Cyprus: An Emerging Offshore Banking and Financial Centre

Kate Phylaktis

Chapter 7 in The Banking System of Cyprus, 1995, pp 125-133 from Palgrave Macmillan

Abstract: Abstract Up to now we have been concerned with the onshore banking activity in Cyprus. In this chapter, we will examine the offshore banking sector, its establishment, growth and prospects. We will examine, first, the factors that are known to attract foreign banks and financial services companies in general to the island. We will look at the reasons why foreign banks decided to set up OBUs in Cyprus and where interest is likely to come from and why. Finally, we will compare the experience of Cyprus as an offshore banking centre with that of Bahrain, as the latter is the main competitor for current and prospective offshore banking activity.

Keywords: Middle East; Arab Country; Foreign Asset; Foreign Bank; Financial Centre (search for similar items in EconPapers)
Date: 1995
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-12868-6_7

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DOI: 10.1007/978-1-349-12868-6_7

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