Cyprus: A Playground for Russian Oligarchs

Cyprus has become a haven for Russian oligarchs to hide their assets and evade international sanctions. After the fall of the Soviet Union, the oligarchs sought tax havens, and Cyprus provided the perfect combination of low tax rates and financial secrecy. The country developed a financial system to attract overseas wealth, accumulating billions in bank deposits and issuing golden passports through a citizenship by investment program. However, the program faced corruption allegations, leading to its closure after significant scrutiny. Despite promises to revoke the passports of sanctioned oligarchs, Cyprus has faced criticism for its lack of transparency and enforcement. The country remains a vulnerable link in international efforts to combat money laundering and illicit financial activities.