Cyprus Levy on Bank Accounts
While the banks are shut until Wednesday the Cyprus Government appears to be trying to claw back some of the massive debt they have incurred with their EU bail-out. Accounts holding more than €100,000 will suffer a deduction of 9.5% and accounts under this amount will have a deduction of 6.75%. Additionally there will be a withholding tax imposed at source on interest earned. Source for this is a Times report by Philippe Naughton timed midday March 16th.
Last edited by A2QFI; 16th Mar 2013 at 18:50.