Cyprus as EU-Location for Asset-Protection
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Abstract
The purpose of this paper is to provide a framework to develop a competitive advantage of the financial market of Cyprus interrelating political, historical, legal and economic aspects. As the current era of globalisation implies intense international competition for attracting financial resources, the discussion has been positioned in the context of competitive advantage. The research intends to provide authorities and all stakeholders involved with a comprehensive pool of internal and external competitive elements reflected in a holistic framework synthesising country, industry and company perspectives. Whereas current literature refers more to individual and scattered elements of competitive advantage a coherent view is very seldom applied. No such study on comprehensive factors of competitive advantage of the Financial Centre of Cyprus has been provided so far. The paper qualitatively validates a model applied for another successful financial market, Liechtenstein, to analyse its applicability to the Cyprus case. Against the background of the global financial crisis and the still existing Cyprus problem, the paper pays special attention to the security aspect penetrating all factors of the model. The paper intends to provide a holistic view on the factors of competitive advantage of the Financial Centre of Cyprus.
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Keywords
Private Banking, Competitive advantage, Financial Centres, Cyprus
References
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Roussakis, E. and Bisha, I. (2006) ‘Tax Reforms and the Implications for International Banks. The Case of Cyprus’, EuroMed Journal of Business, Vol. 1. pp. 20-36.
Sandelowski, M. (1995) ‘Sample Size in Qualitative Research’, Research in Nursing and Health, Vol.18, pp. 179-183.
Sele, C. (1995) Standortkonkurrenz zwischen Finanzplaetzen unter besonderer Beruecksichtigung des Offshore – Geschaefts – Der Fall Liechtenstein [Location Competition Amongst Financial Service Centres Taking Specifically Offshore Business Into Consideration – The Case of Liechtenstein]. Bern: Haupt Publishing.
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Smid, S. and Zwart, P. (2002) ‘Financial Services on Cyprus: Study on the Situation of Enterprises, the Industry and the Service Sections in Turkey’, IBM Report, Cyprus and Malta, Annexe II of the contract. ETD/00/503332. Reference 0326.02.
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Verbist, L. (2006) ‘Double Taxation Agreements – The Mauritius Liechtenstein Link’, International Journal of Management Cases, Vol. 8. Issue 4, pp. 49-57
Bornscheuer, A. (1999) Ratgeber Steuerparadiese – Eine Analyse der 50 Besten Steueroasen [A Guide for Tax Havens – An Analysis of the 50 Best Tax Oases]. Muenchen: DTV Beck.
Chan, K., Covrig, V. and Ng, L. (2005) ‘What Determines the Domestic Bias and Foreign Bias? Evidence from Mutual Fund Equity Allocations Worldwide’, Journal of Finance, Vol. 60, No. 3, pp. 1495-1534.
Charitou, A. and Panayides, M. (2009) ‘Market Making in International Capital Markets: Challenges and Benefits of its Implementation in Emerging Markets’, International Journal of Managerial Finance, Vol. 5, Iss. 1, pp. 50-80.
Christophorou, C. (2007) ‘Establishing Cyprus as an International Financial Center’. Unpublished MBA Thesis, University of Nicosia, Cyprus.
Christou, M. (1999) Cyprus Business Guide. Athens: T. and T. Publishing.
Christou, M. (2002) ‘The Funding of the Corporate Sector by the Private Sector in Cyprus’, Article-Comment –Phileleftheros newspaper, May 2002.
Christou, M. (2003) ‘The Change in the Cypriots Savings Behaviour’, Article-Comment – Phileleftheros newspaper, September 2003.
Christou, M. (2006) ‘The Return of the Social Insurance Fund and its Utilization’, Article-Comment –Phileleftheros newspaper, February 2006.
Christou, M. (2007) ‘Mergers and Acquisitions in Cyprus’, Article-Comment – Phileleftheros newspaper, May 2007.
Colson, A. and Corm, M. (2006) ‘Futures Studies in the European Union’s New Member States’, Foresight, Vol. 8, No. 3, pp. 55-64.
Connolly, P. (1998) ‘”Dancing to the Wrong Tune”: Ethnography Generalization and Research on Racism in Schools’ in Connolly, P. and Troyna, B. (eds.), Researching in Education: Politics, Theory and Practice. Buckingham, UK: Open University Press, pp. 122-139. Cyprus Statistical Office – Cystat Annual Statistical Reports, Nicosia.
Department of Statistical Service of the Republic of Cyprus (CYSTAT) (2008) Available from [http://www.mof.gov.cy/mof/mof.nsf/DMLstatistics_en/DMLstatistics_en?OpenDocument], accessed on 13 January 2010.
Economist Intelligence Unit (EIU) (2009) New York: ViewsWire, Available from [http://proquest.umi.com/pqdweb?index...], accessed on 1 June 2009.
Factors Chain International (2010) Available from [http://www.factors-chain.com/?p=ich&uli=AMGATE_7101-2_1_TICH_L470153550], accessed on 23 February 2010.
Golob, U. and Podnar, K. (2007) ‘Competitive Advantage in the Marketing of Products within the Enlarged European Union’, European Journal of Marketing, Vol. 41, No. 3-4, pp. 245-256.
Kasapis, A. (1999) Cyprus Business Guide. Athens: T. and T. Publishing.
Kochan, N. (2006) ‘Cyprus Benefits from a Safe-haven Reputation’, The Banker, Vol. 156, No. 968, pp. 88-89.
Lilikas, G. (2006) ‘More than Money’, The Banker, June Supplement: Cyprus Building a Solid Economy, FT Business, p. 6.
Marray, M. (2006) ‘Positive Outlook for Growth’, The Banker, June Supplement: Building a Solid Economy, FT Business, pp. 2-3.
Ministry of Commerce, Industry and Tourism – Republic of Cyprus. (2006) Invest in Cyprus: A Guide for Foreign Investors. Cyprus.
Onwuegbuzie, A.J. and Leech, N.L. (2007) ‘Sampling Designs in Qualitative Research: Making the Sampling Process More Public’, The Qualitative Report’, Vol. 12, No. 2 (June), pp. 238-254.
Özersay, K. and Gürel, A. (2006) Politics of Property in Cyprus. Nicosia: PRIO Report.
Parasuraman, A., Zeithaml, V.A. and Berry, L.L. (1988) ‘SERVQUAL: A Multiple-item Scale for Measuring Consumer Perceptions of Service Quality’, Journal of Retailing, Vol. 64 (Spring), pp. 12-37.
Philippides, B.D.O. (2006) ‘Cyprus: Last Tax Oasis in Europe?’ Available from [http://www.bdo. com.cy/newsletters/Cyprusthelasttaxoasis.pdf], accessed on 3 May 2007.
Phylactis, K. (1995) The Banking System of Cyprus: Past, Present and Future. London: Macmillan.
PIO (2007) ‘Aspects of the Problem’. Available from [http://www.cyprus.gov.cy/moi/pio/pio.nsf/ All/C0872092FC133645C2256D6D001E9265?OpenDocument], accessed on 13 January 2010.
Porter, M. (1980) The Competitive Advantage of Nations. New York: Free Press.
PriceWaterhouseCoopers (2006) Cyprus as an International Financial Centre Post EU Accession. Cyprus: Thecona.
PriceWaterhouseCoopers (2007) The Euro and Cypriot Business. Cyprus: J.G. Cassoulides and Sons.
Romero, E. and Kaufmann, R. (2006) ‘The Relevance of Fiscal Systems as a Determinant of Competitive Advantage for Offshore Financial Centres – The Case of Liechtenstein’, International Journal of Management Cases, Vol. 8. Iss. 4. pp. 58-69.
Roussakis, E. and Bisha, I. (2006) ‘Tax Reforms and the Implications for International Banks. The Case of Cyprus’, EuroMed Journal of Business, Vol. 1. pp. 20-36.
Sandelowski, M. (1995) ‘Sample Size in Qualitative Research’, Research in Nursing and Health, Vol.18, pp. 179-183.
Sele, C. (1995) Standortkonkurrenz zwischen Finanzplaetzen unter besonderer Beruecksichtigung des Offshore – Geschaefts – Der Fall Liechtenstein [Location Competition Amongst Financial Service Centres Taking Specifically Offshore Business Into Consideration – The Case of Liechtenstein]. Bern: Haupt Publishing.
Silvani, R. (2005) Interview (22 March 2005) in Romero, E. and Kaufmann, R. (2006) ‘The Relevance of Fiscal Systems as a Determinant of Competitive Advantage for Offshore Financial Centres – The Case of Liechtenstein’, International Journal of Management Cases, Vol. 8. Iss. 4. pp. 58-69.
Smid, S. and Zwart, P. (2002) ‘Financial Services on Cyprus: Study on the Situation of Enterprises, the Industry and the Service Sections in Turkey’, IBM Report, Cyprus and Malta, Annexe II of the contract. ETD/00/503332. Reference 0326.02.
Tsialis, P. (2006) ‘Cyprus: A Prestigious International Financial Centre’. Available from [www.pwc.comcyengabouteventsdocsPNT_sp_eng], accessed on 20 May 2007.
Verbist, L. (2006) ‘Double Taxation Agreements – The Mauritius Liechtenstein Link’, International Journal of Management Cases, Vol. 8. Issue 4, pp. 49-57
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“Cyprus As EU-Location for Asset-Protection”. 2018. Cyprus Review 22 (1): 107-28. https://cyprusreview.org/index.php/cr/article/view/184.