Brian Madigan LL.B., Broker
BRMadigan@iSourceRealEstate.com

RE/MAX West Realty Inc.,
Brokerage
Independently owned and operated

96 Rexdale Blvd. 
Toronto, Ontario 


Phone: 416-745-2300
Toll Free: 1-888-507-0817

 

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Cyprus ~ Even worse than Last Week

March 24, 2013 - Updated: March 24, 2013

 

 

 

The country is even in worse shape now. Last week, things were dismal.

 

The plan was to confiscate money from everybody.

 

Now, it’s just the rich!

 

A one time expropriation of 20% of your bank account balance, if you have more than 100,000 euros is what’s on the agenda now.

 

So, how would you like to invest in Cyprus?

 

Would you be interested in a nice island off in coast in the Mediterranean?

 

The fundamental underlying value and aspects of real estate must be:

 

  1. free ownership,
  2. protection of ownership by an affordable legal system,
  3. a secure, viable and trustworthy banking system,
  4. political stability.

 

Well, that’s where things go astray in Cyprus. You can’t trust their government, or their economy. That means if you buy land there, you’re stuck and you’re at major risk.

 

And, going forward, does it matter all that much if the present crisis is averted? You still have an unstable, unreliable political, legal and economic system.

 

Brian Madigan LL.B. Broker, Realtor

www.iSourceRealEstate.com

 

 


Tagged with: cyprus 20 percent tax confiscation expropriation bank accounts bad real estate investment
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Brian Madigan LL.B. Broker

RE/MAX West Realty Inc. Brokerage

Independently owned and operated

96 Rexdale Blvd. , Toronto Ontario,

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