Tuesday, 19 March 2013

Cyprus Honey Trap- a Golden Fleecing

I mean no disrespect to the average Cypriot who is facing having to bail out their banks from their own pockets. However, there is curious dimension around Cyprus having lured billionaires to become citizens and now, well fleecing them. Basically Cyprus offered the kind of Tax regimen that billionaire shipping magnets and Online gambling entrepreneurs like. The kind of regime that means they get to keep their money for themselves. To be honest given a free choice most of us prefer that kind of regime.
However the Cypriots had a wheeze up their sleeves. This opportunity was not open to all. To become a citizen you had to deposit millions of € and invest heavily in Cyprus. So having now lured them in, the tables are turned. All these billionaires are now caught with a big pile of cash in easy reach of the Cypriot exchequer. Ah schadenfreude. Don't you just love it. Of course even if they do have 10% of their money snaffled they are not about to go without. That pleasure goes average punter who put away a few quid for their retirement.