Realtors predicted liquidity problems for Pugacheva and Galkin’s Cypriot apartment

Unique penthouse in Limassol will be difficult to sell

Recently it became known where exactly in Cyprus the star spouses who left Russia, Alla Pugacheva and Maxim Galkin (recognized as a foreign agent in the Russian Federation), purchased real estate. It turned out that they became the owners of a three-story penthouse in the tallest “first line” building in Europe – the One skyscraper in Limassol, right on the shores of the Mediterranean Sea. The height of the house is 170 meters; Pugacheva and Galkin own the topmost 35-37 floors of the building.

Foreign real estate specialist Elena Demchenko, who works with Cyprus, in a conversation with MK, assessed the acquisition of a star family.

The apartments purchased by Pugacheva and Galkin are perhaps one of the most luxurious options in Greek Cyprus – if we are not talking about villas, but about apartments in high-rise buildings. In the One skyscraper, which was erected by the famous Cypriot developer Pafilia, there are 84 apartments, three per floor – but the last three floors (architecturally they are highlighted by a special facade) are occupied by a separate penthouse with a private pool. In all likelihood, it was purchased by ex-Russian stars with Israeli citizenship.

“Of course, an excellent location, a high-quality and, at the same time, iconic building, in general, the format of a luxury apartment,” explains Elena Demchenko. – I’ll tell you straight, you could have chosen a more modest option, but not inferior in terms of access to the sea, sun and infrastructure. As a rule, such properties are purchased as investment properties and for periodic residence. Mature families for permanent residence much more often choose houses – city mansions and villas. With such a budget they had a good choice. So, it looks like this is not a safe haven after all, but an investment apartment in a resort.

According to real estate agencies dealing with Cyprus, apartments in Tower One cost (in order of increasing floor) from 635 thousand to more than 10 million euros – and the price of the penthouse, which Pugacheva and Galkin allegedly purchased, should be much higher than this upper limit, but the amount the deal was not disclosed.

One of the advantages of buying such expensive real estate in Cyprus is the opportunity to acquire “investment” citizenship – this is a scheme advertised by realtors. Indeed, at the moment there are rules according to which those who have invested more than 300 thousand euros in real estate or securities in Cyprus acquire the right to permanent residence of this island state – a member of the EU. And after five years you can apply for European citizenship.

“Since permanent residence, unlike a long-term visa, is a separate document and is not pasted into the Russian passport, this turns out to be a solution to an important problem for Russians who have significant funds stuck in European banks,” notes MK’s interlocutor. – Banks, as a rule, require an identity document other than a Russian passport to unfreeze deposits. However, Pugacheva and Galkin probably have a different case – as far as one can judge, they also have Israeli citizenship.

But selling a unique apartment in a tower on the first line of the Mediterranean Sea, as the realtor notes, will not be so easy for a star family: if buyers carry out due diligence checks that are routine for such large-scale financial transactions, problems may arise with confirming the origin of the money for which apartments were purchased. “I know more than one or two cases in the EU when transactions for the sale of objects by Russians were disrupted due to the “suspiciousness” of the seller according to EU bank scoring,” Demchenko noted. “There will be no problems only if we sell again to the Russians, and without attracting credit funds from them.”

However, you don’t have to sell it – real estate brochures advertise Limassol as a truly heavenly place. Thus, the swimming season here lasts until November, the city has many Russian-speaking residents and associated opportunities – from restaurants with Russian cuisine to cultural programs.

By the way, judging by the current catalogs of real estate, there are equally prestigious apartments in Limassol that are ready to accommodate Russian stars, among others. So, a 4-bedroom apartment with an area of ​​almost 700 sq. m. will cost more than 62 million euros, not including tax – however, the skyscraper on the top tier of which it is located is slightly lower than One. A penthouse in the historical center will cost 13.7 million euros plus taxes – the windows there also overlook the sea.

Read also: “Pugacheva’s Villa is empty”: Russians from Cyprus denied the singer’s move