Cyprus-Forum.com

[Nikitas]

I do not know about them being drug peddlers, but there will be more Greek people seeking jobs for sure. There are already 39 000 Greeks with residence permits in Cyprus while the number of Cypriots in Greece has dropped to below 35000.

Greek companies will definitely relocate, and Cyprus is at par with Bulgaria, the other popular destination for corporate tax domicile, with Cyprus having the advantage in terms of language and public administration.

Greece is aware of this potential and recently passed a law penalising contracts with subsidiaries in several jurisdictions, among them Cyprus. If you present Cypriot company invoices in your books then you must pre pay 26 per cent tax which will be returned only if you can prove the transaction was "genuine". This is in contravention to EU aquis on freedom of establishment and I expect it to be challenged in the EU court soon. A blanket condemnation of ALL companies in one country cannot stand.

A personal observation- the influx of Greeks so far has caused the displacement of talatouri by that dubious emulsion called tzatziki. This is an intolerable situation hinting at the balkanisation of our gastronomy. Push back.

[Tim Drayton]

I have noticed nothing out of the ordinary this morning here in Limassol. No sense of panic and no unusually long queues at the banks (although there were reports of larger than usual withdrawals over the past few weeks). I can't help thinking that events in Greece will have an impact here one way or another, but people don't seem worried at the moment. The view of the average market trader here, based on my inquiries, is that the Greek people voted the right way.

[Nikitas]

Cypriot banks in Greece were dowsed two years ago, there is little contact between the two economies. Cyprus tourism is a different market. The exposure to Greek bonds is minimal now.

Cyprus is getting on with the programme and nearing access to markets. It is unlikely that the situation here will affect Cyprus.

[Tim Drayton]

I hate to be a Cassandra, but this is what concerns me (from a report dated 21 June this year):

“According to Bloomberg stats, Cyprus is exposed to Greek government debt to the tune of over €1.5 billion, or 1 per cent of GDP.”

http://cyprus-mail.com/2015/06/21/grexi ... anageable/