The im­pact from a Scot­tish Yes vote

Financial Mirror (Cyprus) - - FRONT PAGE -

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.”


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.

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