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Article posted Mar 28 2013, 10:48 PM Category: Economy Source: Lew Rockwell Blog Print

So, What's It Like To Have a Business in Cyprus Right Now?

by Travis Holte

Here's an account (literally):

Writes the owner:
The most of circulating assets on our business Current Account are blocked.

Over 700k of expropriated money will be used to repay country's debt. Probably we will get back about 20% of this amount in 6-7 years.

I'm not Russian oligarch, but just European medium size IT business. Thousands of other companies around Cyprus have the same situation.

The business is definitely ruined, all Cypriot workers to be fired.

We are moving to small Caribbean country where authorities have more respect to people's assets. Also we are thinking about using Bitcoin to pay wages and for payments between our partners.

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Comments 1 - 3 of 3 Add Comment Page 1 of 1

Posted: Mar 29 2013, 8:26 AM

81161 The real question is :
WHY are you located on Cyprus in the first place ?
My guess :
Because they tax your company less than the country you really come from .
And now that the scam has collapsed, you are moving to some other tax-shelter .. Let's see how long that lasts, do you really think the peoples of Europe are going to let themselves get taxed to death while corporations just move to 'tax-shelters' ??

Posted: Mar 29 2013, 9:20 AM

99255 Peter
As a free person he has every right to conduct business in a location that provides the most advantage to him. It is the duty of gov., one of its very few duties to help him protect his assets (property). The Cypriot Government failed in this duty. The reason he is not conducting business in another EU country is they also have failed their duty to protect his property.

Posted: Mar 31 2013, 8:11 AM

46105 This is what it looks like when the bank robs you.

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