concerns

THOMAS


Joined: 27/01/2008
Posts: 28

Message Posted:
23/03/2008 10:20

Iwas planning to live off my investments as i'm sure many people now do.My concerns are cost of living,currency and YTL accounts if TRNC falls into line with EURO does this mean only 4% to 5% returns?Over to you accountants

Perry


Joined: 27/01/2007
Posts: 413

Message Posted:
23/03/2008 11:11

If the island does become one EU member state, TRNC will convert to the Euro - and I would have thought it will be quite quickly. Once done, the interest rate is Eurozone wide so you will get 4% I am afraid. Now it doesn't end there.... Due to the credit crisis (from the sub prime collapse) in the US, the Feds have cut interest rates again by a further 3/4% on Wednesday as they desperately try and stop further slides in their. This will no doubt lead to further cuts in interest rates in Europe. (Sorry)



Now the flip side - the Euro will give a safe and stable home for your cash and the banks more protected - and of course there will be a lot of benefits for TRNC economy and house prices will really lift off - but lets all hope they dont ruin the place with mass tourism and over development.

THOMAS


Joined: 27/01/2008
Posts: 28

Message Posted:
23/03/2008 11:26

That confirms my thoughts,i did want to retire its a good job i packed my tools in my container i'm only 46 and an Electrician so 2 days work,2 days golf ,1 day fishing 2 days retired dont sound that bad does it? oh! and i might have to squeeze a cold beer in and here's me thinking i was leaving the rat race

simbas



Joined: 16/07/2007
Posts: 5943

Message Posted:
23/03/2008 12:23

oh thomas , what a hard life you have in front of you !!!!!!!!!

have a good easter , simbas

jemjem


Joined: 27/05/2007
Posts: 42

Message Posted:
23/03/2008 13:37

good luck thomas im with you 59 been retired for 2 years and a rent boy. or odd job technician my moto is live when alive and die when dead hopefully we can get some sort of golf society going bob tbv

JamesB


Joined: 07/02/2007
Posts: 450

Message Posted:
23/03/2008 15:08

Isn't 59 a bit old to be working as a Rent boy?

Geoff1131


Joined: 12/07/2007
Posts: 276

Message Posted:
23/03/2008 15:47

James totally agree, 58 should be the absolute maximum,



Geoff( 57andthreequarters)

tansycat


Joined: 09/02/2007
Posts: 50

Message Posted:
23/03/2008 17:58

hi thomas you will be able to invest in ytl until turkry joins the euro the lira is not run from TRNC enjoy.......

livethedream


Joined: 12/04/2007
Posts: 455

Message Posted:
23/03/2008 20:00

Hi Thomas



Hope you can read and write Turkish, as you now have to sit an exam if you want to work in a 'trade'! (more bureaucracy!!)

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
24/03/2008 11:36

hi guys

concerning interest rates on savings, even if north cyprus becomes unified with south cyprus the rate wont fall down to 2-3% it will be inline with other european countries like greece which there rate on savings on a euro account is 10% which is still not that bad, and like tansycat has said you can switch to a account in turkey and still reap the rewards on a hight interest rate on your savings

hope this helps

ukturk

orangekazzie



Joined: 31/07/2007
Posts: 1091

Message Posted:
24/03/2008 12:40

UKturk

I have an account with HSBC which in theory holds its accounts in Istanbul. In an ideal world then this would mean that when/if the rates fall the HSBC rates will remain the same as Girne is only a satelite office.

Karen

THOMAS


Joined: 27/01/2008
Posts: 28

Message Posted:
24/03/2008 13:01

KAZ that will be for the YTL that wont be the currency when the changes come about it'll be the EURO and all EU members are controlled by central banking system ie EUROZONE i also think if and when the changes come TURKEY wont be far behind joining EU

p4aul


Joined: 12/10/2007
Posts: 71

Message Posted:
24/03/2008 13:07

http://video.google.co.uk/videoplay?docid=-230807651498563427&q=lobby+for+cyprus&total=6&start=0&num=10&so=0&type=search&plindex=0

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
24/03/2008 13:51

hi kaz

in theroy you are right, but this is down to the actual branch of hsbc if they adopt the euro in north cyprus then i very much doubt the hsbc branch will continue to have ytl savings account because no one will use ytl in north cyprus when they are using the euro monatary system and remmember that that all hsbc are some sort of franchise so they could break away from their main offices in turkey, and like what thomas said all the banks in the north will have to adopt the same level of interest rate of their eec fellow member states but like i said greece is currently giving out 10% on savings

if north cyprus does get unified and they become a eec member they wont abbolish the ytl straight away like the south it took 2 years for the cyprus pound to cease so this will happen in the north aswell you cant straight away get rid of the ytl you have to slowly introduce the euro in like many other countries who have joined and havent straight away adopted the euro, i dont think there is no need to panic all this unification talk is still pie in the sky and action speaks louder than words and i dont see this (if it does) happinig for at least a couple of years

i must disagree with you thomas if north cyprus does gain entrance thru the back door by reunification with the south, turkey is or wont be following into the eec soon after, we are at least looking at 5years min (theres a lot of issues that has to be resolved not just the cyprus situtation) so people could still reap the rewards of having a turkish bank account here in turkey

hope this helps

ukturk

THOMAS


Joined: 27/01/2008
Posts: 28

Message Posted:
24/03/2008 13:55

uk do you know what they pay on savings in the south

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
24/03/2008 14:04

HSBC branches wherever they are in the world are not franchises, they are all part of the worldwide HSBC Group

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
24/03/2008 14:25

Dont think anyone should let Turkey's possible entry into EU influence their decisions.When Turkey initially applied ,it was conceded by Turkey and the EU that negotiations alone would take between 10 and 15 years.

Since then a lot of Turks have lost interest and atitudes within Europe ,especially France,have hardened.

I think that we will have a lot more to worry about in 15 years, than interest rates in TRNC/United Cyprus.Might even have my title deeds by then .

On that subject ,wonder what would happen to PTP and title deeds outstanding if some sort of unification with the south goes ahead.Who would be in charge of all that.?cant see a unified Cyprus granting too many PTP's.

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
24/03/2008 14:27

hi

i worded it wrong hsbc is not a franchise and is part of the hsbc group but they operate indepentantly in their own country for example u.k hsbc head office in canary wharf is not accountable for or to hsbc head office istanbul turkey or vica versa

thomas i dont know the exact rate in the south but i would presume it would be somewhere near the rate they have in greece which is 10%

regards

ukturk

glencoe


Joined: 01/02/2008
Posts: 256

Message Posted:
25/03/2008 08:52

I have a savings account with Laiki bank in S.Nicosia and get 8% gross at present

Personally speaking, I hope the TRNC never reunifies with the south, just my own opinion

G

THOMAS


Joined: 27/01/2008
Posts: 28

Message Posted:
25/03/2008 09:39

We need an accountant on here and one who can explain it simply.We must have one amongst us or is he in hiding ha ha