Cyprus: A hiding spot for Russian money | 60 Minutes

Since the fall of the Soviet Union, the tiny island country of Cyprus has been a destination for Russian oligarchs looking to hide their wealth. But with Russia’s invasion of Ukraine, officials are working to seize those assets.
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[@guydemi4654]

60 minutes should do one on the UK - that should take a few episodes

[@ikku4321]

My guess would be that every EU country that leans nowadays right has a 'Cyprus problem'. Principles, holding right-wing ideology alive, don't value human lives nor cooperation but rather money. So it needs a lot of financing to raise to the surface. Secondly it's a perfect divider - we all know the phrase 'divide and conquer'. It sites perfectly with imperialists asperations. When Brexit campaign started all I could see was Russian money. It's wired that no one talked about it, I don't want to believe that there aren't people in UK that follow Russia.

[@panoshountis1516]

I am not suggesting Cyprus is not such a spot, but it is a tiny player compared to the BIG masters of the money-laundering community, aka UK and its dominions, Luxemburg, etc.

[@cambrian5595]

Luxembourg is not a British Dominion. Give us Brits some bloody credit 🤣

[@panoshountis1516]

@@cambrian5595 I am not suggesting it is. There is a comma separator between the countries 🤨

[@rccosplay3249]

100% truth👍

[@rccosplay3249]

I agree it's not a British Dominion. He meant the British Dominions AND Luxemburg.

[@josipamatic6085]

Switzerland

[@zyubat]

Now do a report about Western oligarchs, thank you

[@LyndaElliott]

I moved to live in Cyprus in 2018. All this money brought here by the oligarchs has artificially inflated property prices, so it’s becoming increasingly difficult to buy or rent affordable, decent properties. There are huge luxury mansions standing empty, presumably passport properties. There also seems to be a perception here that properties are worth more than they actually are. So there are many houses for sale that don’t get buyers, and many villas selling for 3m plus that very few locals (or even standard expats) could ever afford to buy. The property market is essentially geared towards rich foreigners. The impact of dirty money coming onto the island is far ranging and can affect residents in many ways.

[@Jam43341]

Been living out here for a while and the amount of Russian-built mansions around the pissouri/Limassol area is crazy, not to mention the tens of thousands of half-built houses dotted around the island which are just left to rot. Sad sight

[@LyndaElliott]

@@Jam43341 ain’t that the truth!

[@nsaurabh25]

@@Jam43341 Russians are building Cyprus instead of Russian. Not surprising.

[@effmltalks]

As someone who lives here, I can vouch for this. Rent prices are/were ridiculous. You had to search far and wide for those not giving in to the new 'market price'.

[@carlosdesousa6712]

The CORRUPT government is to blame. Very dangerous indeed, but not unique to Cyprus

[@davidr4523]

This Cyprus Minister is thrilled to be receiving Russian money. Why would any struggling country deny Russian deposits unless they are heavily sanctioned by the USA.

[@shaneintegra]

The worlds built on giving the rich opportunities the poor don't have, it happens everywhere... even the US. Being found guilty doesn't ride on facts. It rides on how much money the person has to pay for the best lawyers. Look around, this sorta thing is EVERYWHERE and it cant be stopped

[@dontbanmebrodontbanme5403]

I think we all know this! 😂

[@___beyondhorizon4664]

It's always been Cyprus attractions, hiding money. One of my college classmates is from Cyprus, it's how I learned about it

[@anonobot3333]

This finance minister is my guy 😂 he sounds like a great Swiss bank account

[@Mojogoblue]

Remember that time when then-president-elect Donald Trump appointed the vice chairman of the Bank of Cyprus as the U.S. Secretary of Commerce? Good times.

[@cyberpotato63]

That would be Commerce Secretary Wilbur Ross (term 2017 to 2020) who was vice-chairman of the Bank of Cyprus immediately before serving in the Trump administration. I don't know what his duties were, whether an inside director or more oriented toward giving the bank political coverage against U.S. and E.U.. oversight. I suspect the latter.

[@bobhookstratten9567]

That's just one piece of evidence among thousands that Republicans' bank accounts are also hiding spots for Russian money.

[@theondebray]

You don't have to go that far, just try the City of London.

[@fe6646]

What about all the other oligarchs in Florida. What about all the companies who theses cronies have invested/laundered after places like cypress. Come on 60m there is a lot more to this story, what about the FCC, SEC, DOJ on holding up the law.

[@Natalyatta]

why the stress on Russian tax evaders, Cyprus is home to tax evaders of all nationalities including US personalities.

[@jesuskristus18]

Take a shot everytime they say “passport”

[@comments.cuestionsandconcerns]

i'm in the wrong line of work. lol

[@javierjp8549]

Ah yes, the famous 10 unnamed russian oligarchs

[@steven2183]

"A Spider's Web: Britain's Second Empire" is decent documentary about tax havens and the paradise/panama papers... Red Square, or the more colloquial 'london laundromat' or 'Londongrad' in London is also a pretty interesting place to learn about...

[@arl3761]

Brill confirmation of what I believe the rich r always in the take!

[@bonniedrasco8166]

Excellent

[@NC-qc7wd]

Facilitators? law firms, and governments especially!

[@ishmielknight9191]

Lol the pfizer at the end got me 😅

[@untouchable360x]

Not hiding money. It's a "special monetary operation."

[@daniellevin3056]

😂😂😂😂😂😂😂😅😅😅 Yes wheel of fortune 😅

[@robertmclean3612]

Joke . Uk , USA , everywhere else was a wash with Russian money now we’ve all to criticise Cyprus . Politicians playing games as always

[@amit4Bihar]

Switzerland is a much bigger, convoluted version of Cyprus

[@stephanoskritikos8028]

I came to Cyprus in 2004 from the UK 🇬🇧. In Cyprus, We use to have the best washing machine in the world for money laundering.!!! They get what they want and we get rich with their money. Almost no poor in Cyprus use so we had so much money we didn't know what to do. Now everything has changed we go back to where we started. We lost our chance to come to 3 times Dubai. Now everything in Cyprus going to be dishonest not being loyal and betraying the trust of the people nowadays Cyprus going downhill. And happening fast than ever.

[@TagmatonDomestikon]

Greeks have very favourable views towards Russians. Greece can't really do this themselves without drawing massive scrutiny, but they can pull the strings on Cyprus to help the Russians navigate and access the international economy and systems. It's a win-win, especially for Cyprus.

[@katyja8812]

You must mean, the "leaders" of Cyprus.. Greece.. (only) I am sure that the citizens of Greece are not benefitting from any of this. Greece was/is having it's own political issues.. and a lot of their citizens have suffered..

[@adrianpetasis7439]

The reason greeks ever had a relationship with Russia is because the ultra religious felt a connection as an “orthodox brotherhood” between the two people. Besides this, Cyprus also has had a problem with communists in government who would be Russia/Soviet Union fanboys which is the reason the US supported Turkey in the 1974 invasion of Cyprus(essentially just supporting the side who had a lower chance to become communist). Due to this, short-sighted Cypriots who saw the Turkish army with US support committing genocide and war crimes while invading their island became very anti-west. It’s a problem us Greek Cypriots still face as those who see Russia for who they are, a shell of the Soviet Union who are doing to Ukraine what Turkey did to us are fighting against the misguided Greek Cypriots who still retain some sort of loyalty and admiration towards Russia and the current regime.

[@trentpettit6336]

@@adrianpetasis7439 How do the Greek Cypriots feel about the conflict between Israel and Palestine?

[@warrrior1557]

@@trentpettit6336 it’s kinda neutral I think

[@linkme2dnet]

@@trentpettit6336 Israel is the closest thing to an ally to Cyprus in that region. And maybe to some extent Egypt. otherwise its sovereignty always hangs by a thread.

[@baqaqipekhebi7148]

EU countries puts tons of regulations on British who were legally resident in Europe prior to Brexit complicating their lives, but then they allow any rich Russian criminal into Europe? 🤢🤮 I have just lost total respect for Europe.

[@carlosdesousa6712]

Very good point. Typical double standards, but more about "The golden rule - he has the gold, makes the rules ' .

[@baqaqipekhebi7148]

@Daniël you didn’t even watch the video. Your comment is completely illogical!

[@dr.perfectsmile4175]

UK puts lot of pressure on EU citizens living in the UK too, nothing to do with Russians.

[@jasoncarr5379]

Real reporting

[@miroslavakacurova4762]

Factually incorrect... Last year vacation in Cyprus, in pathos u can see ads everywhere, stating " BUY PROPERTY FOR 250.000 EU, to get the passport"... Official ads on the bus stops and so .... Not 2,5mil

[@rti512]

In Cyprus wi don't have government wi have mafia but the same it's happening in Turkey in London in Dubai in Miami+++++

[@ragdollb9667]

Oh, like she didn’t know they were criminals. Mhhm… Well it’s not so secret anymore…

[@deivisbledis2622]

I live in Cyprus and working as a taxi driver. We still take lots of Russians to make new passports even tho government said they stopped this "investment program" in 2020,but that's a lie. 😀 You can even change the name of you want

[@a.p.3004]

Who gave the US the role of world police man ?

[@gatim4629]

We all have secrets do you?

[@tushar12345]

Russians: habibi come to dubai 👀

[@justaservant666]

😂😂 This is so accurate.

[@jerryczech953]

what about American criminals having money in Panama ?🙂

[@SamTheOldMan]

Now do a show on Russian oligarch money awash in London for the past two decades

[@SaloestAeslinaydu]

It remains only to be happy for Russians and my advice no to be envy if you don't let to buy something in Cyprus. By the way Russians keep travelling to Cyprus nowadays I know it exactly because I'm Russian myself. Hello from Russia 🇷🇺

[@copitzkymichael3313]

This is older than Grand Theft Auto

[@CasaMaryParadise]

The money you have, the money you aquire.

[@alexgoslar4057]

Thank you for sharing this information.

[@alexgoslar4057]

@Slo Mo Corruption is embedded in nature's DNA. Even animals are corrupt. It is in some ways connected with embellishing selfesteem.

[@marciabosteder5682]

Sounds like a pirate story

[@antonychipman3088]

hence SVB was scuttled?

[@glenwilson9533]

Good ☔🌧️ Rain Ent LLC

[@Ksn641]

Old news! Cash for passports scheme had to be closed down after pressure from the west due to the Ukraine conflict! Limassol grad is still home to the Russians now!😂😂

[@user-sn4nm7go3r]

Wow Russia.. Russia... Russia . So what! Why don't you just leave people alone and focus on your own business. MYOB!!!

[@MENSA.lady2]

I sold my holiday home in Ayia Napa in 1991. I saw the invasion of Russian money, most illegally acquired, and got out. Yes I made a decent profit on the sale..

[@korodski]

When Everything is a Crime

[@TheHHIPPO]

It's an open secret that dodgy money is parked in Cyprus.

[@tangozulu9091]

Not only music but film industry also. Listen to Wesley Clark Jr . American Psyop.

[@maccodj]

Lived in Cy for 12 years, it is one of the most corrupt countries I have ever seen. I know people that literally killed other people and got away with it because they have money. Law is fo the mediocre life there, otherwise, they all save each-others.

[@KB-ke3fi]

Well, at least olive oil is cheap.

[@eduardotirado839]

I thought the hiding spot was Miami and NYC…

[@thefurse]

Wow frfr

[@user-mv6he6gl8m]

Hmm. Whatever their wealth. They need to look around the shoulder - pemanently.

[@aqeel-3771]

The Minister of finance disagrees at 13.27

[@juanmontoya6622]

2050: "60 Minutes has learned Elysium is storing Russian Olygarch's tenths of trillions $. We were unable to verify due to non residents space ships being off limits to Elysium. Details at 11."

[@luistorres5052]

I’m wondering what the bank did to this guy…. Banks are becoming worse and worse

[@jeffg4686]

It's a good story in that it was done well. It's a crappy story in that it revolves around wealth, and criminals - two of the most boring topics. It's time to ditch money and work together.

[@fugamante1539]

“Boring”-exactly what the greedy wants the rest of us to think about them.

[@vanesslifeygo]

The rich don't want you to touch their money for even a second, like it's their body. Like it's greater than their lives. They'd never allow an uprising.

[@albear972]

I like wealth when done honestly. I wouldn't like communism as you describe.

[@DougGrinbergs]

ICIJ has started releasing Cyprus Confidential stories

[@adriansamsonhiluf7653]

I thought that was Spain? Marbela to be specific?

[@ronaldcole7415]

Seems Greece shouldn't be a EU member, period.

[@chriscommons7915]

Greece has paid back most of its debt and its economy is doing well. Better than the UK

[@Francisco-qo1wm]

This ain’t Barbara walters ?

[@carsondouglas8600]

How much Rothschild money is in Cyprus ??? How much Lucien Grainge money is in Cyprus ?? How much Len Blavatnik money is in Cyprus ?

[@pt68picaso]

Not that much as once was.

[@energyideas]

Deflect to email server.

[@DiviAugusti]

HUNTERS LAPTOP

[@bikedawg]

$3, $2, and $1, respectively.

[@1RJW381]

"ONE DAY SUMTHIN UH HAPPEN"

[@jonobester5817]

And Wilbur Ross?

[@michaeltaylor4271]

It’s funny to me that American 60 minutes leaves comments turned on but 60 minutes Australia dosent. Sounds like they are worried about what people will say. And I feel like American 60 minutes wants to know what we say.

[@bam-b-nodenaro1269]

One of many destinations of the Riches

[@User-rka_zykx76]

Anyone else just annoyed by the word “Oligarch”? Just me? I can’t stand the word slack either…

[@glennhertel1165]

Like Andy Rooney used to say there's a rest of the story to this and I would be very interested in having my story put on 60 minutes

[@Me97202]

It wasn’t Andy Rooney with the rest of the story… It was Paul Harvey

[@bettyboop-xg6jo]

What is your story?

[@blakejacobsen4846]

The ‘proceeds’ 😂 lol they’ll be sold for .50/dollar to a Chinese LLC now. Wow, huge win guys, thanks

[@williamforrest8658]

This happends around the world, is it because Russia invested in Cyprus the reason for digging this up?

[@crowbaril903]

Issued passports in 2014 & they don't have to renew them ever? & the guy that owns a arm's facility isn't one to worry about. Find the one supplying the shovels to dig the trenches & you'll make some headway

[@timogeo2167]

The hypocrisy here is astounding, there is much more dodgy ex-Soviet money in London, Netherlands, Switzerland & Liechtenstein than Cyprus! Cyprus' business centre model is modelled after the Dutch one after all!

[@ibrahimseth8646]

How to solve The Debt(Bad) Debt=30B Yield=6% Year=30 Debt(30 Year)=30B*1.06^30 Debt(30 Year)=200B Loan=100B=100% Yield=6% Year=30 Loan(30 Year)=100B*1.06^30 Loan(30 Year)=600B Payout(30 Year)=2000B { Debt(30 Year)=200B Loan(30 Year)=600B Income(30 Year)=1200B } Insurans: Payout(30 Year)=2000B Premium=? Yield=12% Year=30 Premium=2000B*1.12^30 Premium=70B(Cash=30B) { Loan=100B=100% } Cash=30B { Invest=30B Dividen=5%=1.5B Expenditure=? } Thank you.

[@gatecreed8384]

i always laugh when the americans call them "oligarchs" lol typical western word play

[@Arissef]

I agree. "Thieves" would be a more down-to-earth description.

[@vanesslifeygo]

Why is the host dressed like Elizabeth H from Theranos...

[@mattelgin213]

International tax lawyer here. Cyprus used to be a hiding spot for money until the "buy in" ten years ago. We got our money out just in time. Now I laugh when the Cyprus guys come around marketing their country.

[@jackcobbiii1797]

But not the US cannabis industry?

[@robertroman6826]

Not just Russian oligarchs also New York stockers and Americans who don’t want to pay there pair share of taxes

[@donsan6404]

people act like the average person lauded money. just a poor excuse to control people.

[@bonniedrasco8166]

Who cares, those without sin cast the first stone......

[@Strangernightg]

Outstanding job on the part of the USA. I never knew how sanctions worked up. People in general think that their slick sending their girlfriend to have their babies born in the USA. Thank goodness for the costume department stopping that Russian guy

[@alexaaplay7848]

u cant even spell customs

[@miked451]

Costume department 😂😂😂

[@Strangernightg]

@@alexaaplay7848 I might not have spelled it right but you understood what I said that's why you responded to my comment 🤣🤣 so the joke is on you 🤣😂😂😂😂😂😂😂😂😂😂😂

[@Strangernightg]

@@miked451 Don't tell me you have a problem with my spelling too . Let me know.

[@miked451]

@@Strangernightg No problems, just made me chuckle, thanks.

[@johnlabescase5619]

😥

[@glenwilson9533]

Organized Crime Pays......... Album coming soon

[@jurgschupbach3059]

Der beste Ort für zusammen Arbeit der EU und seinen Freunden

[@weedoutasssingermanas167]

I no longer fly to Cyprus to rest, because every second Russian I meet there is treated like a host.

[@DaddyBLUE90S]

Power corrupts.

[@alexrenn2479]

This report is just a hit piece on an easy target, This is a deflection from the real culprits of the Russia - Ukraine conflict.

[@jaredchilders3781]

The title and video should be, Where is Washington DC hiding $32 trillion dollars of debt.

[@zorintoto1167]

It's not hidden you idiot . It's held by creditors

[@jaredchilders3781]

@@zorintoto1167 Defend Washington DC all you possibly can. Makes not a damn bit of difference to me, nor any of them.

[@tanvirahmed3228]

Both partner deicide and choose own one..

[@energyideas]

EVRAZ Steel Russian Oligarch Abramovich, who owns a 28.6 per cent stake.

[@thatisabsolutelykooooge2211]

This stuff is so petty. Lawyers going around trying to get others peoples assets because their egos have been damaged. Losers.

[@andrewm4679]

Are we getting ready to justify invading Cyprus ? Asking for a friend.

[@pedrosousa9780]

Russian is treated not just to Ukrainian but to all over the world now and china don't stay behind.

[@fer581]

,the world is a circus .

[@karmatt3098]

Sponsored by Pfizer 🤣

[@landrover-ib7wo]

Boohoo now do the Clinton's,the Bush,the Obama....

[@lemmykilmister873]

🤔

[@kimkristensen2816]

Throw Cyprus out of the EU

[@rti512]

L cannot wait for that time Europe it's a joke end a mafia group

[@dr.perfectsmile4175]

Before Russians in Cyprus were the Brits, most of Russians came after Rynolovlev saved Cyprus National Bank in 2008, get some informations before spitting propaganda in Australia🙄

[@JPJ740]

putin - stalin w/ a law degree.

[@jeffer0987]

😂 funny to say those are the actors that help the actors over here, scam for the past 50 to 70 years, now there enemies lol