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Cyprus: Hot Russian money isn’t going where you think

Thursday, March 28, 2013 - 02:45

Mar. 28 - Assorted tax havens will benefit as Russian money flees Cyprus, but the ultimate winner could be the City of London, says tax haven expert Nicholas Shaxson.

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-- We shouldn't. Lament the demise of Cyprus and offshore tax and it definitely not the world didn't need this tax haven it's a societal recipients of this is that this is a place that -- been offering secrecy facilities and turning a blind eye to the root of the world. -- assets themselves. Typically will go to places wet you know the rich people who run them like Jessica you know that fabulous shopping months and spent time and maybe has a flat back. Typically that will you know all of those assets -- end up in such places I -- the structure is that I don't know assassins -- -- those assets. Are likely to cut its. At a rate jurisdictions. And has been a reduction in this. Banking secrecy. Regimes and some reduction but again that you know it's largely United States and Europeans. Affected by that I'm Russians you know they would have revenues that would. Give him skittish about certain assets and dozens of what's happening. But they still very. Easily able to -- useless facts and debate. We'll see significant increases I think because. There are Russian communities that and Russian speaking to lawyers and so. Various with great sadness that you know. British -- 23 which accruals which is very important eruptions. Because Britain provides not only you know a great degree of tolerance peaceful outlets in these places which it partially controls many of these places. This another NC -- structures but they also have -- -- court system. I'm anchored in the British court system. Yeah. Perhaps the biggest beneficiary of British Virgin Islands which is yet biggest company corporation Santa. In the world. Again that's another British territory with you know -- -- -- -- solid potential -- -- and -- -- split decision. Hey. Legal system which will reassure a lot of Russians. Yeah. And the beast. Places that kind of. Fetus in a way for the city of on this site. They attract money change questionable and -- from around the world and so London is he's absolutely central office holders. London you know we'll see intense business and handling structures. Increased business as a -- some risk but you'll succeed him assets ourselves like yeah. You know whatever it residential promise it won't be buying companies behind fumble and -- -- That kind of business headlines and -- in -- as a -- this tax yeah.