A new party for Cyprus’s Russian exiles and expats
- Wed, 15 Nov 2017 07:57
HUNDREDS of Western-trained Cypriot lawyers and accountants earn a living from handling the affairs of Russian and Ukrainian offshore companies. The relationship has flourished since the island became a base for proto-capitalists from the former Soviet Union in the 1990s, thanks to a communist-era treaty on removing double taxation. A relaxed attitude to transactions involving cash-filled suitcases also helped.
Nicosia, the island’s capital, and Limassol, its largest port, are these days home to an estimated 50,000-60,000 former citizens of the old Soviet Union’s constituent countries. Limassol’s once-seedy waterfront now boasts smart blocks of flats, shopping malls and a gleaming marina for the billionaires’ superyachts. A bust of Alexander Pushkin, a 19th-century Russian poet, graces a seaside park. The wealthiest Russian and Ukrainian families flit between homes in Cyprus, London and Paris.