Cyprus tax on personal savings accounts

Forums › General Discussion › Cyprus tax on personal savings accounts

ℱᵃƖ🐝Ɩᵃʗყ Mar 18, 2013

Just saw this story in the news today. Apparently the Cyprus govt is considering imposing a tax on all personal bank accountants (10% for over 100k, 6.75% under 100k) In order to get bailout loans from the EU. Crazy concept.

Once again small savers are punished to bail out banks.
[Add:Baz]Boffer Mar 18, 2013

It's those pesky Russians again! Grrr.
davey da kidd Mar 18, 2013

The Russian girls???
〓ＤＲＥＡＭＳＭＡＳＨＥＲ〓 Mar 18, 2013

They already locked in peoples money and are not allowing them to withdraw more than 400 euros a day
☠ðůﾅ⌖ʟḁẘ☠ Mar 18, 2013

〓ＦＡＬＬＡＣＹ〓 wrote:
Just saw this story in the news today. Apparently the Cyprus govt is considering imposing a tax on all personal bank accountants (10% for over 100k, 6.75% under 100k) In order to get bailout loans from the EU. Crazy concept.

Once again small savers are punished to bail out banks.

That's theft. Imagine if the U.S did that. We would all grab our "assault rifles" in protest . Lol. They have to ban them and take them away before they could pull of a stunt like that in the states.
[Add:Baz]Boffer Mar 19, 2013

If you got any euros under your bed, burn em.
mojopilot Mar 19, 2013

💀༄्ཧ़ཀंེབ།༨ཛყ༄💀 wrote:
〓ＦＡＬＬＡＣＹ〓 wrote:
Just saw this story in the news today. Apparently the Cyprus govt is considering imposing a tax on all personal bank accountants (10% for over 100k, 6.75% under 100k) In order to get bailout loans from the EU. Crazy concept.

Once again small savers are punished to bail out banks.

That's theft. Imagine if the U.S did that. We would all grab our "assault rifles" in protest . Lol. They have to ban them and take them away before they could pull of a stunt like that in the states.
I'd just fire two "blasts" from my shotgun in protest.
BIЯDS Mar 19, 2013

Actually, this is because the recapitalization of the Cypriot banks is costing the eu way too much money... The culprit is Russian tax evaders, as Cyprus is a tax haven for the richest Russians. They are only proposing the law in rough form, and are expected to have a clause that allows for Cyprus residents (who must use the banks since they live there) to not pay these taxes. I thought the same thing having read the headlines, but now I see its actually just a move to prevent a huge loophole being used by the rich.
BIЯDS Mar 19, 2013

How is it that the tiny island of Cyprus costs more than 5x the cost of recapitalizing the German banks?? This plan is much better than a bailout, in which the taxpayers (the poor and middle class) bailout the tax evaders (wealthy), who've stashed their cash in an off shore bank account to keep away from taxes.
G E T C H Mar 19, 2013

We have a brilliant lawmaker that is trying to get the state of Connecticut to pass a "hoarders tax". My understanding is that it's a tax on corporate accounts over a certain percent of their revenue.

The theory: Companies will have incentive to spend the money and make more jobs.

The reality: Connecticut is already losing companies and jobs every day because of the taxes imposed by our great state. They will just flee faster.

I don't think there's much of a chance it will happen, but that's the mentality of those "we" have elected. 😒
Ânarchy Mar 19, 2013

@fallacy

They are voting on changing the details to anyone with over $20,000 get taxed 6%. And the percentage gos up as u have more money.
All banks in Cyprus are closed so no one can make a run on the bank. And all ATM's are empty.

This shit is criminal. And if they try to do this shit in Canada. We will burn down parliament like we did in the rely 1900's.

Ps but this time we lock the doors so no one can get out.
☠ðůﾅ⌖ʟḁẘ☠ Mar 20, 2013

mojopilot wrote:
💀༄्ཧ़ཀंེབ།༨ཛყ༄💀 wrote:
〓ＦＡＬＬＡＣＹ〓 wrote:
Just saw this story in the news today. Apparently the Cyprus govt is considering imposing a tax on all personal bank accountants (10% for over 100k, 6.75% under 100k) In order to get bailout loans from the EU. Crazy concept.

Once again small savers are punished to bail out banks.

That's theft. Imagine if the U.S did that. We would all grab our "assault rifles" in protest . Lol. They have to ban them and take them away before they could pull of a stunt like that in the states.
I'd just fire two "blasts" from my shotgun in protest.
Due to the rising cost of ammunition i am no longer able to provide a warning shot. Thank you for understanding. 😉
Big Jake Mar 20, 2013

💀༄्ཧ़ཀंེབ།༨ཛყ༄💀 wrote:
mojopilot wrote:
💀༄्ཧ़ཀंེབ།༨ཛყ༄💀 wrote:
〓ＦＡＬＬＡＣＹ〓 wrote:
Just saw this story in the news today. Apparently the Cyprus govt is considering imposing a tax on all personal bank accountants (10% for over 100k, 6.75% under 100k) In order to get bailout loans from the EU. Crazy concept.

Once again small savers are punished to bail out banks.

That's theft. Imagine if the U.S did that. We would all grab our "assault rifles" in protest . Lol. They have to ban them and take them away before they could pull of a stunt like that in the states.
I'd just fire two "blasts" from my shotgun in protest.
Due to the rising cost of ammunition i am no longer able to provide a warning shot. Thank you for understanding. 😉
Winner!
Şρïɖȩɾ ꒱.ｏ Mar 20, 2013

Just wait 'till our government starts taxing us on regifting! I mean, we profit from it. That's a vast amount of revenue to be tapped in to.
Ice Bear Mar 20, 2013

I live in the EU, and see what's the problem. It's a 'damned if we do, damned if we don't.

If the government doesn't get this money, they cannot recapitalize the banks. Then they go bankrupt, with the effect that other banks in Greece do not get back their loans and get bankrupt themselves. Which causes banks in Germany, France and the Netherlands to go bankrupt. And all those banks will drag down small companies who lose their funding.

So, it's not nice. Nobody likes it. But I, with some economical knowledge, do not see another solution....
☠ðůﾅ⌖ʟḁẘ☠ Mar 20, 2013

Ice Bear wrote:
I live in the EU, and see what's the problem. It's a 'damned if we do, damned if we don't.

If the government doesn't get this money, they cannot recapitalize the banks. Then they go bankrupt, with the effect that other banks in Greece do not get back their loans and get bankrupt themselves. Which causes banks in Germany, France and the Netherlands to go bankrupt. And all those banks will drag down small companies who lose their funding.

So, it's not nice. Nobody likes it. But I, with some economical knowledge, do not see another solution....

Let them fail.Get rid of the Euro.
ℱᵃƖ🐝Ɩᵃʗყ Mar 20, 2013

Ice Bear wrote:
I live in the EU, and see what's the problem. It's a 'damned if we do, damned if we don't.

If the government doesn't get this money, they cannot recapitalize the banks. Then they go bankrupt, with the effect that other banks in Greece do not get back their loans and get bankrupt themselves. Which causes banks in Germany, France and the Netherlands to go bankrupt. And all those banks will drag down small companies who lose their funding.

So, it's not nice. Nobody likes it. But I, with some economical knowledge, do not see another solution....

Globalization has made all economic realities incredibly complicated.
Sorry but I don't think savers should be punished to bail out banks.
Ice Bear Mar 21, 2013

They shouldn't. But letting banks fall would hit them even harder, they would lose all their savings.

Letting the Euro fall sounds like a solution, but it would drag down pensions and jobs with it. Seems to be the greater evil to me.

Sorry, there's no easy way out. We'll have to clean up the mess caused mainly by greed, and find better economic structures to acoid getting into this mess again.
4nick8r Mar 22, 2013

Bury all your savings in mason jars in your back yard. Problem solved.
Silent Arcani Mar 22, 2013

ebenezer wrote:
How is it that the tiny island of Cyprus costs more than 5x the cost of recapitalizing the German banks?? This plan is much better than a bailout, in which the taxpayers (the poor and middle class) bailout the tax evaders (wealthy), who've stashed their cash in an off shore bank account to keep away from taxes.

👆👆👆👏👏👏👏👏👏👏👏👆👆👆
Ice Bear Mar 22, 2013

Silent Arcani wrote:
ebenezer wrote:
How is it that the tiny island of Cyprus costs more than 5x the cost of recapitalizing the German banks?? This plan is much better than a bailout, in which the taxpayers (the poor and middle class) bailout the tax evaders (wealthy), who've stashed their cash in an off shore bank account to keep away from taxes.

👆👆👆👏👏👏👏👏👏👏👏👆👆👆

You nailed it. An awful lot of the money comes from Russians evading tax in their own country.
〓UNDERTOW〓 Mar 23, 2013

It's coming here in the form of a tax on your holdings.