Cyprus-Forum.com

[SKI-preo]

Its hard to "save" your way to prosperity with deposit accounts.This might actually be riskier than the share market. Currencies are like yo yos and rates are too low to be any kid of buffer for inflation. Buy a mix of established banking,mineral, oil and gas shares & property. Don't leave more than $50K in the bank at any time.

[Lordo]

deposit accounts are worthless in the uk at the moment. only in terrgy - up to 10 percent and bank de lordo can match those rates and is based in the liberated part of cyprus.

[Paphitis]

deposit accounts are worthless in the uk at the moment. only in terrgy - up to 10 percent and bank de lordo can match those rates and is based in the liberated part of cyprus.

Jeez, what the hell is inflation like in Turkey?

[GreekIslandGirl]

I would guess that the best way is to send the money to a trusted relative and for him/her to open the account.

It would affect the relative's Tax status. They would be subject to tax on the interest, at the very least.

Furthermore, cash 'gifts' (as this is how this would be looked at since it would become legally the relative's money) are subject to further tax penalties. There is a maximum (£3,000 ?) that you can 'gift' to any person per tax year, I think.

Finally, this money would become part of the Estate of the relative and possibly attract inheritance tax as well as no longer be available to Sotos unless a Will was drawn up.

I would keep it in Cyprus (split into more than one bank to protect guarantees). Better, buy a property to rent out if the money is not needed soon. Greece has one of the best investment potentials at the moment on European properties.

Top 10 European Cities for existing property investments
1. Berlin
2. Dublin
3. Madrid
4. Hamburg
5. Athens
6. Birmingham
7. Copenhagen
8. Amsterdam
9. Lisbon
10. London

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