Russian media: Russians find Cyprus and Hungary most attractive for foreign investment.

According to information from a study by real estate agency NF Group, Russians planning to buy real estate abroad are most interested in investments in Cyprus and Hungary. During the study it was noted that last year the most popular locations were Turkey and the United Arab Emirates, but this year clients of NF Group expressed the greatest desire to buy real estate in Hungary and Cyprus. The company also noted that 61% of its clients want to buy overseas real estate in order to obtain a residence permit or citizenship in their chosen country.

Hungary

is a popular destination for investment due to its relative affordability, rapid price growth' 'on housing and the possibility of obtaining a residence permit for up to five years with a real estate investment of about $234,000. With Western sanctions in response to Russia's full-scale invasion of Ukraine, it is easier for Russians to travel to Europe with a valid residence permit.

Some EU countries

such as Cyprus, issue "golden visas" that allow wealthy foreigners to quickly obtain permanent residency when investing in local real estate. Hungary stopped issuing "golden visas" in 2017 but plans to reintroduce such a program, offering long-term residency permits to those who purchase property worth more than $543,000.

In March 2022, the European' 'The Commission has expressed an urgent recommendation to EU member states to stop using "golden passports" and "golden residence permits".

Cyprus President Nicos Christodoulides told The Associated Press on Nov. 20 that he had invited financial crime experts from an unnamed country to help investigate the use of Cyprus to circumvent sanctions against Russia. He said there should be no doubt about the use of Cyprus because it hurts the ability to attract' ''quality'' foreign investment.

Christodoulides' comments came in the wake of the massive Nov. 14 leak of millions of files from Cyprus Financial Services, dubbed "Cyprus Confidential," and the subsequent wide-ranging investigation by the International Consortium of Investigative Journalists (ICIJ). The documents present a complex picture of how Cypriot financial facilitated Russian oligarchs and Putin allies to hide their assets and avoid Western sanctions, ICIJ noted.