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Possible new tax amnesty for Cypriot residents
The Cypriot government has announced plans for a tax amnesty for Cypriot residents who repatriate funds before December 31st 2013.
According to government spokesman Christos Stylianides such funds would be exempt from income tax, but would come with strings attached. Obviously in an attempt to boost the financial sector, repatriated capital must be used immediately to settle obligations to banks or the state, or be invested in approved schemes such as the purchase of sovereign bonds or five-year fixed-term deposits in banks.
Figures regarding the possible amounts which might be repatriated are not available, though the ministry of finance is expected to provide estimates shortly.