The impact from a Scottish Yes vote
campaigners. With the fields depleting rapidly, the projected estimate for Scotland’s annual tax revenue will have fallen to GBP 3.5 bln by 2019 or only some 10-15% of its projected public spending. Res ipsa loquitur (it speaks for itself).”
Waring added that as regards implications for Cyprus, “a Yes vote and a relatively impoverished Scottish population would see a negative impact on numbers and spending of tourists and property buyers from Scotland for possibly a generation or more. Potential capital controls in the new Scotland to prevent capital outflow and a run on the banks may limit offshore opportunities in Cyprus.
However, the remainder UK with a population of some 58 mln is a large and resilient beast with a strong economy. There may be some negative short-term impact on tourism and property buying from the UK, although the latter is already at rock bottom, so we are talking about a delay in property market recovery.”
SHELTER FROM WINTER COLD
On the subject of property, realtor George Mouskides, Director of FOX Smart Estate Agency, had a different take on the whole matter.
“Cyprus can easily become the Florida of Europe. Retirees from Northern European regions, such as Scotland, Scandinavia etc., could find living in Cyprus during winter months to be both pleasant and more economical. I was recently informed by a Swedish couple that their heating cost alone during the three winter months, is higher than all living costs in Cyprus for the same period.
“The financial aspect is certainly very important. The double tax treaties Cyprus has signed with most European countries, makes it preferable to collect and spend one’s pension in Cyprus than other jurisdictions.
“Not to mention that in Cyprus English is spoken widely and people drive in the correct side of the road,” Mouskides concluded.