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Russian billionaire Abramov gets Cypriot citizenship
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Alexander Abramov (picture by Ilya Pitalev/ Kommersant) TWENTY FIVE foreign businessmen have been given Cypriot citizenship, including the Russian billionaire Alexander Abramov, in exchange for their “services to the Republic of Cyprus.”
Most of the businessmen are Russian, like Abramov, 51, who co-founded and chairs the steel giant Evraz, and who is the world’s 121st richest person with a net worth of $6.1 billion.
Interior Minister Neoclis Sylikiotis announced the Russian businessman’s naturalisation to the council of ministers yesterday, saying “Mr Alexander Abramov has offered the highest level of service to the Republic of Cyprus, and considering his business activities, naturalisation is in the public interest.”
According to media reports, Abramov visited Cyprus for the first time in June 2002, and has since visited the island on several occasions. In March 2006, he received a Category F immigration Visa, which is open to independently wealthy aliens.
However, Interior Ministry permanent secretary, Lazaros Savvides, said yesterday that according to legislation introduced in 2007, the cabinet can grant Cypriot citizenship, at their discretion, to anybody who fulfilled certain criteria.
In addition to being at least 30 years old and having no criminal record, applicants must fulfil one of several financial conditions.
For example, applicants are eligible if they have an immediate investment in property or factories in Cyprus of €25.7 million or more. Alternatively, they can apply if they have set up a business on the island that has turned over more than (€85.7 million in the year preceding their application.
Non businessmen, and wealthy owners of smaller businesses in Cyprus are also eligible to apply if they have personal or company savings in Cyprus of more than €17.1 million or, if their direct investment, business activities and personal wealth are more than €25.7 million.
Finally, Savvides said, foreigners can become citizens if they have introduced large scale innovative technologies or founded a large scale research centre in Cyprus.
With €6.1 billion in the bank, Abramov is eligible to apply on the basis of his personal wealth; however, the Evraz company has also invested substantial investments in Cyprus. In 2008 the company announced its acquisition of a 51.4 per cent stake in the Cyprus based company, Palmrose for USD $1.06 billion (€0.83 billion), and as of June 2010 Evraz held minority stakes in two Cypriot scrap metal companies , EKV Invest (9.6 per cent) and RVK Invest (42.6 per cent). Evraz also has a 50 per cent stake in Cyprus based Streamcore Limited, which had net assets of $62 million in September 2009.
Abramov is a former graduate of Moscow institute of Physics and Technology and research physicist. He is also rumoured to have headed Vladimir Putin’s presidential campaign in 2002, and is married with three children. Evraz Holdings is one of the world’s largest vertically integrated steel producers.
