Quote:
Originally Posted by DWB
Others have already posted several legit reasons. For whatever reason you can't grasp that not every country in the world has stable banking like the USA and many people who do have the ability to bank elsewhere, do. You seem to think having a bank account in a "tax haven" means everyone is evading taxes and we're all living in 1990 when you could open a bank account with no documents. Those days are LONG gone.
People choose Cyprus for the same reason they choose any other country for banking, it works for their needs. The same reason you choose to only bank in your country, it works for you. Those of us who work outside of our home country need.... wait for it... wait.... foreign bank accounts. And if you're going to open a foreign bank account, why not open one where banking is safe, secure, easy, and doesn't shut your account down because you're trying to access it from another country. International banks are better for international business. It's that simple. USA banks are great for doing business within the USA, but their fees are much higher and they were not equipped to handle my international needs so I opened several accounts elsewhere, and none of it had to do with tax evasion. Now I don't even use a USA based bank, why would I? They suck if you don't live in the USA.
Until Thursday.
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I don't consider cyrus a stable country. Without the tax benefits of banking there, they wouldn't have anything. 70 billion dollars in deposits, how much would be there if not for the tax benefits? I can get that some places aren't safe to bank but you think cyprus is? I'm sure cyprus isn't the only 'international' bank (i am still not sure what makes one bank international and another not). i guess the tons of shell companies set up there is just a coincidence all in the name of international banking.