Expat Cyprus News

8 May at 6 PM 2013

British tax havens under threat from UK government

British, American and EU member state overseas territories seen by many expats as tax havens are increasingly falling under new disclosure rules set out by the UK and USA governments. British Overseas Territories such as the Cayman Islands, Bermuda, the Virgin Islands, Montserrat and even the Isle of Man have capitulated to the disclosure demands of the UK government, although Jersey and Guernsey are not yet involved. The US is targeting Switzerland and the EU is demanding what it calls ‘fair tax practice’. For expats with...

2 May at 6 PM 2013

Expats fear savings grab after Spain asset declaration deadline

Now that the deadline for overseas residents in Spain to declare their assets has passed, many expats fear a Cyprus-style savings grab will result. The new Spanish tax rules affect an estimated 200,000 Britons with homes and businesses in Spain, many of whom are desperate to leave as rumours of a savings grab continue to circulate. With the Spanish unemployment rate at 26 per cent and property prices still falling, the country’s economy appears to be teetering on the brink. Expat residents have been forced to declare all overseas...

19 Apr at 6 PM 2013

Wealthy Chinese migrants look for unusual immigration destinations

As the present-day Chinese Diaspora gathers momentum fuelled by wealthier business people eager to stash their cash in safe locations, less obvious havens such as Portugal and St Kitts are emerging. Scared by the savings grab in Cyprus, unimpressed with the USA, disallowed in Canada and perhaps not quite rich enough for Australia, wealthy Chinese families are searching out unusual destinations with reliable banking laws. The small island of St Kitts is happily cashing in on demand, especially in the property sector, with shares in one...

18 Apr at 6 PM 2013

Is Australia the new Switzerland for expat financial stability

Switzerland’s most famous product wasn’t the cuckoo clock or the sound of unmusical yodelling, it was its traditional reputation for secrecy and financial stability. A well-managed currency, sound banking system and its long tradition of secrecy and exquisite service to its wealthy international clients put the country at the top of the financial tree for those wishing to keep their finances private and remunerative. Nowadays, however, the advantages of a Swiss bank account have diminished to the point of no...

16 Apr at 6 PM 2013

Expats with homes in troubled Eurozone states face threat of wealth tax

Following the EU’s Cyprus savings grab, expat residents in other troubled Eurozone countries may be subject to a wealth tax on their properties in support of possible bailouts. Senior advisors to the German chancellor Angela Merkel are strongly suggesting that wealthier households in weaker Eurozone member states should be forced to contribute to the cost of future bailouts. The council of advisers, known as the Five Wise Men, is known for testing out new policies due to be officially adopted at a later date. The proposals raise...

12 Apr at 6 PM 2013

Cyprus banking crisis causes expats to consider asset diversity

Difficult times may be ahead for many thousands of expats who believed that banks were the safest place for their savings and investments. In the wake of the ongoing banking crisis in Cyprus, expats living in many favoured destinations are being advised to diversify their assets to prevent being caught in a similar trap. It’s slowly being realised that bank deposits are no longer a safe, risk-free haven, especially as the waves of the 2008 financial meltdown continue to break over a number of European countries. Of major concern...

7 Apr at 6 PM 2013

LM Investment scandal leaves expats bereft of savings

Australian financial advisory firm LM Investment Management’s spectacular crash has left thousands of expat savers without their nest eggs and FAs without their commission. Following the 2008 financial meltdown, various Ponzi schemes, the dramatic fall in offshore savings rates, the Cyprus savings grab, non-performing insurance-wrapped funds, and the receivership of Queensland's LM Investment Management, expat savers have little choice as to who to trust with their money. The latest crash wasn’t exactly unexpected, with negative...

1 Apr at 6 PM 2013

British expats in Cyprus join together to help the needy

The famous WWII spirit shown by Londoners during the blitz has surfaced again in Cyprus, with British expats joining in a crusade to help those in dire financial need. Since Cyprus’s financial crisis struck, many British pensioners on the island have been unable to access their savings via ATMs, and the British Government has suspended pension payments due to the delicate state of Cyprus’s two largest banks. As a result, many are now relying on food parcels distributed by local Anglican churches via the generosity of...

29 Mar at 6 PM 2013

Mass exodus from Cyprus may result from EU savings grab

Whilst the Cypriot government struggles to prevent capital from fleeing the island, reports suggest they should be concentrating on the likelihood of a mass expat exodus. Just days after the banking sector meltdown and the EU savings grab, prominent Cypriots living overseas are being deluged by messages from friends and family indicating plans to leave. The two most popular private schools on the island are reported to already have problems filling classes, and parents are withdrawing their children. Major Nicosia companies are...

21 Mar at 6 PM 2013

Expats fear for their savings due to EU Cyprus savings grab

Even although the Cypriot parliament unanimously rejected the EU and ECB’s attempted savings grab, the crisis is continuing, with expats across the EU fearing for their savings. With Russian interest in bailing out the bank of Cyprus in return for permission to explore the recently-discovered natural gas deposits now on the back burner, there is still no bailout for the bankrupt island. Its economy is on the floor due to its disastrous investments in Greek bonds, and its banks are still closed, leaving expats and nationals alike...