Will Spain copy Cyprus and rob our savings?

A very good reason to make other arrangements, then and not be resident.

Or, to ensure that any assets are far beyond the reach of thieving governments. Not particularly difficult to do.

The more you read about this instant tax the more you realise both how truly outrageous it is. 

No-one can second guess the Spanish government, if they're true to form they won't know themselves for several months.  But I do not believe that it is going to happen here.  It's not their style and they know there would be massive riots if they tried anything similar.  Also this requirement would not be a pre-requisite for EU funding, so they don't need to do so.

But surely there will be a knee jerk reaction from many who will withdraw their deposits just in case, with the possibility of a collapse of the banking system in some of the PIGS countries.  But equally surely Merkel would not have done this, if it was thought to be a consequence.  Would she ?!  I'm just glad I've got less than €1,000 in my Spanish account right now.  But we live in some very very strange times.

 I don't understand how investing in gold works........... People buy bits of paper saying how much they own and they use it to trade. It is a 'paper promise'. Trouble is  - there is not enough gold in the world to honour 20% of the amount being traded.  :?

 Quite true - buy real gold, dont trust paper anything.  

 No VAT or CGT on Real Gold Coins

its unlikely, but the risk is there which is why most likely ex pats will be the most worried and could easily decide to get their money out, and put in uk sterling account especially while xchange rate is good. Might not be a lot of money in the first instance but only needs a few million withdrawn to start a panic.

Nick

The recent request here in Spain for information on worldwide assets is, I am told by a tax official, for 'information only' but it does sound like a way to tot up the value of a new tax...we might have a few months to make adjustments to our savings and where they are located...but soon 'the system' will be able to join up all the dots and see total assets no matter where they are.  Gold, paintings, jewellery, musical instruments...all items that can gain in value over time, but you need to know what you're buying and be prepared to hang onto it for a long time.  I doubt if Britain would introduce a tax like this...revolution...but you never know.or can Brussels force that on the UK too?

 How about this idea.... The German government has a secret plan to cause the Euro to implode, caused by the southern countries including Cyprus so they can go back to the Deutsche Mark to protect their own market... and of course Frau Merkel is not in the least bit interested in the up coming German elections later this year.. 

While you're at it... be really, really super helpful and make sure to notify all the local burglars of what you have and where you keep it.

Honesty is the best policy!

For you. Not for them:

Sharon Bowles, the chairman of the European Parliament’s Economic and Monetary Affairs Committee and MEP for South East England, said: “This grabbing of ordinary depositors’ money is billed as a tax, so as to try and circumvent the EU’s deposit guarantee laws. It robs smaller investors of the protection they were promised.”

They lie. You have to tell the truth!

 For those who think that the UK, US etc may be "Safe Havens" - 

By Executive Order Of The President of The United States, March 9, 1933.

By virtue of the authority vested in me by Section 5 (b) of the Act of October 6, 1917, as amended by Section 2 of the Act of March 9, 1933, in which Congress declared that a serious emergency exists, I as President, do declare that the national emergency still exists; that the continued private hoarding of gold and silver by subjects of the United States poses a grave threat to the peace, equal justice, and well-being of the United States; and that appropriate measures must be taken immediately to protect the interests of our people.

Therefore, pursuant to the above authority, I hereby proclaim that such gold and silver holdings are prohibited, and that all such coin, bullion or other possessions of gold and silver be tendered within fourteen days to agents of the Government of the United States for compensation at the official price, in the legal tender of the Government.

All safe deposit boxes in banks or financial institutions have been sealed, pending action in the due course of the law. All sales or purchases or movements of such gold and silver within the borders of the United States and its territories and all foreign exchange transactions or movements of such metals across the border are hereby prohibited.

Your possession of these proscribed metals and/or your maintenance of a safe deposit box to store them is known by the government from bank and insurance records. Therefore, be advised that your vault box must remain sealed, and may only be opened in the presence of an agent of the Internal Revenue Service.

By lawful order given this day, the President of the United States.

So when you buy your gold / silver coins - please ensure you keep them secret and bury them in a safe uder your home for emergencies.

That is absolutely right. It is about time people woke up to the fact that "democracy" is a complete sham, and that any "rights" you think you have can be taken from you by "executive order" any time they feel like it. Your bank account can be plundered, and your posessions seized. So-called "penalties" can be imposed for just about anything.

I think people ARE realising this, at last.

It was stuff like this that kicked off the French Revolution....heads rolled. Literally.

I don't understand how investing in gold works........... People buy bits of paper saying how much they own and they use it to trade. It is a 'paper promise'. Trouble is - there is not enough gold in the world to honour 20% of the amount being traded. :?

You buy a piece of gold or silver, be it a coin, bracelet, what ever, as is the same with everything you try to buy at a low price.

You don't buy from any of the gold traders who are selling gold or silver, and promising that they will keep it safe for you in their vaults while showing you a piece of paper with what you are supposed to own on it.

You then put the gold or silver away until it rises in price and sell it at a profit, that is if you want to.

£100 in the bank might give you £20.00 interest in 1 years time, £100 of gold or silver might give you £20.00 profit tomorrow.

Their is a stupid misapprehension going about that if all the world currencies were to fail having gold or silver would be security for the holder because they would always have something to trade with. Ask any American.

You don't own any gold or silver unless you can hold it in your hand, and take it home.

Went to the Bank this morning to collect Sterling which we had ordered for our trip to Gibraltar and UK.

Was supprised at the length of the line. When I asked the teller if this was normal for a Monday she told me it wasn't but today they had people wanting to withdraw large amounts of cash.

Guess they were also going on a trip!

Rossetti

 Hi, Johnx

The tax has not been eliminated but it has been reduced from 6.7 to 3.7% for deposits up to 100,000 euros and increased from 10% to 12.5% for deposits of more than 100.000 euros.

This is what the press is saying.

pity about those with a balance of 100,001. euros !

12.5%

holy sheeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeet

Get ready free EU people. We knew it and we have seen it. NOW they should all listen US. BANG BANG BANG-ers bankers, we are marching. Troika, we are marching. Germans, we are marching.. and we are unstoppable. ALL eu governments voted to steal peoples money.

By withdrawing money &/or sending it out of the country electronically all it does it puts up the rate at which spain pays on its borrowings so making even more likely  a financial collapse.

Anyway if they want to catch you they always will, they'll just back date it to sometime before with what you had in the account at the start of a year.