Probably, because most Cypress citizens won't be taxed that much. It said "up to 10%" Remember where the Polly Peck CEO went to live? and what happened to the shareholders? Their funds went to Cyprus, too, but not to their bank accounts---to his.
Now I know what is worrying a lot of traders. If Brits could get their money out of there, they would not give a monkey's about the rest. That is why I am inclined to favour the tax.
Don't forget the new tax the councils are going to charge for extra bedrooms. Is there anyone who would like a homeless person in their council house? I understand that the tax could amount to 750 GBP per year, if they don't.
Regardless of the unpleasant things that are happening in Spain, we have not got to that stage, yet and we still get daily rubbish collection.