Today the times of Cyprus being a tax haven ended...
 

to receive bailout money from the EU they agreed to rise corporate taxes from 10% to 12.5% and if you have more than ?100,000 on your account in any bank there, you just had 10% of your money frozen and taken away.

Online banking has been switched offline and banks are closed.

Sad news for many Russians and probably also quite a few porn companies...

I think xhamster is based there. Private media was there too, If they are still around.

Yeah, some people will be definitely affected.

"and if you have more than €100,000 on your account in any bank there, you just had 10% of your money frozen and taken away" … what a shit thing to do.

.

when i understand it correctly, the Russian government now demands information about Russian individuals/companies that have accounts in Cyprus in exchange for not demanding a loan of ?2,5 billion being repaid on time...

that sucks
:disgust

yeah, it's like highway robbery..

And they are taking "6.75 percent of all bank accounts with a balance up to 100,000 euros" too. Nice, was stealing from people and business deposits the only way out? Looks like they call it a "special tax"

Was there any warning? i'm guessing some people lost a lot.

I think that I also heard something like that. Can't say for sure because personally I have no assets in Cyprus so I'm not really worried about it :)

another eu/imf shit

I don't know where you got this information. I'm with Bank of Cyprus and my online banking is working just fine. 10% has not been taken away either. They demand a 5000 USD permanent deposit in an interest bearing account but that's been around for years.

http://greece.greekreporter.com/2013...rawals-barred/

http://www.bbc.co.uk/news/world-europe-21814325

http://www.spiegel.de/wirtschaft/soz...-a-889230.html

http://www.spiegel.de/wirtschaft/soz...-a-889255.html

let's see what happens until Tuesday

Thanks for the articles but nevertheless the online banking seems to be working as normal and no 10% has been frozen or taxed.

They are not actually "taking" the money out of the accounts, they are freezing them and from what I read giving the depositors bank shares or something. So, if you have 100 000 Euros, you can withdraw 90 000 Euros only and kiss the rest good bye

Its the scariest thing that has happened yet - Its theft - It can not be justified.

bugger...............

and just heard it on the news too, 6.?% "tax" on deposits below 100 000 and 10% "tax" on the ones greater than 100 000, so its definitely happening

so...i guess its safe to say that there will be money in motion?

Bank of Cyprus, I'll check on Tuesday and report back here. Both the bank and lawyer did not notify me about any changes which they usually do.

manwin as well

Cyprus needed 17 billion euros, but only got 10. EU demanded that they take some money from private deposits in their banks. So over night they took 6.75% of money on all deposits under 100,000 EUR and 9.9% on all deposits over 100,000 EUR.

They are using private money to bail themselves out. Banks re-open on Tuesday, but money is already blocked and can't be moved out. Massive bank run is expected.

This is pure theft and huge precedence in EU. It shows that no money in any bank is safe and can be taken from you over night if the government wants.

My mum's Cypriot card has been stopped in Spain - She heard before I did - She says there is a major run on the Cypriot banks and is thinking she will lose the 5K she has their...

I cant believe they have done this - She has small change compared to the Russians on here - Good luck....

let me play devils advocate:

Cyprus banks piled up huge amounts of money because the government made the country a tax haven for companies all over the world.

Many European countries lost tax revenue because of that.

Now Cyprus figures it doesn't have enough money to operate and comes to those countries they've been flipping off earlier when they demanded tax reforms and more transparency and asks them to save them.

Of course the rest of the EU uses the chance to get rid of this loophole.

And they also take money from those individuals/companies that went to Cyprus to avoid paying taxes in their home countries

they will take 6.7% of her 5k

Cyprus? now I understand

Many people are. Shit will hit the fan.

I'm not so sure - They will pay out residents first because they can make the loudest noise.

She is shouting at people there and her friend is saying her branch across the road from him is being looted.....

I heard the noise in London via a phone that was in Spain via Cyprus!!!

Chris Mallick must own Cyprus.

That's gross, I was expecting that. It's not 1983 when Cyprus was offshore LOL

sorry when it's all in german, but google translate will help you:

http://www.spiegel.de/wirtschaft/soz...-a-889261.html

now greek people who thought they hid their money from the greek government are pissed cause they're taxed 10% and have no chance to get away

That and locals don't pay taxes, ever. Worst than Greece. Neither do Russian depositors. It is impossible for the state to collect, ECB IMF need Cyprus to eventually pay the money back.

You can laugh now, but wait until you find out how much adult money is in Cyprus - Your money....

The run on Cypriot Banks is going to kill them if this goes through or not.

Whats left?

St. Kitts and Nevis? What else?

My Paypal account - You think I am joking....

where do you see me laughing?

don't you think i know where i send my invoices?

"Nicos Anastasiades said in a statement Cyprus' whole banking system would have collapsed on Tuesday..."


Could have been worst. :2 cents:


People banking offshore in the 70's knew it carried risk with globalization everybody thinks nothing can ever happen. It's all like back home.

About panic, account holder try to enter in a bank with a bulldozer excavator:



I'm asking a few partners how much they've lost. It looks like an Epassporte-like EU government move. I wonder if they will do in more countries next, it may become popular.

So, there are people and companies in Cyprus that might or might not have broken any laws, so skimming 6-10% of ALL deposits makes sense because....?????

Should they skim 10% of all deposits in Germany because there were quite a few Germans hiding their money in Switzerland?

Wait, there are dirty Russian money in England too, I'm pretty sure that some of the football clubs and property is bought with dirty money, there, lets freeze 10% of the deposits there too...

And don't even get me started on Switzerland

AVN is based in Cyprus....Interesting

It's not about dirty money.

Cyprus banking system is bankrupt.

If you don't skim 6-10% percent YOU LOSE IT ALL.

that's ok, but what about regular people who live in cyprus.. they should take away the 6.xx/10% from foreign business accounts or something like that.. I would be pretty much pissed if they would take away my personal money.

Yeah, no spending cuts or larger tax hikes could've helped, the only way out was to skim the bank deposits. Viva la communism, today we take your money, tomorrow your house :1orglaugh:1orglaugh:1orglaugh

You don't get it. BANKS are bankrupt not only the state, they invested heavily in Greece and don't have a penny left. The whole system would have collapsed already if it wasn't for the ECB IMF. If it wasn't for a bailout you call 'communist' 100% of the money would be gone.

I know it is paradoxical but although Cyprus banks have billions in deposits they have many many more billions in liabilities. What is being done is very capitalistic, ECB IMF will grant the banks and state a 10 billion Euro loan against a 5 billion euro guarantee.







______________

The bailout came in the form of a hefty loan. Skimming the deposits - there is zero justification for that, this is something that they do in Latin America, shouldn't be happening in the EU