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New Cyprus Business Model: 20% Fee To Move Millions Offshore
After being told that the Cypriot business model was broken, the ever-resilient people of this 'storm in a teacup' island have, by all appearances, taken up their entrepreneurial sickles to make hay while the Troika sun shines. As the FT reports, the hunt is on for many Cypriot bank account holders to find ways to circumnavigate the new Draconian capital controls - and get their money off the island. It seems that this 'need' is being addressed by friendly 'unidentified' locals who are willing to help transfer money across the border (since there is a EUR3,000 limit) for a mere 20% upfront fee. "There are some dubious capital outflows out of Cyprus as we speak," one senior Eurozone official noted, "and... not only Russians." At least three people have been stopped attempting to cross the border with more than EUR 200,000 in cash on their person - their money was confiscated.
Via The FT,
The hunt is on for many Cypriots to find ways to circumnavigate the new Draconian capital controls and get their money off the island.
At least three people have attempted to flee the island in recent weeks with more than €200,000 in cash on their person, according to official sources. The money was in all cases confiscated and the people questioned by the authorities.
...
Sergei Tyulenev, a Russian businessman, says he received a call on Thursday – the day the capital controls were implemented – from Cypriots he did not wish to identify offering to help him move what he implied was more than €1m out of a collapsing local bank.
The move would have seen his money transferred from the now-failed Laiki Bank, where deposits over €100,000 are likely to see substantial write-offs, to Hellenic Bank, a comparatively healthy Cypriot subsidiary of a Greek bank.
There was a catch though, on top of the illegality of the move. “They said I had to pay €200,000 up front. I refused,” said Mr Tyulenev, speaking from Limassol, a town dubbed “Limassolgrad” for its high proportion of Russian residents.
The Financial Times has seen no official reports of illegal financial dealings at the banks. Those calling Mr Tyulenev may not have been able to follow through with their offer or may have been stopped in their attempts by the financial regulators.
...
“There are some dubious capital outflows out of Cyprus as we speak,” one senior eurozone official directly involved with negotiations with Cypriot officials said before the banks had reopened. “I’m sure it’s ‘the friends’, and the friends are not only Russians.”
...
Some 18 per cent of the deposits held in Cypriot banks by residents of other eurozone countries were pulled out in February, according to figures from the Central Bank of Cyprus. Such deposits in Cyprus had fallen 41 per cent since last June to €3.9bn.
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Your elected officials believe in capitalism and free markets! And liberty!
APRIL FOOLS BITCHEZ!!!
As Kudlow loves to repeat, Free market capitalism is the best path to prosperity.
Isn't it interesting that governments pass laws FORCING us to use their money, but then governments go and confiscate that money?
I've already contacted Wayne Walton of "Mountain Hours" and Tom Kennedy to see about starting a local currency where I live.
According to the USG only gold and silver coin can tender payment of debt. You can use them as a local currency if you want. That's what being fungible, divisble, portable, and durable is best for.
If Henny Youngman were doing stand-up in Nicosia today...........
"Halt! You there! Your Euros or your life!"
"Here, take it!"
"I said your life not your wife you Cypridiot!"
You are make joke, but Boris can store much in colon of wife.
Whatever you do, though, don't call your gold or silver alternative currency a dollar. They really don't like that.
Call it a 'Diller'. Nursery rhymes are soothing.
20? why not make it 90% like the fed has done to us?
tylerz better check your facts
websearch for cyprus models doesn't support your hypothesis
http://www.google.com/search?q=cyprus+models&tbm=isch
next area of internets research: milliions offs hore
Rand is the currency of South Africa but these folks have been successful in using their own, the Ora:
Orania Monetary System
Also worth mentioning here:
Italian Town Prints Its Own Currency to Fight Austerity Measures
Sleazy Russian Vassili Oxenuk. Vegas! Guns! Reverse Mergers!
"Review of Barron's -- Dated 1 April 2013"
http://tinyurl.com/ckqmfuq
does anybody happen to know what the diameter of a roll Euro 300,000 in large denomination bills would be? and if it/they would be small enough, uhmm, say, to fit into a "body cavity"? just thinkin out of the box.
that and the wifes "coach" bag aren't both gonna to fit, hard choices a cummin!
Boris is recommend high denomination bearer bond, but if wrap very tight, 100 bill is to make diameter of 35mm. Which ever is use, learn from Boris sad mistake, seal in plastic BEFORE insert.
LOL! You could get Bawny Frank to smuggle millions out that way! :-)
out of the box?
A day in the life of Dimitri Denisovich........................
"Dimitri tried to sneak across the border with 200,000 Euros, Papa."
"What did the border guards do to him?"
"They kept the money and told him to try again tomorrow."
This is how €510.000 looks like next to some toiletries in a suitcase.
http://frontpage.fok.nl/nieuws/530472/1/1/50/spanjaard-met-ruim-vijf-ton...
Now if he had bought diamonds..
Just thinkin’ in the box, I like Boris’s idea about the wife.
I guess it might be difficult to stuff 200k euros up your kiester. Then again, why do you have to steal your own money. Oh, the state can take it to support the failing banks.
right...hard to fathom any justification for demanding an individual's property must remain within their borders, much less seizure of that property at the border
Should've used bitcoin.
They'd even have a chance to recoup their bankster 'haircut' during the trip, given how valuations are surging. I suppose the next poor victims will learn from the Cyprus debacle.
Ya, I bet there's a whole week left to trade bit coins for some currency of actual use before they turn back to digital pumpkins at midnight. In fact, if many goods online priced in bitcoins have not gone down you'll lose massive purchasing power in attempting to use them as currency instead of a parabolic day-trade / minute-trade.
Just think. If I could get 10 cans of food for 1 btc before this rise & no one's downgraded their btc price on those cans then today I could spend more than a hundred for 10 cans ... or I could use dollars or euros and pay a fair price.
Right? Right.
Where is Cyprus on the map again?
Florida.
http://goo.gl/maps/jpfhx
/sarc
The Greeks and Cypriots should rise up together and become a giant lackadaisical force to be reckoned with.
http://her.is/43KFA
Fucking thieves ... bankers and politicians.
"It seems that this 'need' is being addressed by friendly 'unidentified' locals who are willing to help"
~~~
Jeez ~ Didn't I just get done identifying these 'locals' on another thread?... APPLY LOGIC...
why was the money confiscated? it's there money. it's not cypress money. its belong all of the EU. The worst they should be able to do is force them to deposit it into a bank.
why was the money confiscated? it's there money. it's not cypress money. its belong all of the EU. The worst they should be able to do is force them to deposit it into a bank.
Time to hire some Ex Spetsnaz to cean the situation up,quickly.
They're only catching the little fish at this point. The big ones are already long gone.
Long Cypriot charter boats and helicopter "sightseeing tours".
T.C., it's Magnum here. I need to ask you for a favor? No way, man, ever time you ask me for a favor my chopper ends up with bullet holes in it. No, this time is different- I just need to deliver a "package" from Cyprus to an undisclosed location elseshwere in southern Europe for a "friend"- no guns involved. Yeah, that's what you always say!
At least three people have been stopped attempting to cross the border with more than EUR 200,000 in cash on their person - their money was confiscated.
Might as well risk skipping town with your dough. Sticking around, they'd take it anyway.
Does Jon Corzine have relatives in Cyprus?
In other words, Beware of strangers wanting to ferry your PMs by boat
"dubious capital outflows"..........................hahahaha.............as if thats whats dubious in this whole sad farce...........................
If this is the template for the rest of Europe -- and elsewhere (!) -- then WHY AREN'T CYPRIOTS RISING UP?
WOULD AMERICANS BEHAVE SIMILARLY?
You see who is now in year five of residence in the White House?
No doubt.
http://www.thegatewaypundit.com/wp-content/uploads/2013/03/dictator-obama.jpg
lloll
I'll bet the authorities aren't inspecting the private jets.
Are more mules counted as job creation? Bullish!
If they were smart they'd Corzine everyone's shit, load levered long gold any which way they can, shut down all capital flows until they can enact Swiss secret banking type laws and other means to attract wealth trying to flee the fiat system then burn all their debt paper, float a new hard backed currency and wait for the off shore money to pour in and tell Germany don't hate the player hate the game and wash their hands completely of the shitty rotten fiat game.. but I think it's too late now.
wonder if there is a call for shipwrights
boat re-balasting anyone
Just fucking chip everybody like criminals and get it over with already. Jesus fucking Christ! Capital Controls....fuck you. After that letter specifically stating the portion of their Constitution where it is illegal to do this why isn't someone getting lawyered up? UNLEASH THE DOZERS.
I think someone misunderstood the angst of my "chipping" statement.
lawyers require money and no one can pay. Even HAVING a lawyer shows you've got the money to be taken.
If on your person doesn't work, in your person just might...
Roll of gold coins may go in easier than come out
1/10th oz gold coins, wrapped well, take up little space...
tenth oz coins hold
a special place
in my hardened heart....
I knew there was a reason I kept getting those despite the lower premium for silver bars :D
Wait, isn't Cyprus offshore?! Fuck
There's another Cyprus right up to the north which doesn't give much of a fuck. Everyone seems to have forgotten about it.
Yep, it's called Ledra Street. You've gotta be kidding yourself if you don't think money just walks across. Even limiting it to the "legal" amount, just a matter of having people walk back and forth all day long. Due to the political nature of the border, they cannot exactly deny you entry back, nor prevent you from leaving. Because as far as the South is concerned, the North does not exist as a separate nation, so you are simply moving internally. They do not recognize border stamps either, so again... according to them, you never left, so they cannot prevent you from coming back.
10 minutes per crossing, 300 a go (they say per day, but let's be honest here, they only might bother checking you going on... they'll see 300 every time), border is open 24 hours a day. 12 hours per day = 60~70 trips (assume 60 due to hassles they may start to give). 60*300 = 18,000 Euros a day per person, let's call it 20,000 for the sake of numbers though. I'm sure someone will be more than happy to do easy work for 20 euro an hour of risk-free walking. Works out to a 1.2% loss on money moving. Get together a crew of 20, and you can legally walk 10 people at a time, back and forth over and over and over again 24 hours a day moving 400k a day risk free. Not counting the cars you can drive over and it's just too stupidly easy to conceal money in a car. 200 bills per 100k is basically nothing and no one is gonna check taxis all that much (taxi drivers having more than 300 would basically be default assumed anyways).
If you want to further press your luck, if you are caught for some reason or another, you can press a lawsuit which you will win, because that action is equivalent to recognizing North Cyprus as independent.
Cyprus is p dumb.
Cyprus never lacked imagination or schemes to attract money flows. The Parliament President likely knows this:
http://www.zerohedge.com/news/2013-03-31/cyprus-parliament-president-say...
Ever heard of the "Cyprus Sandwich"?
http://www.marketplace.org/topics/world/european-debt-crisis/where-will-...
There is an enormous amount of money flowing through Cyprus (insane really). These flows can't stop overnight without causing an unimaginable amount of chaos. There is more at stake here than depositor money because worldwide tax burdens could shift in a big way. It will be interesting to see how they intend to try and hold the sandwich together - there are likely 100s of billions of dollars of potential tax liability riding on all this.
Speaking of entrepreneurial, these days a good cyber-hacker is good to find.
At least Obama has the Rio Grande open to crossing. Probably money and materials making its way out of US banks into Mexico right now.
CNBC guest Jim Rogers says he is moving his money out of EU banks and telling everyone listening to do the same. It is significant to have CNBC (the propaganda media of Wall St.) posting that.
LOL, if anyone is considering depositing money in a Mexican bank to protect wealth, then we are all really really fucked.
Think about it ladies and gentlemen.
This kind of news normaly would have not been allowed on main stream media.....but it is allowed now.
It's not 'allowed' - this is the curtain coming up.
Absolutely nothing that comes from the press has one shred of reality..
It's played both ways to get the desired effect...
We're like a bug to light......
Somebody sent this to me this morning...
http://www.youtube.com/watch?feature=player_embedded&v=5JCm5FY-dEY
pretty cool...closely resembles our Derivative market and what they're trying to avoid..
brilliant
I am sure Goldman can do it for 10% - doing God's work.
3000 euro derivative which becomes 1,000,000 euros offshore.
Banksters? They do it for free...
You cheeky monkeys...
They need to keep as much money in house dont they - IF they change to a new currency.
Let's say it all together.....
" GET THE FUCK OUT OF THE EURO GHETTO NOW"
"The cat is out of the bag!"
Those that got caught trying get cash off the island were betrayed by someone, somebody tipped off the border guards about who, where, and when. It is an island for Christs sake, any body with a boat can leave.
Try bitcoins. Good luck!