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Proposal for granting the passport of the Republic of Cyprus for investments of €2.300.000

On 19th of March 2014, it was submitted to the Council of Ministers a proposal for improving the naturalization criteria of investors. Specifically, the passport of the Republic of Cyprus was granted to non-Cypriot citizens only if they invested €5.000.000 plus €500.000 for the purchase of residence. The proposal of 19th of March provides a reduction of these amounts to €2.000.000 for investments plus €300.000 for the purchase of residence.

Another criterion for the acquisition of the passport of the Republic of Cyprus is that the applicant who invests €2.000.000 should also find and propose another 4 prospective investors who will invest the same amount of money in order to acquit the Cypriot nationality.

As a result, for every €10.000.000 plus purchase of residences, 5 passports of the Republic of Cyprus will be granted. This process will be conducted by land developers, auditors, lawyers and other professionals of the field, who will submit the applications of the investors jointly. However, if an investor submits his/her application alone, without proposing another 4 prospective investors, then the amounts remain as they were in the past, which means investments of €5.000.000 plus €500.000 for the purchase of residence.

The most powerful people of the planet 2011

Forbes, an American business magazine, published a list of the most powerful people in the world in 2011. In the magazine's list this year included 70 people - politicians and public figures, businessmen and celebrities, capable, according to the rating, to personally influence the course of human history. Among them are politicians, executives, business owners, religious leaders, military as well as representatives of the criminal world.

Forming the annual ranking of powerful people, Forbes takes into account the four main indicators of power. Firstly, the number of people under the leadership of a person, in the case of a country's leader is the population of the state, if the head of the company - number of employees. Secondly, financial resources, which might be managed by the person involved in the rating. Thirdly, the leadership in certain field of activities. Fourthly, to get into the rating a person must be actively using their powers in the previous year.

According to Forbes, the most powerful man in the world in 2011 is the U.S. President Mr Barack Obama. Despite the current political weakness, the impact of Mr Obama in 2011 increased again after many achievements in foreign policy. In second place in the ranking - the Prime Minister of Russian Federation Mr Vladimir Putin, who recently announced his intention to return to the presidency in 2012. The authors of this rating have placed the President of China Mr Hu Jintao in third position.

In the top ten rating also includes the following persons: German Chancellor Angela Merkel, Microsoft founder Bill Gates, Saudi King Abdullah Bin Abdul Aziz Al-Saud, Pope Benedict XVI, head of the U.S. Federal Reserve Chairman Ben Bernanke, Facebook founder Mark Zuckerberg and the Prime Minister of Great Britain, David Cameron.

By Irina Lelina for Areti Charidemou & Associates LLC

The most important banks in the world economy

The Financial Stability Board G20 after the summit of "Group of Twenty", which was held in Cannes (France) last week, published a list of 29 systemically important banks. Most of these banks are registered in the U.S. (eight). This is Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JP Morgan, Morgan Stanley, State Street and Wells Fargo.

The others most important banks for the global economy are in the UK (four) and France (four). The British banks which have been refereed to are Royal Bank of Scotland, Lloyds Banking Group, Barclays and HSBC, and the French - Banque Populaire, Credit Agricole, BNP Paribas and Societe Generale. In Japan, the main offices are located of three systemically important banks - Mitsubishi UFJ, Mizuho and Sumitomo Mitsui, Germany and Switzerland - two, respectively, Deutsche Bank, Commerzbank ,UBS and Credit Suisse.

With One representative in the list of important banks was Italy (Unicredit Group), Spain (Banco Santander), Sweden (Nordea), Netherlands (ING Groep), Belgium (Dexia) and China (Bank of China).

One of these financial institutions - the Belgian Dexia - now in a difficult position. Shares of the Franco-Belgian bank Dexia during trading last Tuesday collapsed by 37%. Decline in the value of the securities of the bank was due to the debt crisis in Europe. The Governments of France and Belgium pledged to help to the bank Dexia.

By Irina Lelina for Areti Charidemou & Associates LLC

Strengthening the banking system of Cyprus

According to the Minister of Finance of Cyprus, Mr Kikis Kazamias the appropriate measures to support the banking system shall be taken in order to strengthen the real economy of Cyprus and other EU countries.

After his return from Brussels, the Minister of Finance of Cyprus expressed concern about the financial crisis for banks in Cyprus, adding that similar disturbances in the banking system and financial markets are distinctive not only for Cyprus, but for all countries in the Eurozone.

Mr Kazamias was quite optimistic and confident that EU member states are able to develop a competent strategy to support the stability of their banking systems. In regards to the status of banks of Cyprus, Mr Kazamias said that all efforts should be directed to support them.

In the near future plans of Cyprus Minister of Finance are the meeting of finance ministers of the euro zone and participation in the meeting of the EU Economic and Financial Affairs (ECOFIN). As a result of an extraordinary emergency summit of leaders of the EU on 26 October 2011 it will be adopted a long term plan to resolve the debt crisis.

At the same time, government spokesman, Mr Stephanos Stephanou said that the government in the cooperation with the Central Bank of Cyprus shall take measures to support the banking system of Cyprus, which will be made to the extent possible in the case of potential problems that may arise in connection with events in Greek economy.

By Irina Lelina for Areti Charidemou & Associates LLC

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