatives in the amount of 5 thousand dollars, according to an informational letter of the regulator.
The door has closed, but a window is open
What to do for those who were going to and did not have time to apply for a Cyprus residence permit? Because at the moment it is obvious that the conditions for business and life here are more convenient.
As reported by experts of the top real estate agency DOM, a number of developers of Cyprus confirmed that you can buy real estate on the island remotely. In this case, the money is transferred to an account either in Minsk or Moscow, also cryptocurrency payment is accepted, after which a residence permit is made via an accelerated program.
To do this, you do not need to fly to the Republic of Cyprus, DOM specialists will issue a residence permit through the consulate. The main thing, you need to have the amount of a little more than 300 thousand euros, and to start the procedure for obtaining a visa, you can pay 200 000 euros. After obtaining a residence permit in Cyprus, you can safely come and live on the island.
Details about Cyprus residence permit through investment in real estate, on an accelerated program.
You can contact the DOM team for a personal consultation.
Developers are ready to consider both cash and cryptocurrency schemes.
Smart contract, in general, is an ideal form of concluding a deal with foreign real estate in the short term. A huge advantage is the fact that paperwork is reduced to zero and the tax office cannot trace the transaction, which preserves the confidentiality of the two parties. Also worth considering is the lower transaction fee compared to a bank.
For detailed information please contact DOM. Specialists of the agency will promptly help you to choose the most convenient scheme of purchase of Cyprus real estate and residence permit on the island for you and your family.
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