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DUKAS_163028601_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
Christodoulos G. Vassiliades & CO. LLC building is seen at Ayiou Pavlou 15, Nicosia, Cyprus, on Nov. 3, 2023. Christodoulos Vassiliades, a Cypriot lawyer, is linked to Alisher Usmanov, a Russian oligarch that sanctions have been imposed to him.
© Kostas Pikoulas / Guardian / eyevine
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© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028543_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
The Abacus Office at the Elenion building at 5 Themistocles Dervis Street is seen, Nicosia, Cyprus, on Nov. 3, 2023.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
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(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028584_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
The Abacus Office at the Elenion building at 5 Themistocles Dervis Street is seen, Nicosia, Cyprus, on Nov. 3, 2023.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
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(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028508_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
The Abacus Office at the Elenion building at 5 Themistocles Dervis Street is seen, Nicosia, Cyprus, on Nov. 3, 2023.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
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(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028505_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A shop with Turkish, English and Russian signs inside Caesar Resort, is seen in Northern Cyprus, Iskele/Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
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(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028521_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A view of the Caesar Resort, is seen in Northern Cyprus, Iskele/Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028613_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A view of the Caesar Resort, is seen in Northern Cyprus, Iskele/Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028582_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A view of the Caesar Resort, is seen in Northern Cyprus, Iskele/Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028526_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A view of the Caesar Resort, is seen in Northern Cyprus, Iskele/Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028583_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A view of the Caesar Resort, is seen in Northern Cyprus, Iskele/Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028522_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
The entrance and sales office of the Caesar Resort, is seen in Northern Cyprus, Iskele/Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028602_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A view of the Caesar Project which lies on two locations, one inside Iskele and one a little further on the North, is seen in Northern Cyprus, Bogaz, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
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(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028547_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A view of the Caesar Project which lies on two locations, one inside Iskele and one a little further on the North, is seen in Northern Cyprus, Bogaz, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028538_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A construction site is seen in Northern Cyprus, about 5 minutes from Iskele/Trikomo, Bogaz, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028587_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A construction site is seen in Northern Cyprus, about 5 minutes from Iskele/Trikomo, Bogaz, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028518_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
Signs of Lawyer firms with Arabic and Russian signs are seen next to Caesar Resort in Northern Cyprus, Iskele / Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028588_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A sign that reads "I love Long Beach" is seen next to Caesar Resort in Northern Cyprus, Iskele / Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028599_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A luxury cars company with Arabic and Russian signs is seen in Northern Cyprus, Iskele / Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028605_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
The construction site of Caesar Resort is seen in Northern Cyprus, Iskele / Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
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(FOTO: DUKAS/EYEVINE)
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DUKAS_163028585_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
The construction site of Caesar Resort is seen in Northern Cyprus, Iskele / Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028535_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A sign with Russian language is seen in Northern Cyprus, Iskele / Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
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(FOTO: DUKAS/EYEVINE)
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DUKAS_163028600_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A sign with Arabic language with ongoing constructions in the background is seen in Northern Cyprus, Iskele / Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
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(FOTO: DUKAS/EYEVINE)
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DUKAS_163028501_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
Investment companies are seen on the ground floor of a building with Arabic and Russian signs, Famagusta, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo (about 15 minutes from Famagusta) is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
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(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028502_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A sign with Russian language is seen in Northern Cyprus, Iskele / Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
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(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028606_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A sign with Russian language with ongoing constructions in the background is seen in Northern Cyprus, Iskele / Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028603_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
People are swimming in the sea with the ongoing constructions in the background in Northern Cyprus, Iskele / Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
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(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028586_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
People walk next to the beach in Northern Cyprus, Iskele / Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028537_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A sign with Turkish, English and Russian languages is seen next to the beach in Northern Cyprus, Iskele / Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028523_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
An ongoing construction is seen in Northern Cyprus, Iskele / Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028519_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A sign of an upcoming construction with the Russian and English flags is seen in Northern Cyprus, Iskele / Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028550_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A sign of an upcoming construction with the Russian, English and Iranian flags is seen in Northern Cyprus, Iskele / Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
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(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028549_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A complex of new residencies is seen in Northern Cyprus, Iskele / Trikomo, Cyprus, on Nov. 2, 2023. The area of Iskele/Trikomo is called the "Limassol in the North", as it is the new area that foreigners, mostly Russians, are investing, especially after the sanctions due to the war in Ukraine, as they cannot easily invest in the Southern Cyprus as they used to do.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
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http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028581_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
Mertkan Hamit, a Turkish-Cypriot financial advisor is posing for the camera, Famagusta, Cyprus, on Nov. 2, 2023.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
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(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028610_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A hotel and casino is seen at the occupied part of Nicosia with the flags of Turkey and the so called Turkish Republic of Northern Cyprus, North Nicosia, Cyprus, on Nov. 2, 2023. Many Russians and other foreigners, such as Iranians and other Europeans, invest at the occupied part of Cyprus, as prices are still lower than in the Southern part or other European countries. This part of Cyprus is filled with casinos, which helps in money laundering.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
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(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028607_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A hotel and casino is seen at the occupied part of Nicosia with the flags of Turkey and the so called Turkish Republic of Northern Cyprus, North Nicosia, Cyprus, on Nov. 2, 2023. Many Russians and other foreigners, such as Iranians and other Europeans, invest at the occupied part of Cyprus, as prices are still lower than in the Southern part or other European countries. This part of Cyprus is filled with casinos, which helps in money laundering.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
E: info@eyevine.com
http://www.eyevine.com
(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028534_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
The headquarters of the PWC is seen in Nicosia, Cyprus, on Nov. 2, 2023.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
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(FOTO: DUKAS/EYEVINE)
© Guardian / eyevine. All Rights Reserved. -
DUKAS_163028506_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
The headquarters of the PWC is seen in Nicosia, Cyprus, on Nov. 2, 2023.
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DUKAS_163028542_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A view of the Alphamega Stadium, Limassol, Cyprus, on Nov. 1, 2023. This stadium is the home of the three major Limassol teams, Aris, Apollon and AEL. The construction was finished a year ago.
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DUKAS_163028520_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A view of the Alphamega Stadium, Limassol, Cyprus, on Nov. 1, 2023. This stadium is the home of the three major Limassol teams, Aris, Apollon and AEL. The construction was finished a year ago.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
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(FOTO: DUKAS/EYEVINE)
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DUKAS_163028614_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
An external view of the entrance of Limassol Marina, Limassol, Cyprus, on Nov. 1, 2023.
© Kostas Pikoulas / Guardian / eyevine
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(FOTO: DUKAS/EYEVINE)
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DUKAS_163028525_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
The restaurant of the well known chef Jamie Oliver is seen inside the Limassol Marina, Limassol, Cyprus, on Nov. 1, 2023.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
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(FOTO: DUKAS/EYEVINE)
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DUKAS_163028551_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
The restaurant of the well known chef Jamie Oliver is seen inside the Limassol Marina, Limassol, Cyprus, on Nov. 1, 2023.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
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(FOTO: DUKAS/EYEVINE)
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DUKAS_163028531_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A view of the Limassol Marina, Limassol, Cyprus, on Nov. 1, 2023.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
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(FOTO: DUKAS/EYEVINE)
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DUKAS_163028530_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
The Tatiana superyacht is seen in the distance at a restricted area in Limassol Marina, Limassol, Cyprus, on Nov. 1, 2023.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
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(FOTO: DUKAS/EYEVINE)
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DUKAS_163028504_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A view of the Limassol Marina, Limassol, Cyprus, on Nov. 1, 2023.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
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(FOTO: DUKAS/EYEVINE)
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DUKAS_163028597_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
Nereides residencies complex is seen next to Limassol marina, Limassol, Cyprus, on Nov. 1, 2023.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
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(FOTO: DUKAS/EYEVINE)
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DUKAS_163028580_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
People walk by the seaside, Limassol, Cyprus, on Nov. 1, 2023.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
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(FOTO: DUKAS/EYEVINE)
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DUKAS_163028524_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
The building of Meritservus firm is seen, Limassol, Cyprus, on Nov. 1, 2023. Meritservus was a firm that helped Russian oligarchs such as Abramovich and Malofeev to transfer money from Russia to offshore companies, and was included in the sanctions list by the UK.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
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(FOTO: DUKAS/EYEVINE)
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DUKAS_163028503_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
The building of Meritservus firm is seen, Limassol, Cyprus, on Nov. 1, 2023. Meritservus was a firm that helped Russian oligarchs such as Abramovich and Malofeev to transfer money from Russia to offshore companies, and was included in the sanctions list by the UK.
© Kostas Pikoulas / Guardian / eyevine
Contact eyevine for more information about using this image:
T: +44 (0) 20 8709 8709
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(FOTO: DUKAS/EYEVINE)
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DUKAS_163028539_EYE
'No questions asked': how Russian money is fuelling a building boom in northern Cyprus.
Casinos and schools fill with Russians in the island's Turkish-occupied north, which offers a sanctions-free life for those seeking to move their money after a clampdown in the south.
Construction activity in the island's self-proclaimed republic is booming. Tower blocks are multiplying in an industry flourishing thanks to an influx of rubles and Iranian rials that have led to cashflows increasing and foreign currency reserves soaring to about 80% of the value of bank holdings.
Few places know this more than Iskele, a once-nondescript town whose flatlands have been transformed under the weight of ferro concrete. Turkish Cypriots have come to call the seaside town a new Limassol, the coastal city to the south that played no small part in earning Cyprus the moniker of Moscow on the Med.
As in Limassol, where the first oligarchs arrived after the fall of the Soviet Union, Iskele's boulevards are lined with Cyrillic shop signs, billboards promising "the dream life", luxury car dealerships and cryptocurrency outlets.
A woman is seen walking in front of a sign in Russian, Limassol, Cyprus, on Nov. 1, 2023. Cyprus was traditionally a famous destination for Russians and Russian speakers.
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