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:
- free ownership,
- protection of ownership by an affordable legal system,
- a secure, viable and trustworthy banking system,
- 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