From Iceland — Icelandic Holdings in Tax Shelters Increase

Icelandic Holdings in Tax Shelters Increase

Published September 10, 2009

The amount of money Icelanders have put into tax shelters in places
such as Cyprus, Jersey and the Caymans has increased about 40% in the
past year, according to Morgunblaðið.
Last year, the total amount of Icelandic funds in tax shelters was 27.2 billion ISK (just over 219 million USD). Today, that figure is 72.5 billion ISK, or just over 580 million USD.
At the same time, Icelandic investments abroad has decreased by about a third over the past year, having in mind though that the crown has weakened by 44% across the same period.
Iceland has invested somewhat heavily in Cyprus – the largest owner of Landsbanki before the crash last year, Samson Holdings, owned half of the Cypriot company Bell Global Investments.

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