Cyprus known as Laiki Bank), into a "bad" bank which would be wound down over time and a "good" bank which would be absorbed by the Bank of Cyprus. In return for a €10 billion bailout from the European Commission, the European Central Bank and the International Monetary Fund, often referred to as the "troika", the Cypriot government was required to impose a significant haircut on uninsured deposits, a large proportion of which were held by wealthy Russians who used Cyprus as a tax haven. Insured deposits of €100,000 or less were not affected. According to the 2017 International Monetary Fund
Consumption tax that is put in investments (such as property, stocks, savings accounts) would be tax-free. As the asset grows in value, it would not be taxed. Only when the proceeds from the investment are spent is any tax imposed. This is in contrast with an income tax system where if land is bought and sold it with a profit, the gain is taxable. A consumption tax taxes only consumption, so if an investment is sold to buy another investment, no tax is imposed. Andrews notes the inherent problem with housing. Renters necessarily "consume" housing, so they will be taxed on the