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Cyprus Financial Crisis Hits Expats

Author: Bill Barnett. Category: Real Estate. Posted: 18th Mar 2013

Media is ablaze today over the monetary crises in Cyprus.

For many U.K. citizens who reside there a new tax measure could impose a reported 9.9% tax on bank deposits over 100,000 euros. Those under the amount would be hit with a 6.75% levy.

It's a one-time charge and is part of a bailout package that has been agreed by the government and the IMF.

Cyprus remains a popular expatriate retirement destination with nearly 60,000 British residents.

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