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Originally Posted by DWB
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.
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sounds good in theory but how do you protect yourself from fraud?
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- It allows you to send international wires from an online admin to any bank in the world.
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can't you do this anywhere?
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- Fees are (usually) fairly cheap.
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if you're just using it as a regular bank account, how much could the fees possibly be anyways?
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- Up until a few days ago, it was secure.
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in my opinion any country that is built upon hiding money is not really secure
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- It is out of reach of anyone who may try to sue you. Asset protection.
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that doesn't seem right. why should these people be able to keep their money if they lost a suit?
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- Some expats need banks outside the countries they live/work in for various reasons due to government laws about how you hold/transfer money.
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i don't know anything about this so sure but it sounds like they are circumventing the law in the country they are living in. you should be following any laws in whatever country you happen to be residing in.
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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.
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if cyprus made people pay a more reasonable tax, they probably wouldn't of been in this mess to begin with. either way, since you in no way use to so you can pay less taxes you should be mad as hell at those who do because they are fucking up your banking.