1. Cyprus is currently experiencing economic challenges. Cyprus has taken an international loan of 10 billion euros, mainly to recapitalise its banks, which have been crippled by exposure to crisis-stricken Greece.
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3. Cyprus government has adopted a law that provides taxation of the banks existing deposits over 100 000 euros with one-off tax. Such a move for Cyprus threatens with cash outflow from the state.
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5. From an expert point of view, this situation is beneficial for Latvian credit institutions, especially for those who work with clients from Russia and the CIS. Latvian banks are currently characterized by an influx of depositors.
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7. Depositors and investors choose Latvia because of its taxation policy, favourable tax system, a high level of confidentiality and flexible attitude to financial resources transit. Latvian banks are safe alternative to offshore to store money.
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9. The advantages of Latvian business environment are open markets, resources that are not available elsewhere (land, timber, low labour costs) business culture and mentality, which is close to the European dimension.
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11. Foreign investors also evaluate the experience, noting a number of advantages as business projects, which before attracting investments had made good progress. They point out that Latvia have long traditions of production.
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13. https://www.baltic-legal.com/latvia-cyprus-world-of-business-comparison-eng.htm