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It's true that the majority of these accounts are from foreign people, but that doesn't mean there is anything illegal with putting your money on a Cyprus bank
by NiekvdMaas 14y ago
It's true that the majority of these accounts are from foreign people, but that doesn't mean there is anything illegal with putting your money on a Cyprus bank account. Please note that Cyprus is part of the EU for a long time, and this way of tax avoiding (not evasion) is completely legal.
- rayiner 14y agoIt's not any less technically legal for the E.C.B. to levy those bank accounts.
- jlarocco 14y agoOops, I updated my post. Meant to say avoidance instead of evasion. Being legal doesn't change my sentiment.
- JumpCrisscross 14y agoAs of December 2012 62% of deposits in Cyprus were by domestic residents. Removing the €5,3 billion in non-Cypriot euro-deposits and we find about 31% of the mostly Russian and British deposits [1]. The political problem were the foreign deposits. The financial problem were 2011 foreign deposits at 82% of GDP, total deposits 2011 nearly 3x GDP, and bank assets 5-7x GDP. [1] http://www.centralbank.gov.cy/media/xls/2nd_MFS_January_2013.xls http://www.centralbank.gov.cy/media/xls/2nd_MFS_January_2013...
- iuguy 14y agoA lot of the British deposits were made by the UK MOD in order to pay staff at the two British airbases in Cyprus. Understandably, many of these staff had deposits in local banks.