In January-August, the demand of Russians for real property items in Cyprus and Malta with a view to obtaining citizenship of these countries has grown by 40%, the press office of Knight Frank told RIA Real Estate on Wednesday.
“According to the preliminary results of 8 months of 2018, the number of applications submitted by Russians to purchase residential and commercial real estate for obtaining citizenship of Malta and Cyprus has increased by 40%”, the message reads.
Over the course of seven months of 2018, 5,400 property items have been sold in Cyprus, thus, compared to the same period of last year, an increase amounted to 25.5%. Half of the real estate buyers were foreigners, the report notes.
As a reference, in April, the US imposed sanctions against the Russian Federation. The list includes, among others, Oleg Deripaska and his companies En + Group, GAZ Group, Basic Element and Rusal. Also, Victor Vekselberg and his Renova Group, Suleiman Kerimov, Kirill Shamalov, the head of Gazprom Alexei Miller, the head of VTB Andrei Kostin have been slapped with U.S. sanctions. Being on the list means that the companies’ assets in the US are to be blocked and doing any business with American citizens is prohibited.