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On March 31, The New York Times headlined "As Banks in Cyprus Falter, Other Tax Havens Step In," saying:
"(F)inancial centers across Europe and beyond are promoting their own skills at keeping money hidden and safe."A Malta law firm said:
"We are aware of the economic problems facing Cyprus at the moment. We would like to propose an avenue of action for your consideration: offering corporate relocation to Malta."
Switzerland, Luxembourg, the Cayman Islands, Dubai, Singapore, and other tax havens made similar offers.
Swiss-based Gonthier Group emailed Cypriot firms working with foreigners. It suggested they offer clients an investment "vehicle which is extremely low-profile, not classified as a bank account or trust and thus very much under the radar of national fiscal authorities."
Turkey controls northern Cyprus. It's promoting its own banks. It does so as a safer alternative.
Nicholas Papadopoulos heads parliament's finance and budgetary affairs committee. "We are being thrown to the wolves, and now the wolves have responded," he said.
Limassol lawyer Andreas Marangos said Cypriot banking "is finished." At stake is the island's main industry and tens of thousands of jobs. Expect unemployment to soar.
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