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ProACT Expatriate Advice
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Living and Working Abroad
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ProACT are Open for Advice throughout The Crisis
Tax - Wills - Currency Transfer - Bank Accounts - Property Title Deeds Business - Company Admin - Tax Planning ProACT Partnership Expatriate Advice Private Client Services for professionals, business and the retired living and working abroad relocating overseas or investing offshore. Contact Us for Free Reviews and Enquiries Follow us for News Information ProACT Expatriate Advice Blog: www.proactlivingabroad.co.uk Follow the breaking news and discussion on Facebook:www.facebook.com/ProACTExpatriateTax via proact.typepad.com
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Euro Sleeps with the Fishes
The silence from the centre of Cyprus Bank Vaults is ominous. The EU Bailout was agreed last Wednesday. Today is Monday PM. Still the EU and Cyprus will not admit what they are going to take from peoples' bank deposits. Yes Bank of Cyprus and Laiki are to be hit hard, but there was still to be a small 'tax on other banks'. Now its rumoured to be the Co-op's as well. Have they no shame? People 'in the know' have moved money, the victims are the man in the coffee shop or the retired expats. But what is the problem? Something's fishy. Here's a thought. Bank of Cyprus and Laiki are both bust. They both have wasted all their...
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Ways to Handle the Cyprus Financial Crisis
This post is produced by our associate: Argyro Toumazou Date: 8 April 2013 07:34 Subject: Financial Crisis I suppose you sometimes have time to brief yourself on the developments in Europeconcerning Cyprus. All my warnings for the need to become more organized and seek organized complexity in the most rational manner possible have fallen in the vacuum.Now the saying ‘such a head such a razor’ has been verified once more; the outcome is that thousands of losers are now knocking their heads on the wall. Now it’s the best time to move away from random complexity and improvisation and guide your towards certainty and security. Simply click on link www.amazon.com/dp/ B006RFLFR4 and download my book. You will never regret...
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ProACT Expatriate Tax Update on Cyprus Laiki Bank Depositors Fate
Sam Orgill of www.proactpartnership.com update on Cyprus Laiki Bank Depositors Fate The position on Laiki seems to be as stated, with no specific statement being issued to avoid drawing attention to the decisions taken and the situation for Laiki depositors. 100k Guaranteed Current information therefore indicates 100k deposits are backed by the EU guaranteed and will be transferred to Bank of Cyprus to make a good bank (sic). 100% Balance of Nothing The whole balance of all depositors funds to be blocked and held to settle the debts of the bank. There is no indication of shares in the bad bank being issued at this point, only administration and winding down of bad bank. There is a scenario of surplus...
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Bank Of Cyprus Depositors HAIRCUT
Sam Orgill of www.proactpartnership.com outlines the hit on Depositors of Bank of Cyprus Please share this important information with any Bank of Cyprus Depositors Central Bank of Cyprus have announced the Haircut Terms for Bank of Cyprus Depositors. The First 100,000 Deposit guarantees will be honoured up to 100,000, this money remains available to you subject to capital controls on withdrawals out of cyprus and cash per day. 37.5% of Your Deposit Capital Bank of Cyprus Depositors will be then be ' taxed' on all deposits over Euro100,000 at a rate of 37.5% in exchange for shares in the Bank..... That means this cash will disappear from your bank account. But you will get issued Bank of Cyprus share certificates...
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Waiting for the Restraint to be lifted from Cyprus
Friday 29/3/13 The Cyprus Foreign Minister is reported to speculate the capital controls will last a month.... ProACT interpreted yesterday's news like this.... ProACT Expatriate Tax view is that it is clear the capital control final rules and proposals haven't been finalised and arrangements made. We know the stock exchange remains closed until after orthodox easter, that is 6 weeks away. That should be seen as the minimum period of severe exchange controls. While government suggest that arrangements will be reviewers daily, they won't be eased. The bottom line is last Monday the EU Troika discussed a time frame until middle of May to sign the EU Bailout and release funds. Cyprus had been given a choice and did nothing...
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Will you be running to the Cyprus Bank Today?
Cyprus Banks reopen today at 10 am today 28/3/13 Are you joining the cue? Here's a summary of what you can do with your money: 300 euro daily withdrawal limit 5,000 a day is daily spending limit on cards 200,000 spending needs approval 5,000 cap on transactions abroad 1,000 cash limit when leaving the country Deposits over 100,000 have additional restrictions and will suffer a tax. Laiki and Bank of Cyprus deposits are subject additional restrictions. These rules of course don't apply to the Cyprus Government or Central Bank, we have no information if politicians are exempt as well..... Sam Orgill Office Tel: +357 26 819 424 ProACT Expatriate Advice www.proactpartnership.com Follow the News on Facebook www.facebook.com/ProACTExpatriateTax
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History Tells Us, Look Forward .....
Subject: History Tells Us, Look Forward ..... Sam Orgill of ProACT Partnership illustrates 5 top tips for an Expat Bailout of the Cyprus mess. It is no consolation but history tells us everything will be ok. As I write the banks have been closed for 12 days , you can barely draw cash, can't pay by card and the police guard the Laiki bank that is closing. The UK government refuse to pay pensions to Cyprus banks and 60,000 British Cyprus based Expats need their own bailout plan. But history shows us things can only get better. The Irish have been under the EU Cosh since 2008, their economy shrank by 20%, the EU shut down its two biggest banks...
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