Cyprus: A hiding spot for Russian money | 60 Minutes

Since the fall of the Soviet Union, the tiny island country of Cyprus has been a destination for Russian oligarchs looking to hide their wealth. But with Russia’s invasion of Ukraine, officials are working to seize those assets.

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[guydemi]

60 minutes should do one on the UK - that should take a few episodes

[panoshountis]

I am not suggesting Cyprus is not such a spot, but it is a tiny player compared to the BIG masters of the money-laundering community, aka UK and its dominions, Luxemburg, etc.

[___beyondhorizon]

It's always been Cyprus attractions, hiding money. One of my college classmates is from Cyprus, it's how I learned about it

[LyndaElliott]

I moved to live in Cyprus in 2018. All this money brought here by the oligarchs has artificially inflated property prices, so it’s becoming increasingly difficult to buy or rent affordable, decent properties.

There are huge luxury mansions standing empty, presumably passport properties.

There also seems to be a perception here that properties are worth more than they actually are. So there are many houses for sale that don’t get buyers, and many villas selling for 3m plus that very few locals (or even standard expats) could ever afford to buy.

The property market is essentially geared towards rich foreigners.

The impact of dirty money coming onto the island is far ranging and can affect residents in many ways.

[davidr]

This Cyprus Minister is thrilled to be receiving Russian money. Why would any struggling country deny Russian deposits unless they are heavily sanctioned by the USA.

[shaneintegra]

The worlds built on giving the rich opportunities the poor don't have, it happens everywhere... even the US. Being found guilty doesn't ride on facts. It rides on how much money the person has to pay for the best lawyers.
Look around, this sorta thing is EVERYWHERE and it cant be stopped

[zyubat]

Now do a report about Western oligarchs, thank you

[Natalyatta]

why the stress on Russian tax evaders, Cyprus is home to tax evaders of all nationalities including US personalities.

[anonobot]

This finance minister is my guy 😂 he sounds like a great Swiss bank account

[theondebray]

You don't have to go that far, just try the City of London.

[Mojogoblue]

Remember that time when then-president-elect Donald Trump appointed the vice chairman of the Bank of Cyprus as the U.S. Secretary of Commerce? Good times.

[javierjp]

Ah yes, the famous 10 unnamed russian oligarchs

[fe]

What about all the other oligarchs in Florida. What about all the companies who theses cronies have invested/laundered after places like cypress. Come on 60m there is a lot more to this story, what about the FCC, SEC, DOJ on holding up the law.

[jesuskristus]

Take a shot everytime they say “passport”

[comments.cuestionsandconcerns]

i'm in the wrong line of work. lol

[steven]

"A Spider's Web: Britain's Second Empire" is decent documentary about tax havens and the paradise/panama papers...

Red Square, or the more colloquial 'london laundromat' or 'Londongrad' in London is also a pretty interesting place to learn about...

[untouchablex]

Not hiding money. It's a "special monetary operation."

[NC-qcwd]

Facilitators? law firms, and governments especially!

[TagmatonDomestikon]

Greeks have very favourable views towards Russians. Greece can't really do this themselves without drawing massive scrutiny, but they can pull the strings on Cyprus to help the Russians navigate and access the international economy and systems. It's a win-win, especially for Cyprus.

[stephanoskritikos]

I came to Cyprus in 2004 from the UK 🇬🇧. In Cyprus, We use to have the best washing machine in the world for money laundering.!!! They get what they want and we get rich with their money. Almost no poor in Cyprus use so we had so much money we didn't know what to do. Now everything has changed we go back to where we started. We lost our chance to come to 3 times Dubai. Now everything in Cyprus going to be dishonest not being loyal and betraying the trust of the people nowadays Cyprus going downhill. And happening fast than ever.