In recent months, the theme of the Cyprus crisis continues to hold on the attention of the world community. News coming almost daily, and thousands of businessmen, politicians and economists are trying to predict - what will happen next? Declare whether the Republic of Cyprus to default, or safely out of the storm of the financial crisis? Does Cyprus have lost the reputation of a quiet tax haven, and gradually regain its position? Where you can now safely store their money? Authorities and experts have expressed opinions that sometimes polar opposites. And this is another confirmation that the economy of each country - is extremely fragile, even if superficially it looks quite stable.
In early April, the Cypriot authorities finally agreed with the troika of creditors (which consists of the European Central Bank, the International Monetary Fund and the Eurogroup) on a loan in the amount of 10 billion euros. Although the funds allocated loudly called "financial support", the interest rate leads to doubt - 2.5% per annum - this is quite a high rate for Europe. However, Cyprus, these funds are necessary as air. Financial assistance is provided to the island for a period of 22 years and may be a deferred payment of up to 10 years.
The credit line is provided on the condition that in the next few years, the economy of Cyprus will demonstrate the positive changes - in 2017 - 2018 the budget surplus should be at least 4% of GDP. So, in other words, is to "get a plus" in the economy of Cyprus has no more than five years.
To reach these peaks Cyprus plans by severe savings in social benefits, health reform and pension reform, as well as the development of promising sectors of the economy. In particular, like to increase revenue from tourism, and possibly gas - not so long ago on the island of gas fields have been discovered.
Not least is given, and banking reform. Foreign branches largest Cypriot banks - Laiki Bank and Bank of Cyprus - will be sold, and the banks themselves will be restructuring. Deposits, which holds more than 100 thousand euros, is planned to cut - and according to experts, investors may lose up to 40 to 80% of their funds. Unfortunately, the Government of Cyprus had to resort to a very unpopular measures to save the island's economy.
In limbo appeared and Cypriot offshore. The big question today - where the money will go to Cyprus? The largest outflow observed in the Latvian banks - this is indirectly confirmed by the fact that the major Latvian banks sharply raised rates for service accounts. At the same time traders are in no hurry to part with Cypriot companies as such - too many economic benefits bears the Agreement for the avoidance of double taxation concluded between Russia and Cyprus. Therefore, until the case is mainly limited to opening bank accounts in other countries, and the translation of cash flow in a new direction.
четверг, 10 марта 2016 г.
What Future for Offshore Cyprus
In recent months, the theme of the Cyprus crisis continues to hold on the attention of the world community. News coming almost daily, and thousands of businessmen, politicians and economists are trying to predict - what will happen next? Declare whether the Republic of Cyprus to default, or safely out of the storm of the financial crisis? Does Cyprus have lost the reputation of a quiet tax haven, and gradually regain its position? Where you can now safely store their money? Authorities and experts have expressed opinions that sometimes polar opposites. And this is another confirmation that the economy of each country - is extremely fragile, even if superficially it looks quite stable.
In early April, the Cypriot authorities finally agreed with the troika of creditors (which consists of the European Central Bank, the International Monetary Fund and the Eurogroup) on a loan in the amount of 10 billion euros. Although the funds allocated loudly called "financial support", the interest rate leads to doubt - 2.5% per annum - this is quite a high rate for Europe. However, Cyprus, these funds are necessary as air. Financial assistance is provided to the island for a period of 22 years and may be a deferred payment of up to 10 years.
The credit line is provided on the condition that in the next few years, the economy of Cyprus will demonstrate the positive changes - in 2017 - 2018 the budget surplus should be at least 4% of GDP. So, in other words, is to "get a plus" in the economy of Cyprus has no more than five years.
To reach these peaks Cyprus plans by severe savings in social benefits, health reform and pension reform, as well as the development of promising sectors of the economy. In particular, like to increase revenue from tourism, and possibly gas - not so long ago on the island of gas fields have been discovered.
Not least is given, and banking reform. Foreign branches largest Cypriot banks - Laiki Bank and Bank of Cyprus - will be sold, and the banks themselves will be restructuring. Deposits, which holds more than 100 thousand euros, is planned to cut - and according to experts, investors may lose up to 40 to 80% of their funds. Unfortunately, the Government of Cyprus had to resort to a very unpopular measures to save the island's economy.
In limbo appeared and Cypriot offshore. The big question today - where the money will go to Cyprus? The largest outflow observed in the Latvian banks - this is indirectly confirmed by the fact that the major Latvian banks sharply raised rates for service accounts. At the same time traders are in no hurry to part with Cypriot companies as such - too many economic benefits bears the Agreement for the avoidance of double taxation concluded between Russia and Cyprus. Therefore, until the case is mainly limited to opening bank accounts in other countries, and the translation of cash flow in a new direction.
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