CYPRUS: Retail bonds oversubscribed, 20 more passports

The Finance Ministry’s Public Debt Management Office said that it raised EUR 52.5 mln from the monthly sale of retail bonds, making the initial offer of EUR 10 mln five times oversubscribed.

 
The PDMO said it received 87 applications from individuals for a total amount of EUR 52,509,400. Of these, 67 were from Cypriots and 20 were foreign investors.
Foreign investors applied for bonds worth of EUR 46.55 mln for an average of EUR 2,327,500 that also corresponds to about 20 applications for direct-investment citizenship offered to third country nations.
The bonds, carry an above-market interest rate and are exempt from the hefty 30% tax on interest. The tax here is a mere 3%, making it attractive for investment as the government tries to attract foreign funds.