An increasing number of Russian HNWIs (high-net-worth-individuals) are notifying Russia’s tax authorities about their foreign bank accounts and controlled foreign corporations (CFCs). This follows Russia’s adoption of the Common Reporting Standards (CRS) in 2016, which facilitates the automatic exchange of information regarding bank accounts between partner countries’ tax authorities in a bid to combat tax evasion.
Tranio conducted its eighth annual survey, analysing the investment and property purchasing patterns of Russian and CIS nationals abroad. The survey was primarily focussed on income property, looking at the top locations for investment, yield expectations, budgets, and preferred asset classes, as well as the general presence of Russian-speaking investors in local markets.
Since 2018, the Cypriot authorities approve no more than 700 applications for investment-based citizenship per year. Moreover, in 2017, 1,013 individuals became the country's nationals. The demand for Cypriot citizenship is high. Learn why it is so and how it can be obtained, reading this article.
Since May 2019, considerably fewer people have been applying for Cypriot citizenship after changes in the country’s citizenship-by-investment programme; nationality obtainment measures have been toughened. Tranio looks into the situation and how it might change going into 2020.
How are things going on the global real estate market? What future challenges does it face? International real estate plaftorm Tranio presents an overview of the main trends that investors can focus on today and for the next year.
Tranio analysts investigate how
Maintenance costs in Cyprus are rather low in comparison to average European charges. Owners pay some €1,700 per year for apartments and about €2,900 for villas with private pools.
Cyprus spends 7% of its GDP on education, making it the third largest state investment in education in the EU after Denmark and Sweden.
Cyprus is a member of the EU but is not a part of the Schengen area. It remains a popular destination for foreign buyers thanks to its favourable financial and immigration policies, which give wealthy investors access to residence and citizenship. Documents must be translated in Greek or English.
Republic of Cyprus has a more favourable tax regime than other European countries. For example, there is no inheritance tax in Cyprus.
Foreigners can obtain mortgages in Cyprus, where such loans are granted for off-plan real estate, existing properties and renovation.
Cyprus is an open real estate market and demand has been growing for property in the country since 2016. The warm Mediterranean climate, relatively low residential property prices, and opportunity to obtain residency/nationality through investment (when buying property worth at least €300,000/€2M respectively) are all attractive to potential buyers.
Cyprus is home to many major resorts that fuel this key real estate market.
The government of Cyprus has lowered the financial threshold for its citizenship by investment program.
The best locations in Cyprus, Slovenia, France, Mallorca and Austria to spend €1.5M on property including taxes and other expenses.