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Cyprus

Economy

Wealthy Russians Are Back To Buying Real Estate In Europe — Sanctions Be Damned

After the start of the war in Ukraine, Russian oligarchs and other rich individuals turned to the real estate markets in Dubai and Turkey. Now Russian buyers are back in Europe. Three EU countries in particular are attracting buyers for their controversial "golden visa" program.

BERLINWestern sanctions imposed after the start of Russia's war against Ukraine have made financial outflows from Russia much more difficult — and paradoxically have also helped to strengthen Russia's economy, as the renowned economist Ruben Enikolopov recently noted in an interview for the online media "The Bell".

So while sanctions have not completely prevented these financial flows, they played a role in changing their direction.

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It was notable in real estate purchases during the first year of the war: as Russian buyers moved away from the previously coveted European market to the United Arab Emirates (UAE), as well as to Turkey or the South Caucasus and even Southeast Asia.

Instead of "Londongrad", where the high- to middle-income earners from Vladimir Putin's empire turned for the previous two decades, people suddenly started talking about "Dubaigrad."

But this trend now seems to have peaked, with unexpected signs that Russians are back on the European real estate market.

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Second Front? Tension In West Bank Reaching New Heights–  Mideast War, Day 21

Death count rises above 100 in the West Bank, as sources reports weapons flooding in through Iran.

Massive protests materialized around the West Bank on Friday, and were particularly potent in Ramallah, the administrative capital of the Palestinian Authority, according to Al Jazeera journalist Hoda Abdel-Hamid who is reporting from the ground. The protestors are reportedly chanting in support of Hamas.

“You must not underestimate the amount of anxiety and fear that exists across the occupied West Bank,” said Abdel-Hamid. “I’ve been reporting for weeks now about the nightly Israeli raids and detentions. There is also the settler violence – an average of eight attacks a day and they are increasing.”

Weapons are “flooding” into the occupied West Bank through a complex network organized by Iran and its allies, mainly in Iraq and Syria, according to the Wall Street Journal. Israeli settlers are reportedly being armed by Israel’s government, at the direction of its far-right national security advisor Itamar Ben-Gvir.

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The Palestinian Health Ministry reported on Thursday that Israeli forces shot and killed a 17-year-old boy near Ramallah, bringing the total death count since October 7 in the West Bank to 105, according to Turkish state-run outlet Anadolu Agency.

Many of those deaths are attacks on Palestinians by Jewish settlers, which U.S. President Biden has denounced as “pouring gasoline on the fire.”

“The army has said it is ‘taking off its gloves’. So people are afraid,” said Abdel-Hamid.

Many have described the situation as a “powder keg.”

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Summer Paradises Lost: Seven Vacation Spots That Time Forgot

Luxury havens abandoned overnight, summer resorts that were the victims of bad business decisions. As summer ends, we look at seven abandoned vacation spots that were once the height of glamor before fading — or rusting — away.

This summer has seen record tourist numbers in many parts of the world. Yet amid the over-tourism, it's hard to imagine that all over the world there are resorts and beautiful destinations that have been completely abandoned.

Defunct tourist destinations have become popular attractions in their own right. The sight of a once grand structure, now eerie and destroyed, excites the imagination.

But why do once-popular sites get left to ruin? Sometimes the economy falls on hard times, draining the pockets of owners and investors. Other times, people simply become disinterested. Sometimes an environmental disaster washes away something that was once glorious.

From Italy to Indonesia, we rounded up seven former tourist destinations that have fallen on hard times so you can jet-set around the world from the comfort of your own home.

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Golden Passports, Citizenship For Sale From Cyprus To The Caribbean

MOSCOW — ​Last month, the Interior Minister of Cyprus Constantinos Petrides announced the revocation of 26 "citizenships by investment" that had been granted before stricter criteria of this program was introduced in 2018. Though Petrides refused to name those who had lost their so-called "golden passports', Kommersant has recently revealed some of the names on the list, including Russian oligarchs Oleg Deripaska, Vladimir Stolyarenko, Alexander Bondarenko, along with their respective wives and children. These oligarchs are under criminal investigations in their homeland.

The news is a reminder that this particular relationship is not an exclusive privilege of Cyprus, and Russians are hardly the only ones seeking out golden passports.

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blog
Bertrand Hauger

Where Beauty Was Born

According to legend, the rocks of Petra tou Romiou in southwestern Cyprus, is where the Greek goddess of love and beauty, Aphrodite, was born. I'll spare you the full (and quite graphic) myth of her birth — it may spoil the serenity of this coastline.

Geopolitics
Anne Feitz

Striking Politics When Drilling For Gas In Mediterranean

-Analysis-

PARIS — Drilling operations have begun off the coast of Cyprus despite Ankara's threats against the Cypriot government. And for French oil and gas multinational Total and its Italian partner, ENI, hopes for a huge payout are running high. As IHS Markit reported earlier this year, the "Onisiforos' operation, as it's known, is expected to be "one of the most critical wells drilled globally in 2017."

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blog

A Pelican's Pause

When the famous pelicans of Mykonos get tired of all the attention, do they take a break and fly down to the calmer shores of Cyprus?

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Geopolitics
Fabrice Nodé-Langlois

When Brexit Hits Cyprus, Isle Of Offshore Banking And British Expats

Britain's decision to leave the EU is having a ripple effect on the island nation of Cyprus, where ex-pats and tourism operators are already feeling the pinch. But there may be a more long-term windfall in the finance industry.

TALA — Cathi Delaney chooses a shady spot on the terrace to sip a refreshing cup of iced coffee. It's October, but with temperatures well above 30°C (86°F), the nearly 60-year-old British woman is perfectly comfortable wearing just a floral dress. This, after all, is what brought her to Cyprus: the sun, the sea, the sweet life.

But in recent months, back in her country of origin, a majority of voters opted for Brexit, that will force the UK to leave the European Union — adding a major element of anxiety to her otherwise trouble-free existence. "Brexit raises a lot of uncertainties," she says, noting the various legal and bureaucratic issues. "Will I get my state pension in six years? Will my husband benefit from the General Hospital Scheme that gives affordable access to health care?"

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Lonely Dilma, Hijackass, Pope's Fiat

MYANMAR PRESIDENT SWORN-IN

Htin Kyaw has been sworn in as Myanmar's first elected civilian president in more than 50 years. In his first address as president, the 69-year-old, a close aide to Nobel Peace Prize winner Aung San Suu Kyi, promised "national reconciliation" and a new Constitution guaranteeing a federal democracy and "the lifting up of people's lives." The Myanmar Times reports that Suu Kyi, who said she would rule from the sidelines since she's barred from being president herself, will be in charge of foreign affairs, the president's office, education, and energy and electric power.

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blog

Extra! The 'Hijackass' And The Selfie That Wasn't

"It has to be the best selfie ever," Ben Innes, a British passenger who was on the EgyptAir flight hijacked yesterday, told The Sun about his picture with the hijacker.

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blog

Snow White Revisited

In the fairy tale, the evil queen disguises herself as an old woman and tries to kill Snow White with a poisoned apple. What the story left out is that she then moved to Cyprus to sell jars of marmalade.

blog

Stalling Stall

"Tony" the Cypriot shoe seller definitely had a knack for presenting shoes in a novel way.

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