Cyprus is an island country in the Eastern Mediterranean Sea, east of Greece, south of Turkey, west of Syria

Cyprus Deposits have To Pay Bailout Tax
It is India’s 7th Largest FDI Source Cyprus is now in the news, as it gets bailed out by the IMF, the ECB and the European Commission. Unfortunately, as a condition for the bailout, all bank deposits in Cyprus above 100,000 euros will pay 9.9% “one time” tax to pay for the bailout.Additionally, even deposits under 100,000 euros will pay a tax – at the rate of 6.75%. These moves are supposed to give the government 5.8 billion euros. Nearly half of this comes from wealthy Russian investors who had deposited money into Cyprus-based banks, and who will pay this tax as well. However, most Cypriot residents will be impacted, including pensioners.