According to Forbes magazine, “residence permits in other countries and second citizenship became for Russians an alternative to exit visas”, during the pandemic. This provoked the unprecedented increase in applications for citizenship through investment programs. The number of applications for the spring months increased by 20% in comparison with the previous year. The EU countries are particularly in demand, with Cyprus ranking the third.

On 27 July 2020, Cyprus adopted a six-month deferral related to the European Union (EU) Directive on mandatory disclosure and exchange of cross-border tax arrangements (DAC6). The decision was dictated by the COVID-19 pandemic and the changes in the deadlines which the EU Council implemented to the directive for all EU countries.

McKinsey’s annual survey “The future of private banking in Europe: preparing for accelerated change” reflects major developments in consumer behaviour among private banking clients during the pandemic. As a result of this transformation, one of five clients in Europe transferred their assets to another bank.

Russian Finance Minister Anton Siluanov came forward with such proposal at the government session today. “The bill draft is proposed to be amended as follows: the rights given to the individuals to qualify themselves as Russian tax residents in the current year 2020 who spend in the Russian Federation from 90 to 182 days inclusive during the current year, based on the application submitted to the tax authorities. It will be submitted in any form along with the personal income tax return”, the official explained the essence of the innovation. According to the minister, the changes will provide “an opportunity to attract citizens to our country who are ready to work here, do business and become tax residents.”

According to a study by the University of Oxford, the Republic of Cyprus is ranked in the the top ten countries in the world, in preparedness to ease all security measures introduced due to COVID 19.

We want to share one of the best news for Summer Friday! According to the report of the European Commission and the European Environment Agency (EEA), Cyprus has the highest proportion of bathing sites with high water quality among the countries of the European Union (99.1%). The study evaluated 113 bathing sites in Cyprus, of which 112 were rated as being of excellent quality.

The Board of Directors of the Cyprus Fiduciary Association has approved the entry of Main Partner Trust into its membership.

The corresponding draft regulation of the Government of the Russian Federation “On the extension of the submission period by resident individuals on the account (deposit) activity in banks and other organizations of the financial market located outside the territory of the Russian Federation” was published on May 19, 2020. Such an initiative was caused by difficulties arising for individuals in obtaining information on account (deposit) activity from the foreign bank and difficulties in submitting reports in set time due to the spread of coronavirus infection.

Cyprus will allow direct flights from 19 countries starting June 9, and plans to reopen hotels from June 1, Bloomberg reported. The mandatory 14-day quarantine for visitors to the island will end on May 25.