Go Back  British Expats > Living & Moving Abroad > Europe > Cyprus
Reload this Page >

Cyprus's Offshore tax-haven

Cyprus's Offshore tax-haven

Closed Thread

Old Apr 3rd 2013, 12:32 am
  #1  
BE Forum Addict
Thread Starter
 
Joined: May 2012
Location: Cayman Islands
Posts: 3,563
Gordon Barlow has a reputation beyond reputeGordon Barlow has a reputation beyond reputeGordon Barlow has a reputation beyond reputeGordon Barlow has a reputation beyond reputeGordon Barlow has a reputation beyond reputeGordon Barlow has a reputation beyond reputeGordon Barlow has a reputation beyond reputeGordon Barlow has a reputation beyond reputeGordon Barlow has a reputation beyond reputeGordon Barlow has a reputation beyond reputeGordon Barlow has a reputation beyond repute
Default Cyprus's Offshore tax-haven

I'm a longtime resident of the Cayman Islands, an Offshore rival of Cyprus's (although the specialities are different), and a former Manager and sometime Director of Cayman's Chamber of Commerce. I gather that ambulance-chasers from several of the rivals have been soliciting business among Cyprus's clients. That seems a bit tacky, actually, but it's natural enough, I suppose. I am not one of them, let me hasten to say.

I'm completely retired from tax-haven involvement, but having also lived in Nassau and New Hebrides (now Vanuatu), and done business with several others in my time, I remain interested in what's going on Offshore generally. Last week I wrote a short essay ("Cyprus and Cayman") on my blogsite, noting that Cayman is vulnerable in much the same way as Cyprus was.

So. From this distance, Cyprus's Offshore sector seems utterly destroyed, and much of its general economy too. Can you possibly recover from blows such as full exchange control and confiscation of clients' money? Wouldn't your Republic (I presume Northern Cyprus isn't affected) be better off becoming like Iceland - ditching the Euro and the EU both? Might it happen?
Gordon Barlow is offline  
Old Apr 3rd 2013, 7:02 am
  #2  
BE Enthusiast
 
Joined: Jul 2009
Location: Limassol Cyprus
Posts: 348
zygiman will become famous soon enough
Default Re: Cyprus's Offshore tax-haven

There are many people who would like Cyprus to go back to the Cyprus Pound. This was a high value currency based on the large gold reserves it once had. Sadly, these gold reserves hve long since been sold.

The Cyprus Pound to come back is likely to have a 40% devaluation compared to the Euro.

Staying in the Euro or reverting back to the Cyprus Pound are both painful choices.

One thing is going to happen one day for sure, the Euro Ponzi scheme will collapse one day, just like Bernie Maddoff.

Maybe Cyprus should leave the Euro now?
zygiman is offline  
Old Apr 3rd 2013, 7:23 am
  #3  
EMR
Lost in BE Cyberspace
 
Joined: Oct 2012
Posts: 23,111
EMR has a reputation beyond reputeEMR has a reputation beyond reputeEMR has a reputation beyond reputeEMR has a reputation beyond reputeEMR has a reputation beyond reputeEMR has a reputation beyond reputeEMR has a reputation beyond reputeEMR has a reputation beyond reputeEMR has a reputation beyond reputeEMR has a reputation beyond reputeEMR has a reputation beyond repute
Default Re: Cyprus's Offshore tax-haven

Reports in UK press of the Cyprus police stopping boats leaving to check for illegal transfers of cash and substantial amounts being found.
Also one Russian investor who was approached and for a cost of E200,000 ways could be found to transfer his money out of Cyprus.
The vultures are definetly sensing blood.
EMR is online now  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us Archive Advertising Cookie Policy Privacy Statement Terms of Service