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

Ex-pats and money in Cyprus banks

Ex-pats and money in Cyprus banks

Old Mar 16th 2013, 5:10 pm
  #1  
Forum Regular
Thread Starter
 
Joined: Sep 2007
Location: Denia (Alicante)
Posts: 244
Joe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud of
Default Ex-pats and money in Cyprus banks

Shocked to hear that the EU bailout will be partly financed by money held in Cyprus bank accounts:

Those with under 100,000 euros deposited must pay 6.75%

Those with more than 100,000 in their accounts must pay 9.9%

The money will simply be taken from accounts.

This is nothing short of robbery.

Imagine if you had just transferred money to Cyprus to buy a property? What then? Will you lose 9.9% of it for investing in Cyprus?
Joe King is offline  
Old Mar 16th 2013, 7:16 pm
  #2  
Forum Regular
 
Joined: Oct 2006
Location: Norwich UK
Posts: 41
dooper will become famous soon enough
Default Re: Ex-pats and money in Cyprus banks

Absolutely scandalous and a crime against the people. The people should take to the streets. This will create a run on the banks across Europe.
dooper is offline  
Old Mar 16th 2013, 7:57 pm
  #3  
BE Enthusiast
 
Joined: Jan 2007
Posts: 834
davidinspain is an unknown quantity at this pointdavidinspain is an unknown quantity at this pointdavidinspain is an unknown quantity at this pointdavidinspain is an unknown quantity at this pointdavidinspain is an unknown quantity at this pointdavidinspain is an unknown quantity at this pointdavidinspain is an unknown quantity at this pointdavidinspain is an unknown quantity at this pointdavidinspain is an unknown quantity at this pointdavidinspain is an unknown quantity at this pointdavidinspain is an unknown quantity at this point
Default Re: Ex-pats and money in Cyprus banks

Just read about this on the BBC website,a total scandal.
davidinspain is offline  
Old Mar 16th 2013, 8:04 pm
  #4  
Senior Moment
 
Mitzyboy's Avatar
 
Joined: Jan 2006
Location: On the edge
Posts: 20,462
Mitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond repute
Default Re: Ex-pats and money in Cyprus banks

Been watching it on SKY. Seems you cant draw any money out until Tuesday. It's robbery, nothing less
Mitzyboy is offline  
Old Mar 16th 2013, 9:40 pm
  #5  
Lost in BE Cyberspace
 
Joined: Nov 2012
Location: bute
Posts: 9,255
scot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond repute
Default Re: Ex-pats and money in Cyprus banks

This must further erode any trust that people still had in banks and the banking system.
scot47 is offline  
Old Mar 16th 2013, 11:39 pm
  #6  
Truth is the safest lie.
 
Charismatic's Avatar
 
Joined: Jul 2008
Location: @ the beach.
Posts: 6,769
Charismatic has a reputation beyond reputeCharismatic has a reputation beyond reputeCharismatic has a reputation beyond reputeCharismatic has a reputation beyond reputeCharismatic has a reputation beyond reputeCharismatic has a reputation beyond reputeCharismatic has a reputation beyond reputeCharismatic has a reputation beyond reputeCharismatic has a reputation beyond reputeCharismatic has a reputation beyond reputeCharismatic has a reputation beyond repute
Unhappy Re: Ex-pats and money in Cyprus banks

Originally Posted by scot47 View Post
This must further erode any trust that people still had in banks and the banking system.
It's called a run and it'll happen on Tuesday. The problem now is making sure you draw down your account before the run dries them out of cash (don't take a draft, delayed transfer or transfer with recourse) and the bank/EU/government decide you need to take a bigger stake in a failing bank. The equity you get will very likely be near worthless quickly anyway.

I can't believe government and EU broke the depositors guarantee scheme, it's sacred in banking and fundamental to the trust people have in banks.

People will need to start a foreign savings account denominated in Euro in a safer bank/country in the long term but just holding Euro notes is safe enough until you can make such arrangements.

I'm usually one of those people that advises people not to panic but this might actually be a good time to cash out. Good luck.
Charismatic is offline  
Old Mar 16th 2013, 11:40 pm
  #7  
Senior Moment
 
Mitzyboy's Avatar
 
Joined: Jan 2006
Location: On the edge
Posts: 20,462
Mitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond repute
Default Re: Ex-pats and money in Cyprus banks

Originally Posted by scot47 View Post
This must further erode any trust that people still had in banks and the banking system.
Its not the banks, its the government
Mitzyboy is offline  
Old Mar 17th 2013, 9:48 am
  #8  
Forum Regular
Thread Starter
 
Joined: Sep 2007
Location: Denia (Alicante)
Posts: 244
Joe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud of
Default Re: Ex-pats and money in Cyprus banks

Originally Posted by Charismatic View Post

I can't believe government and EU broke the depositors guarantee scheme, it's sacred in banking and fundamental to the trust people have in banks.
This has nothing to do with the depositors guarantee scheme - the banks haven't failed and even if they had that guarantee only covers a proportion of deposits.

Taking all your money out of your account on Tuesday when the banks reopen will not save you from the levy - it will already have been taken.

ATM machines will allow you to take out €400 a day until then, but that's small comfort to ex-pats who have their life savings in a Cyprus bank.

Basically, it is going to happen. Britons have around 2 billion euros of deposits on island according to newspapers and could lose up to €200 million collectively - just like that. Absolutely disgraceful.

Last edited by Joe King; Mar 17th 2013 at 9:55 am.
Joe King is offline  
Old Mar 17th 2013, 9:57 am
  #9  
Forum Regular
Thread Starter
 
Joined: Sep 2007
Location: Denia (Alicante)
Posts: 244
Joe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud of
Default Re: Ex-pats and money in Cyprus banks

Breaking news.

"Cyprus's parliament has postponed an emergency session on a controversial bailout deal for the country's banks.

The debate, and a presidential address, were to happen on Sunday but will now be held on Monday, state media said."
Joe King is offline  
Old Mar 17th 2013, 10:33 am
  #10  
Pass me the Marmite..
 
franc11s's Avatar
 
Joined: Feb 2004
Location: Atlanta, GA.
Posts: 864
franc11s has a reputation beyond reputefranc11s has a reputation beyond reputefranc11s has a reputation beyond reputefranc11s has a reputation beyond reputefranc11s has a reputation beyond reputefranc11s has a reputation beyond reputefranc11s has a reputation beyond reputefranc11s has a reputation beyond reputefranc11s has a reputation beyond reputefranc11s has a reputation beyond reputefranc11s has a reputation beyond repute
Default Re: Ex-pats and money in Cyprus banks

Here's why I don't think this would really happen. The Governments around the EU, indeed the world, the IMF and the Banks would see the biggest revolt in modern day society;

1. Every country needs savers, indeed, does everything to encourage it. That's why Governments HAVE guarantee schemes!
2. Without savers, there are no loans
3. The ramifications globally will prevent this every happening.
4. It has shown the IMF, the EU, and the financial system is as corrupt as ever
5. It is proving, that we the people have been lied to over and over and over

I'm going to cash.
franc11s is offline  
Old Mar 17th 2013, 10:34 am
  #11  
Pass me the Marmite..
 
franc11s's Avatar
 
Joined: Feb 2004
Location: Atlanta, GA.
Posts: 864
franc11s has a reputation beyond reputefranc11s has a reputation beyond reputefranc11s has a reputation beyond reputefranc11s has a reputation beyond reputefranc11s has a reputation beyond reputefranc11s has a reputation beyond reputefranc11s has a reputation beyond reputefranc11s has a reputation beyond reputefranc11s has a reputation beyond reputefranc11s has a reputation beyond reputefranc11s has a reputation beyond repute
Default Re: Ex-pats and money in Cyprus banks

But I read, the "amounts" have already been taken/frozen.

Originally Posted by Joe King View Post
Breaking news.

"Cyprus's parliament has postponed an emergency session on a controversial bailout deal for the country's banks.

The debate, and a presidential address, were to happen on Sunday but will now be held on Monday, state media said."
franc11s is offline  
Old Mar 17th 2013, 10:48 am
  #12  
Forum Regular
Thread Starter
 
Joined: Sep 2007
Location: Denia (Alicante)
Posts: 244
Joe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud of
Default Re: Ex-pats and money in Cyprus banks

Originally Posted by franc11s View Post
But I read, the "amounts" have already been taken/frozen.
You've just contradicted yourself. First you say something like this would never happen, but then say you've read that it already has happened!

As for it never happening because of the reasons you suggest, try telling that to the Argentinians who were cheated out of their life savings in 2001-2002!
Joe King is offline  
Old Mar 17th 2013, 11:53 am
  #13  
Forum Regular
Thread Starter
 
Joined: Sep 2007
Location: Denia (Alicante)
Posts: 244
Joe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud of
Default Re: Ex-pats and money in Cyprus banks

Another update from the BBC:

Cyprus bank levy: UK to compensate troops and government workers based in Cyprus, but not ordinary ex-pats
Joe King is offline  
Old Mar 17th 2013, 1:42 pm
  #14  
Forum Regular
 
Joined: Jul 2012
Posts: 37
BLUEANDY5 is an unknown quantity at this point
Default Re: Ex-pats and money in Cyprus banks

Hi all
We have just returned from Cyprus after spending the week viewing properties we opened an bank account while we was there (only put in €100) so we could transfer money over when we have decided to buy now that's going to be in 5 weeks when we will transfer the money.
Now should we find another way to transfer the money without touching a bank in Cyprus. (or should we leave buying a property all together)
Regards Andy.
BLUEANDY5 is offline  
Old Mar 17th 2013, 2:34 pm
  #15  
Senior Moment
 
Mitzyboy's Avatar
 
Joined: Jan 2006
Location: On the edge
Posts: 20,462
Mitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond repute
Default Re: Ex-pats and money in Cyprus banks

Originally Posted by BLUEANDY5 View Post
Hi all
We have just returned from Cyprus after spending the week viewing properties we opened an bank account while we was there (only put in €100) so we could transfer money over when we have decided to buy now that's going to be in 5 weeks when we will transfer the money.
Now should we find another way to transfer the money without touching a bank in Cyprus. (or should we leave buying a property all together)
Regards Andy.
And that .... in a nutshell ..... is the reaction the Government there have just caused, with no thought into the consequences of their actions.

If I were about to buy property there ... I would be changing my mind and skipping it completely
Mitzyboy is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.