Its is important to never forget what happened in 2013 in Cyprus. Yes, there will have been “dirty money” lost, but there will also have been people saving for a house, people moving house, inheritance, etc. all genuine reasons to have significant funds in a bank.
Let us not forget that money saved in a bank account is just numbers on a screen, and it is always best to diversify funds into a range of hard assets; land, property, stocks, shares, bonds, bullion, even cryptocurrency.
Any bank in any country in the world may do what Cypriot banks did, and it seems like it will never happen or it is not possible, but the marker has been set - this can happen and is bound to happen again.
Here’s a screenshot of the bank account of one of those affected:
If one is ever fortunate enough to have such significant assets, it is difficult to imagine banks turning up with bulldozers and taking 85% of your property, but 85% of your bank account can be erased in an instant.
