Wealthy Senior Expatriates in Cyprus May be Taxed Up to 40%(1) in EU Bailout "Deal"
Summary
" John Barton, another British expat in Cyprus agreed with Stark adding "What theyre proposing for people with over 100,000 euros (5) is going to hit those who sold their properties quite hard.President of the Eurogroup of eurozone finance ministers, Jeroen Dijsselbloem, told a press conference in Brussels the deal had "put an end to the uncertainty" around Cypruss economy.(4)George Osborne, U.K. finance minister announced that the British government would compensate the approximate 3,000 British military personnel and civil servants stationed on the island, but that doesn’t help the expatriates and travellers in Cyprus.British expat in Cyprus Jean Stark said "Whats unfortunate is that older expat couples, who thought a few years ago that they should prepare for one of them dying, decided to sell their property and put it in the bank."John Barton, another British expat in Cyprus agreed with Stark adding "What theyre proposing for people with over 100,000 euros (5) is going to hit those who sold their properties quite hard.Deposits above 100,000 Euros, which under EU law are not guaranteed, will be frozen and utilised to resolve debts.President of the Eurogroup of eurozone finance ministers, Jeroen Dijsselbloem, told a press conference in Brussels the deal had "put an end to the uncertainty" around Cypruss economy.