# What to Invest in in Cyprus



## zigwig (Aug 16, 2012)

My question is directed to those retired expats living in Cyprus who only have a government pension, as we do.
We're thinking of moving to Cyprus but what to do with savings? We don't want to leave them floundering in a Cypriot bank account, earning no interest and being eaten up by inflation.
What are the options, please? Can one have a online discount brokerage account? Is there a way to earn interest?
When we leave Canada, we have to close all our accounts and links to the country, as otherwise we would still be subject to Canadian taxes on worldwide income.
Thanks in advance.


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## PeteandSylv (Sep 24, 2008)

With a reasonable amount you will earn 3.5% or more in a Cyprus bank and I recommend spreading that in at least 2 banks.
I have spread the few pennies I have in several investments in Cyprus and the UK including one of the peer to peer lending accounts which are growing in popularity.
Nevertheless with the state of play of the world at present you are unlikely to beat inflation anywhere unless you are very skilled/lucky in self managed stocks or currency trading.
One thing I don't do is listen to IFAs (Independent F*ckall Advisors) who are never independent and never take any responsibility for their advice. I'll now sit back and wait for the flack on that one!!!

Pete


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## Veronica (Apr 5, 2008)

PeteandSylv said:


> With a reasonable amount you will earn 3.5% or more in a Cyprus bank and I recommend spreading that in at least 2 banks.
> I have spread the few pennies I have in several investments in Cyprus and the UK including one of the peer to peer lending accounts which are growing in popularity.
> Nevertheless with the state of play of the world at present you are unlikely to beat inflation anywhere unless you are very skilled/lucky in self managed stocks or currency trading.
> One thing I don't do is listen to IFAs (Independent F*ckall Advisors) who are never independent and never take any responsibility for their advice. I'll now sit back and wait for the flack on that one!!!
> ...


I think you very mild in what you said about IFAs


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## Veronica (Apr 5, 2008)

To zigwig.
You wil learn far more interest on your savings in Cyprus than in the UK at present.
We are earning 4% in our high interest account. 
As Pete says though, depending on how much you have in savings it might be wise to spread it about in case onebank goes down and you have to wait for a while to get your investment back. The government guarantees up to 100k per account reimbursment if your bank collapses.


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## Guest (Aug 17, 2012)

Hi!
I have never figured out if the 100 k reimbursement is per account or per person. Anyone knows?

Anders


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## Veronica (Apr 5, 2008)

Vegaanders said:


> Hi!
> I have never figured out if the 100 k reimbursement is per account or per person. Anyone knows?
> 
> Anders


Hmmm, well I was told that its per account but that might be incorrect
If anyone does know for sure it would be good to know.


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## Guest (Aug 17, 2012)

Here comes the answer taken from the Cyprus central bank homepage

"The maximum level of compensation, per depositor, per bank, is €100.000."

And from 01.01.2013 the money must be payed out within one week after the bank has activated the deposit refund scheme

Anders


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## Veronica (Apr 5, 2008)

Vegaanders said:


> Here comes the answer taken from the Cyprus central bank homepage
> 
> "The maximum level of compensation, per depositor, per bank, is €100.000."
> 
> ...


That looks as though if you have your money spread in different banks then even if all them go down you can get back up to 100K for every bank you have an account in. 
Of course that is only if you are a money bags and have 100k in each bank

Incidentally, it dosnt say how quickly the bank has to activate the refund scheme


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## Guest (Aug 17, 2012)

Veronica said:


> That looks as though if you have your money spread in different banks then even if all them go down you can get back up to 100K for every bank you have an account in.
> Of course that is only if you are a money bags and have 100k in each bank
> 
> Incidentally, it dosnt say how quickly the bank has to activate the refund scheme


The DPS is activated in the event a decision is reached that a member bank is unable to repay its deposits, or as a result of a Court’s order for the winding-up of a member bank. Where a bank is unable to pay its deposits, the relevant decision is adopted by the Central Bank of Cyprus or, where a member bank is incorporated in a country outside the Republic of Cyprus, by the competent supervisory authority of the country of incorporation.


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## costasp (Aug 17, 2012)

money sitting around aint no good for anyone . my suggestions :

1. put them into a coop bank . you get 4.5 % annually (quarterly accumulations) for 50,000+ euro
2. buy and rent property , prices aint going more down than this ! 
3. start a photovoltaic park . Sponsored by Cy goverment applications up to end of september . I am starting a 100KW park that will give me 2800-3000 euro per month with a 20 year contract from EAC.


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## PeteandSylv (Sep 24, 2008)

Vegaanders said:


> Hi!
> I have never figured out if the 100 k reimbursement is per account or per person. Anyone knows?
> 
> Anders


I believe it is per account. The mechanics of per person across multiple accounts in multiple banks is horrifying.

Pete


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## Guest (Aug 17, 2012)

costasp said:


> money sitting around aint no good for anyone . my suggestions :
> 
> 1. put them into a coop bank . you get 4.5 % annually (quarterly accumulations) for 50,000+ euro
> 2. buy and rent property , prices aint going more down than this !
> ...


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## costasp (Aug 17, 2012)

i am not sure about the number of the applications, but is true that they have a lot. however have in mind that not all applications will be approved . also in addition a lot of people are going for the 150 kw option which takes more time to be approved while the 100 kw option does not need long environmental study and it can be approved relatively quickly . about selling directly is not an option - i am not sure , but i was reading on the news for a 25 mw with photothermaic park with stirling engines selling at .13 per KW . this power station i think is outside the grant search on google : infinia-to-supply-25-5-megawatt-solar-thermal-project-in-cyprus and click on the bloomberg link for more details


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## Guest (Aug 17, 2012)

costasp said:


> i am not sure about the number of the applications, but is true that they have a lot. however have in mind that not all applications will be approved . also in addition a lot of people are going for the 150 kw option which takes more time to be approved while the 100 kw option does not need long environmental study and it can be approved relatively quickly . about selling directly is not an option - i am not sure , but i was reading on the news for a 25 mw with photothermaic park with stirling engines selling at .13 per KW . this power station i think is outside the grant search on google : infinia-to-supply-25-5-megawatt-solar-thermal-project-in-cyprus and click on the bloomberg link for more details


I know the guys with the sterling. But they were special because they got 30 million from EU. I am sure this will not be possible for smaller plants. And for 13 cent per kW there is no money in it. Not until the price for hardware goes down

Have you got your approval, or you still wait?

I have a ready businessplan for a 100 kW plant using spanish 2-way trackers but after talking to EAC we put it on Ice

Anders


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## costasp (Aug 17, 2012)

i am still waiting to get approved but ive heard that my application has been making progress so i am positive about it . anyway if it doesn't work out , in my original post i have a link to sean's website. pay him a visit.


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## costasp (Aug 17, 2012)

sorry i think it is more than 13 cents for the 25mw station , i think is double that


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## Guest (Aug 17, 2012)

PeteandSylv said:


> I believe it is per account. The mechanics of per person across multiple accounts in multiple banks is horrifying.
> 
> Pete


As you see in my other answer it is per person per bank. You cant have 5 accounts in one bank and get 500 000 euro.

From Bank of Cyprus Homepage

The maximum level of compensation, per depositor, per bank, is €100.000. This limit applies to the aggregate deposits held with a particular bank. When calculating the amount of compensation payable to a depositor, any loans or other credit facilities granted by the depositor’s bank are set-off against the deposits. Any counterclaims that the bank concerned may have against the depositor in respect of which a right of set-off exists, can also be set-off.

Anders


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## PeteandSylv (Sep 24, 2008)

Vegaanders said:


> As you see in my other answer it is per person per bank. You cant have 5 accounts in one bank and get 500 000 euro.
> 
> From Bank of Cyprus Homepage
> 
> ...


OK, thanks.

Pete


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## Guest (Aug 17, 2012)

costasp said:


> sorry i think it is more than 13 cents for the 25mw station , i think is double that


if you know what you pay for the power you can realize that they cant pay much more because EAC must make a profit. If you get the application approved you will get 28 cent. But this contains very high degree of state money.


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## Guest (Aug 17, 2012)

Hehe, I looked at the seminar you linked to. As millions of other pages this is a page where the only one who earns money is the guy who sells the package. Selling for 997 usd will generate 5000 usd per month quickly knowing that many people goes for this. 
I really consider it as a scam

I am sure that if I created a site that said "buy my book and you can make gold from lead" and sell it for 500 usd I would also make good money for a while, because thats how people are, we want to believe.

Its like the scam with so called Nigeria letters. They have been around for years and I get offers in my mail at least once per week. Everyone say that they are scam's but still many make a lot of money on them.

But that is my opinion


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## Veronica (Apr 5, 2008)

I absolutley agree with you Anders, it is nothing but a scam. These people are very clever at dressing things up to make it look as though you can make megabucks with schemes like this but anyone with any sense knows that only the top people make any money at all while the ones below eventually lose everything they have 'invested'


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## Guest (Aug 17, 2012)

Veronica said:


> I absolutley agree with you Anders, it is nothing but a scam. These people are very clever at dressing things up to make it look as though you can make megabucks with schemes likethis but anyone with any sense knows that only the top people make any money at all while the ones below eventually lose everything they have 'invested'


hehe, have you tested the sherry Veronica. You seem to have troubles with the keyboard:ranger:


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## costasp (Aug 17, 2012)

i understand your skepticism . i have seen many scams as well. this aint none. is good stock option strategy, if you know nothing about the stockmarket you will need to watch each seminar multiple times to really absorb what sean is telling you. For 5000 usd income per month you need 100K capital . However i prefer to reinvest it instead of getting it back . if you go for it i would suggest to start from 2K capital so you get the hang of it . the alternative is <snip>also an australian entrepreneur which is basically the same thing but x5 the price.


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## Guest (Aug 17, 2012)

The only sure money in these kind of websites is for the owners.
I have been into the stockmarket for many years and also have friends that is fulltime daytraders. I sent the link to and they say the same, this concept is not working

But we are entitled to different opinions so we leave it at that.

But you never answered on my question. Have you got your power plant appoved yet. I read through the EAC answer and they state that they are still working with applications from 2010

Anders


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## costasp (Aug 17, 2012)

not approved yet


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## PeteandSylv (Sep 24, 2008)

costasp said:


> i understand your skepticism . i have seen many scams as well. this aint none. is good stock option strategy, if you know nothing about the stockmarket you will need to watch each seminar multiple times to really absorb what sean is telling you. For 5000 usd income per month you need 100K capital . However i prefer to reinvest it instead of getting it back . if you go for it i would suggest to start from 2K capital so you get the hang of it . the alternative is Nik Haliks package (sharelord)- also an australian entrepreneur which is basically the same thing but x5 the price.


If you had a sure fire investment scheme that could make you a fortune you would keep it to yourself and enjoy the riches.

If you had a "get rich quick" scheme that doesn't work you would tart it up into a dynamic presentation and flog it to others.

Your enthusiasm for the scheme is interesting. Can you confirm that you have personally made decent money from it?

Pete


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## costasp (Aug 17, 2012)

PeteandSylv said:


> If you had a sure fire investment scheme that could make you a fortune you would keep it to yourself and enjoy the riches.
> 
> If you had a "get rich quick" scheme that doesn't work you would tart it up into a dynamic presentation and flog it to others.
> 
> ...


Pete do you work for IRS ? I I will not answer to your question just because you have made up your mind. However i am going to tell you this. 3.5 years ago i went to 2 opportunity presentations ( i went to many but these 2 i really remember) . 1st one was a<sniop> presentation by one of my closest friends who just joined 2 days before then. Last time i checked with him he was making 8K plus per month on residuals working (drinking coffee) from costa coffee  the second one it was from <snip>. I also said No to him . I have now regretted both NOs 

Anyway just because everyone started to mention scams and whatnot and i dont want to associate scams with my username  (and i really understand the negativity but i do not endorse it) i will tell give you my 2 final advices.

1. do not do any network marketing
2. do not do any stock option trading as nik or seun is telling you

im officially off the hook


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## PeteandSylv (Sep 24, 2008)

costasp said:


> Pete do you work for IRS ? I I will not answer to your question just because you have made up your mind. However i am going to tell you this. 3.5 years ago i went to 2 opportunity presentations ( i went to many but these 2 i really remember) . 1st one was a <snip>presentation by one of my closest friends who just joined 2 days before then. Last time i checked with him he was making 8K plus per month on residuals working (drinking coffee) from costa coffee  the second one it was from <snip>. I also said No to him . I have now regretted both NOs
> 
> Anyway just because everyone started to mention scams and whatnot and i dont want to associate scams with my username  (and i really understand the negativity but i do not endorse it) i will tell give you my 2 final advices.
> 
> ...


You were never on the hook!!!

An incredible failure to answer the question.

Telling us you regret not taking up the program does not tell us anything about the success of the program or of your success or lack of it.

If you are so enthusiastic about the programs why are you not taking part? Regretting not taking part in Sharelord then would not stop you taking part now.

You were the one promoting the programs so enthusiastically but it would appear you are enthusing on programs that you are not part of. Forgive me for being suspicious under those circumstances.

Pete


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## Veronica (Apr 5, 2008)

I suspect this guy has only joined this forum to try to lure unsuspecting people into a scheme that he is part of.
All posts in this vein will be removed.


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## Veronica (Apr 5, 2008)

Vegaanders said:


> hehe, have you tested the sherry Veronica. You seem to have troubles with the keyboard:ranger:


Not Sherry Anders, its the sun frying my brain I have corrected the typos


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## zigwig (Aug 16, 2012)

That's all very interesting - and thank you!
However, if we can come back to banks please - they don't seem too secure. The major Cypriot banks were downgraded last year and the situation in Greece is not improving. 
Could you elaborate on the Co-op? Believe that is a bank too.
Currency trading is not for oldies in my opinion. Too risky. Investing in property no longer interests us. (A case of been there-done that). 
I was thinking more of investing in shares with dividends. Or bonds, maybe. Any possibility of that there - or would you have to go offshore?


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## Guest (Aug 17, 2012)

zigwig said:


> That's all very interesting - and thank you!
> However, if we can come back to banks please - they don't seem too secure. The major Cypriot banks were downgraded last year and the situation in Greece is not improving.
> Could you elaborate on the Co-op? Believe that is a bank too.
> Currency trading is not for oldies in my opinion. Too risky. Investing in property no longer interests us. (A case of been there-done that).
> I was thinking more of investing in shares with dividends. Or bonds, maybe. Any possibility of that there - or would you have to go offshore?


I would not recommend shares if you are not very active on the market

Bonds ofc can be interesting but if you say the Banks are insecure perhaps bonds is also. The Banks that bought bonds from Greece had to agree to a 76% loss on bonds. But still the banks are quite ok. You write they got lower credit rating last year. But last month most of europes big banks got lower rating so they are almost all in the same boat.

Co-op is a bank that is not covered by the Deposit protection scheme in EU but according to Cyprus Central Bank homepage they have their own system that also give up to 100 000 € per depositer if the bank cant pay

I would buy Gold. Still going very well but perhaps a little late to invest in now

Anders


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