Jako Posted March 17, 2013 Share Posted March 17, 2013 Due to the low tax regime, many FX brokers are based on Cyprus. If your money is with one of them, you will be hurt with the 6.75 or 9.9 percent tax. Link to comment Share on other sites More sharing options...
mint Posted March 17, 2013 Share Posted March 17, 2013 Jako, do you mean that they'll take the levy even if your money only stays with the FX brokers for a day or two? Link to comment Share on other sites More sharing options...
Rabbie Posted March 17, 2013 Share Posted March 17, 2013 [quote user="sweet 17"]Jako, do you mean that they'll take the levy even if your money only stays with the FX brokers for a day or two?[/quote]Since it is a one-off tax it should only apply if your money is in the Cyprus bank at the present moment. Link to comment Share on other sites More sharing options...
nomoss Posted March 17, 2013 Share Posted March 17, 2013 I guess the answer in future is to make sure your funds are lodged somewhere you approve.My FX company lodges payments in separate client transaction accounts with Lloyds TSB Bank plc. These accounts are designated for the receipt of client funds. Link to comment Share on other sites More sharing options...
Jako Posted March 17, 2013 Author Share Posted March 17, 2013 @sweet17: if your money is there right now, then yes. Link to comment Share on other sites More sharing options...
mint Posted March 17, 2013 Share Posted March 17, 2013 [quote user="Jako"]@sweet17: if your money is there right now, then yes.[/quote]Ah, thank goodness it isn't, Jako [:D] Link to comment Share on other sites More sharing options...
Frederick Posted March 17, 2013 Share Posted March 17, 2013 [quote user="sweet 17"][quote user="Jako"]@sweet17: if your money is there right now, then yes.[/quote]Ah, thank goodness it isn't, Jako [:D][/quote]It does not seem to matter now where it is . It does not seem to matter if people thought that their funds in Euro-zone banks were covered by government assurances that up to a certain limit they were protected ... If they decide to call their grab on it a "tax" it looks like any previous government guarantee is worthless ... Now somebody convince me it wont happen anywhere else in EU now its been introduced for Cyprus Link to comment Share on other sites More sharing options...
mint Posted March 17, 2013 Share Posted March 17, 2013 Yes, Frederick, I don't doubt that they'll all be at it. That's why I said on the other thread on the bail out that I hope this doesn't give anyone else ideas only for Sue56 to remind me that they already do in France, via the contributions sociaux. Link to comment Share on other sites More sharing options...
krusty Posted March 17, 2013 Share Posted March 17, 2013 [quote user="Frederick"] Now somebody convince me it wont happen anywhere else in EU now its been introduced for Cyprus [/quote] It is not official here in Cyprus yet , parliament have to approve it , meeting tomorrow. Link to comment Share on other sites More sharing options...
Jako Posted March 17, 2013 Author Share Posted March 17, 2013 Sure. They can either opt for the banks and government to go bankrupt or to accept the conditions of the bail-out.For the savers the choice would be no money at all or at least 90% of their deposit.But there is bound to be a poor chap somewhere that does not realise yet that the payment for his new house in Europe is suddenly10% short.[:(] Link to comment Share on other sites More sharing options...
Frederick Posted March 17, 2013 Share Posted March 17, 2013 Cyprus has been given Tuesday as another bank holiday.......Its possible Wednesday may be as well . http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_17/03/2013_488273 Link to comment Share on other sites More sharing options...
mint Posted March 17, 2013 Share Posted March 17, 2013 In the meantime, the sterling-euro exchange rate is 1.1716 (just looked).Talk about swings and roundabouts or one man's meat is another man's poison or....whatever...... Link to comment Share on other sites More sharing options...
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