Quote:
Originally Posted by BlackCrayon
ok so if you don't live there and don't own property there what would the other reasons be?
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Do you have any idea how many people don't live in their home countries and need solid banking?
As an expat, banking in a place like Cyprus is appealing for many reasons, here are just a few off quickly the top of my head based purely on banking and not actually having a business in Cyprus:
- They don't freeze your account as you travel and pull out money from various ATMs around the world.
- It allows you to send international wires from an online admin to any bank in the world.
- Fees are (usually) fairly cheap.
- Up until a few days ago, it was secure.
- It is out of reach of anyone who may try to sue you. Asset protection.
- Some expats need banks outside the countries they live/work in for various reasons due to government laws about how you hold/transfer money.
If I had to choose between putting all my money in a Cambodian, Laos, Burmese, or Thai bank vs Cyprus bank, until this week it was a no brainer. Until this week I would have chosen Cyprus over just about any other country, or it at least would have been on a very short list.