Cyprus Bailout Update
 

No limits on Cyprus domestic Credit & Debit card transactions

Re: Cyprus Bailout Update
 

Any idea about the abroad limits? I can't seem to find any new info if those had been relaxed at all.

Re: Cyprus Bailout Update
 

No, not yet. Will keep you updated as things unfold. The restrictions are being loked at on a daily basis.

Re: Cyprus Bailout Update
 

The COOP banks in Cyprus are open on Saturday's till midday. Check your local branch for opening times. Remember it is a Bank Holiday on Monday in Cyprus.

Re: Cyprus Bailout Update
 

Cyprus Capital Controls extended by a further 5 days.

Re: Cyprus Bailout Update
 

Thanks, read that too. Are you able to clarify something...they've lifted debit and credit card controls within Cyprus. Does that mean you can go to ATM, and withdraw any amount of cash?

Or does that mean that you can just go anywhere and *purchase* anything at any amount?

Re: Cyprus Bailout Update
 

There are no restrictions on purchases in Cyprus. The only limits are between the bank/credit card company and the client's agreed limit.

Re: Cyprus Bailout Update
 

Cyprus president proposes to allow casinos in Cyprus.

Re: Cyprus Bailout Update
 

Russian government will not compensate Russian savers in Cyprus.

Re: Cyprus Bailout Update
 

Anyone know what these new 12 initiatives the President of Cyprus is proposing? Links to anything official?

Re: Cyprus Bailout Update
 

The sum of up €25,000 may now be transferred abroad for genuine business transactions without permission form committee.

Re: Cyprus Bailout Update
 

The new Fifth Decree issued by the Minister of Finance includes the following amendments:
(a) Payments, other than cheques, or transfers of deposits/funds to accounts held in other credit institutions up to €2.000 per month per natural person in each credit institution are allowed.
(b) Payments or transfers of deposits/funds to accounts held in other credit institutions up to €10.000 per month per legal person in each credit institution without presentation of justifying documents.

Re: Cyprus Bailout Update
 

Dear all
I am currently living in the UK and a British citizen.
I currently have savings in Cyprus in laiki bank. As these are British savings will I also be heavily taxed or as I am a British citizen Do I have legal rights that the government can't touch my money.

Any advice would be helpful.

Thanks.

Re: Cyprus Bailout Update
 

Looks like residency does not play a part in this. You will probably have to lose money in the haircut if you have funds over €100,000 in Laiki Bank.

Re: Cyprus Bailout Update
 

Cyprus sells €400 Million in gold reserves.

Re: Cyprus Bailout Update
 

If your savings are based in Cyprus itself you will get taxed, if in a UK branch you are safe

As an addendum you will recall I noted they will ask for more money , today they are asking for another Six billion , why ? Because its likely money left when it should not have been possible .

Re: Cyprus Bailout Update
 

Re: Cyprus Bailout Update
 

Daily cash withdrawals remain at €300. All business transactions in Cyprus under €300,000 do not now need approval. Transactions outside Cyprus lifted from €5,000 to €20,000.

Re: Cyprus Bailout Update
 

Another 6 million euros needed to fill hole in finances. Up to E2000 can now be taken out of the country in cash.
Looks like more taxes on the wealthy and a deepening reccession to follow.

Re: Cyprus Bailout Update
 

Correction 6 BILLION euros

Re: Cyprus Bailout Update
 

Eurogroup approves Cyprus bailout.

Re: Cyprus Bailout Update
 

Can anyone give me a list of non-Cypriot banks in Cyprus? For example, are there any U.S. banks there? U.K.? I know Barclays is there but not sure of any others.

Re: Cyprus Bailout Update
 

We are probably not allowed to say, as that may be classed as advertising. The moderator will have to rule on that one.

Re: Cyprus Bailout Update
 

What's happens to overseas investors who has over €100,000euros. I presume the first €100,000 is protected what happens to the rest?

Re: Cyprus Bailout Update
 

I would check that Barclays Cyprus is not just a local bank. almost a local franchise. They do operate this way in other European companies.

Re: Cyprus Bailout Update
 

Individuals may now transfer up to €3,000 between domestic banks per month.

Companies may now transfer up to €50,000 domestically per month.

Individuals may transfer up to €300,000 domestically from one bank to another, but not to another bank account of the same person.

Re: Cyprus Bailout Update
 

Looking like they will be getting a haircut between 40%-60%. Still waiting for the details.

Re: Cyprus Bailout Update
 

Yes, you are right on this. Found that out with quick call.

Trying to find non-Cypriot banks but am having a hard time finding that info.

Re: Cyprus Bailout Update
 

Can't understand how/why that would be classified as "advertising"? We are on an ex-pat board talking about banks and the Cyprus disaster. Surely, this is where we come for help/assistance/info from fellow ex-pats? Again, can't see how requesting info on non-Cypriot banks constitutes advertising, but if the moderator reads this, perhaps he/she could clarify? Thanks.

Re: Cyprus Bailout Update
 

There are many banks that have foreign parents in Cyprus. There are however no UK high street banks operating in Cyprus the way they do in the UK, as far as i know.

The most common banks operating in Cyprus that are not 100% Cypriot owned are from Greece. These banks operate a full service like the Cypriot banks. There are some others too, but not UK High street banks.

Is this the information you are seeking?

Re: Cyprus Bailout Update
 

Yes somewhat, thanks.

Do you know of any U.S. banks operating out of Cyprus?

Re: Cyprus Bailout Update
 

No, but you can "safely" have a bank account with many banks in Cyprus, just keep your funds to a minimum. Keep the bulk of your funds, not forgetting the guarantee limit of €100,000 in the EU, elsewhere if you feel safer. There is no need to transfer all your funds to Cyprus. Banks are going bust everywhere in the world, so spread your risk.

Re: Cyprus Bailout Update
 

Cyprus Corporation Tax raised to 12.5%

Interest & Dividend Tax raised to 30%

Bank levy on deposits raised by banks & credit institutions raised to 0.15%

Re: Cyprus Bailout Update
 

In December I wrote an item titled "How to buy gold" on my blog, that ended with the words "There is more risk in custody than in price, in these wicked days." I think those words - and zygiman's, "spread your risk" - should be borne in mind by everybody with more assets than just cash enough for next week's groceries.

When even very large banks are having to be bailed out by governments - or, increasingly, by the banks' own customers - it's not at all easy to identify "quality" custodians. Nations are scrambling to pass laws to enable insolvent banks to steal their customers' credit balances - Switzerland, Canada, New Zealand... Cyprus seems to have been just a trial run. In the US, brokers' segregated funds are no longer safe from unauthorised acquisition, for goodness sake.

The situation is so dodgy that I personally am pretty much resigned to losing up to a third of my family's savings, sooner or later. Zygiman, what do you reckon?

Re: Cyprus Bailout Update
 

I agree that Cyprus was a trial run. They could afford Cyprus leaving the Euro, and patch up the ponzi scheme. The point was, Cyprus could not afford to leave the Euro and return to the Cyprus Pound. That was then though. Now many people believe that Cyprus will have just as much pain leaving the Euro as staying in.

People are already looking for other investments, Vintage Cars, Antiques, etc. It was always good financial advice to spread your risks anyway, even more important now. The time has now come for people to keep as less money in banks as possible, and invest in other things so they may have control of their savings.

The time has come for banks, with their large bankers bonuses, to start gambling with their own money, and not with people's money. The withdrawal of funds from banks will give them a real shock, as they will then have to raise money in the markets with strings attached.

Re: Cyprus Bailout Update
 

A new decree allowing the transferring of up to €300,000 in deposits or funds from one credit institution per transaction if the transactions falls within the normal business activity of the customer with the presentation of the necessary justifying documents, without prior approval of the Committee.

Re: Cyprus Bailout Update
 

Cyprus Charities, Insurance Companies & Private Educational Institutions to take a 27.5% loss on their savings.

Re: Cyprus Bailout Update
 

Cyprus interest rates lowered as from 01 May 2013

Re: Cyprus Bailout Update
 

Payments and money transfers from one financial institution to another in Cyprus extended from €3,000 to €10,000 monthly per individual.

Re: Cyprus Bailout Update
 

Business transactions for goods and services limit is €300,000. Over this limit, documentation is required.