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
European Union value added tax personal use or gifts without limits.The 2015 EU VAT legislation requires two non-conflicting pieces of evidence to be produced so as to determine what VAT rate should be applied to these digital goods sales. EU sellers may validate the VAT number of a buyer residing within the EU Value Added Tax Area using VIES. All EU member states are part of the VAT area. However some areas of member states are exempt areas: Included with the Republic of Cyprus at its 19% rate: Included with the United Kingdom at its 20% rate: Included with France at its 20% rate: Areas