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Sakhalin to Replace Cyprus?

0 22 March 2013

Cyprus SakhalinWhile passions flare with regard to Cyprus, Dmitry Medvedev has offered an alternative solution - to look into the feasibility of creating “some kind of zone in the Far East”. The Prime Minister noted that “This way our money, which is currently not only in Cyprus, but also in other places which, understandably, aren’t being mentioned at the moment, like the British Virgin Islands and the Bahamas, might be moved back here right away”. 

Medvedev suggests that an offshore zone could be created in Sakhalin or the Kuril Islands. This would facilitate the development of the Far East, but effective legislation would be required to avoid “dangerous situations”.

At the moment there is one unconventional offshore region - Kaliningrad, where benefits for residents of special economic zones are fixed in the tax code. Until 2004 there were a number of other such regions, like Kalmykia and Chukotka, where local authorities were able to offer incentives to investors through taxes on profits. 

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