Why would anyone keep savings money in a Cyprus bank?
Far better returns are found around the world, no charges for having an account, no charges for having a direct debit card, no charges for a cheque book.
Cyprus banks need to get organised and competitive, I have one account here in Cyprus for absolute basic needs and that will be shut down soon as external competition will take over. The last time I visited a Cyprus bank was four years ago, I don’t do business with backward thinking, high-charging organisations.
By the way, everything is legal and I pay all my taxes here in Cyprus just in case someone thinks it’s a way of avoiding tax.