The End of Cyprus as a Tax Haven?


A big number of Russians have bank accounts in Cyprus, often managed by Cyprus financial management firms that specialized in handling mafia money from the United Kingdom and Russia in Cyprus banks. Cyprus has been a haven for offshore banking, and this business is now threatened in Cyprus. Putin reacts because so many of his allies have private bank accounts in Cyprus, hidden away from taxation. In the future, it is doubtful that Cyprus can be both an offshore tax haven and an EU member state