What to Invest in in Cyprus

[zigwig]

My question is directed to those retired expats living in Cyprus who only have a government pension, as we do.
We're thinking of moving to Cyprus but what to do with savings? We don't want to leave them floundering in a Cypriot bank account, earning no interest and being eaten up by inflation.
What are the options, please? Can one have a online discount brokerage account? Is there a way to earn interest?
When we leave Canada, we have to close all our accounts and links to the country, as otherwise we would still be subject to Canadian taxes on worldwide income.
Thanks in advance.

[PeteandSylv]

With a reasonable amount you will earn 3.5% or more in a Cyprus bank and I recommend spreading that in at least 2 banks.
I have spread the few pennies I have in several investments in Cyprus and the UK including one of the peer to peer lending accounts which are growing in popularity.
Nevertheless with the state of play of the world at present you are unlikely to beat inflation anywhere unless you are very skilled/lucky in self managed stocks or currency trading.
One thing I don't do is listen to IFAs (Independent F*ckall Advisors) who are never independent and never take any responsibility for their advice. I'll now sit back and wait for the flack on that one!!!

Pete

[Veronica]

Originally Posted by PeteandSylv

With a reasonable amount you will earn 3.5% or more in a Cyprus bank and I recommend spreading that in at least 2 banks.
I have spread the few pennies I have in several investments in Cyprus and the UK including one of the peer to peer lending accounts which are growing in popularity.
Nevertheless with the state of play of the world at present you are unlikely to beat inflation anywhere unless you are very skilled/lucky in self managed stocks or currency trading.
One thing I don't do is listen to IFAs (Independent F*ckall Advisors) who are never independent and never take any responsibility for their advice. I'll now sit back and wait for the flack on that one!!!

Pete

I think you very mild in what you said about IFAs

[Veronica]

To zigwig.
You wil learn far more interest on your savings in Cyprus than in the UK at present.
We are earning 4% in our high interest account.
As Pete says though, depending on how much you have in savings it might be wise to spread it about in case onebank goes down and you have to wait for a while to get your investment back. The government guarantees up to 100k per account reimbursment if your bank collapses.

[Vegaanders]

Hi!
I have never figured out if the 100 k reimbursement is per account or per person. Anyone knows?

Anders

[Veronica]

Originally Posted by Vegaanders

Hi!
I have never figured out if the 100 k reimbursement is per account or per person. Anyone knows?

Anders

Hmmm, well I was told that its per account but that might be incorrect
If anyone does know for sure it would be good to know.

[Vegaanders]

Here comes the answer taken from the Cyprus central bank homepage

"The maximum level of compensation, per depositor, per bank, is €100.000."

And from 01.01.2013 the money must be payed out within one week after the bank has activated the deposit refund scheme

Anders

[Veronica]

Originally Posted by Vegaanders

Here comes the answer taken from the Cyprus central bank homepage

"The maximum level of compensation, per depositor, per bank, is €100.000."

And from 01.01.2013 the money must be payed out within one week after the bank has activated the deposit refund scheme

Anders

That looks as though if you have your money spread in different banks then even if all them go down you can get back up to 100K for every bank you have an account in.
Of course that is only if you are a money bags and have 100k in each bank

Incidentally, it dosnt say how quickly the bank has to activate the refund scheme

[Vegaanders]

Originally Posted by Veronica

That looks as though if you have your money spread in different banks then even if all them go down you can get back up to 100K for every bank you have an account in.
Of course that is only if you are a money bags and have 100k in each bank

Incidentally, it dosnt say how quickly the bank has to activate the refund scheme

The DPS is activated in the event a decision is reached that a member bank is unable to repay its deposits, or as a result of a Court’s order for the winding-up of a member bank. Where a bank is unable to pay its deposits, the relevant decision is adopted by the Central Bank of Cyprus or, where a member bank is incorporated in a country outside the Republic of Cyprus, by the competent supervisory authority of the country of incorporation.

[costasp]

money sitting around aint no good for anyone . my suggestions :

1. put them into a coop bank . you get 4.5 % annually (quarterly accumulations) for 50,000+ euro
2. buy and rent property , prices aint going more down than this !
3. start a photovoltaic park . Sponsored by Cy goverment applications up to end of september . I am starting a 100KW park that will give me 2800-3000 euro per month with a 20 year contract from EAC.