Cyprus Financial Crisis Hits Expats

Media is ablaze today over the monetary crises in Cyprus.
For many U.K. citizens who reside there a new tax measure could impose a reported 9.9% tax on bank deposits over 100,000 euros. Those under the amount would be hit with a 6.75% levy.
It's a one-time charge and is part of a bailout package that has been agreed by the government and the IMF.
Cyprus remains a popular expatriate retirement destination with nearly 60,000 British residents.