Have as a Barrier to Heaven? The Cyprus Offshore Financial Centre and European Union Accession
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Abstract
The aim of this paper is twofold. The first is to examine whether efforts of the Republic of Cyprus to establish itself as an offshore financial centre present any problems for its desired accession and integration to the European Union. The second objective is to discuss the solutions available to Cyprus as an Offshore Financial Centre (OFC). It attempts to outline the 'problematique' of the OFC through a theoretical debate known within the field of International Political Economy as competing or alternative forms of capitalism. This theoretical exposition aims to reflect on how OFCs affect onshore activity in the nearby mainland(s) and in the regional financial system. The second objective of the paper, that of introducing the options available to Cyprus, is discussed within the context of a second debate. This lies in the subfield of economics known as Institutional Economics, and discusses issues of unilateral liberalisation and harmonisation of institutional frameworks and policies, both from the perspective of an integrated global environment.
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Keywords
Cyprus, European Union, accession, offshore financial centre
References
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Policy and Economic Reform. London: Routledge.
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.
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Gerken, Luder, (1995). "Institutional Competition: An Orientative Framework." In Luder Gerken (ed.), Competition Among Institutions. London: Macmillan Press.
Gilpin, Robert, (1987). The Political Economy of International Relations. Princeton, NJ: Princeton University Press.
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Hampton, Mark, (1996a). The Offshore Interface: Tax Havens in the Global Economy. London: Macmillan Press.
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Hampton, Mark, (1994). "Treasure Islands or Fool's Gold? Should Small Island Economies Copy Jersey?" Development and Change 22:2.
Hemming, Richard and Paul Bernd Spahn, (1997). "European Integration and the Theory of Fiscal Federalism." In Mario I. Blejer and Teresa Ter-Minassian (eds.), Macroeconomic Dimensions of Public Finance. London and New York: Routledge.
Helm, Sarah, (1997). "No hiding place for fraudsters as Europe moves to end tax havens and 'piracy'." The Independent? March, 14.
Hobsbawm, Eric, J., (1996). "The Future of the State." Development and Change 27:2.
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Neocleous, Andreas, (1996). "Cyprus Enacts Law on Laundering, Search, Seizure of Crime Proceeds." Center for International Legal Studies International Reports.
Nicolaides, Phedon, (1996). Harmonisation with the European Union in the Field of Tax Policy. Nicosia, Cyprus: Cyprus International Institute of Management.
Nikkei Business News, (1996). "Emerging Underground Businesses" August, p. 22.
O' Donnell, Kathy and Peter Nolan, (1989). "Flexible Specialisation and the Cyprus Industrial Strategy." The Cyprus Journal of Economics 2:2.
Palan, Ronen, Jason Abbott, and Phil Deans, (1996). State Strategies in the Global Political Economy. London and New York: Pinter.
Papaneophytou, Neophytos, (1994). "Cyprus: The Way to Full European Union Membership." The Cyprus Review 5:2.
Phylaktis, Kate, (1995). The Banking System of Cyprus: Past, Present and Future. London: Macmillan Press.
Razin, Assaf and Efraim Sadka, (1989). "International Tax Competition and Gains from Tax Harmonization." Cambridge, Mass: National Bureau of Economic Research, Working Paper no. 3152.
Redmond, John, (1995). "Security Implications of the Accession of Cyprus to the European Union." International Spectator 30:3.
Redmond, John, (1994). Prospective Europeans: New Members for the European Union. Heme! Hempstead, Herts.: Harvester Wheatsheaf.
Ruggie, John Gerard, (1983). "International Regimes, Transactions, and Change: Embedded Liberalism in the Postwar Economic Order." In Stephen Krasner, lntrernational Regimes. Ithaca, NY: Cornell University Press.
Sachinides, Philip, (1994). "Financial Liberalisation in Cyprus: A Public Finance Consideration." The Cyprus Journal of Economics 7:2.
Sally, Razeen, (1997). "'Classical Liberalism and International Economic Order." Chapter in unpublished manuscript.
Stavrinakis, Spyros, (1997). Assistant Manager, Central Bank of Cyrpus. Interview with Author, 4 March.
Strange, Susan, (1996). "Mafia Networks." Nikkei Business News, August.
Strange, Susan, (1995). "Political Economy and International Relations." In Ken Booth and Steve Smith, International Relations Theory Today. Cambridge: Polity Press.
Strange, Susan, (1988). States and Markets. London: Pinter.
Strange, Susan, (1986). Casino Capitalism. Oxford: Basil Blackwell.
Streeter, Michael, (1996). "Bought 200 Years Ago for Pounds 70,000, an Ancient Island Haven Feels Britain's Greedy Gaze Again." The Independent, 7 November.
Tanzi, Vito, (1996a). Money Laundering and the International Financial System. Washington, DC: Working Paper of the International Monetary Fund (WP/96/55).
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Theophanous, Andreas, (1995). "'Cyprus and The European Union: From Customs Union to Membership." The Cyprus Review 7:2.
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Treadgold, Malcom I, (1992). "Openness and Scope for Macroeconomic Policy in Micro States." The Cyrpus Journal of Economics 5:1.
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White, Lawrence, J, (1996). "Competition versus Harmonization -An Overview of International Regulation of Financial Services." In Claude E. Barfield (ed.),
International Financial Markets: Harmonization versus Competition. Washington, DC: AEI Press.
Wilson, Rodney, (1992). Cyprus and the International Economy. London: St. Martin's Press.
Witteveen, Dirk, E., (1995). "Taxation of Non-Residents in the European Union: Tax Equality or Patchwork Quilt." EC Tax Review 2.
Wolf, Martin, (1997). "The Wealth that Won't Stay Home" Financial Times (Survey on Russia), 9 April, iv.
Arestis, Philip, (1992). "European Economic International and its Relevance to the Economy of Cyprus: a Political Economy Approach." The Cyprus Review 4:1 .
Ayres, Ron, (1996). "European Integration: The Case of Cyprus." The Cyprus Review8:1.
Baldacchino, Godfrey, (1993). "Bursting the Bubble: the Pseudo-Development Strategies of Microstates." Development and Change 24:1.
The Banker, (1992). "A Place in the Sun" October 1992, 48-50.
Bonvicini, Gianni, Jean-Victor Louis, and Wolfgang Wessels, (1996). "On the Revision of Maastricht: A Common Report." International Spectator 31:1.
Brender, Adi, Dimitri G. Demekas, and Javier Hamann, (1995). Cyprus - Recent Economic Developments. IMF Staff Country Report no. 95/3. Washington, DC:
International Monetary Fund.
Cassard, Marcel, (1994). The Role of Offshore Centers in International Financial Intermediation. Washington, DC: Working Paper of the International Monetary Fund (WP/94/107).
Caves, Richard E, (1996). Multinational Enterprise and Economic Analysis. Cambridge: Cambridge University Press.
Central Bank of Cyprus, (1997a). Guide to Prospective Applicants on the Establishment of Offshore Banking Units/Administered Banking Units/Representative Offices in Cyprus. Nicosia, Cyprus.
Central Bank of Cyprus, (1997b). Guide to Prospective Applicants on the Establishment of Offshore Trustee Services Companies. Nicosia, Cyprus.
Central Bank of Cyprus, (1997c). Guide to Prospective Applicants on the Establishment of Offshore Financial Services Companies. Nicosia, Cyprus.
Central Bank of Cyprus, (1997d). Offshore Financial Services Companies, February 1997. Nicosia, Cyprus.
Central Bank of Cyprus, (1997e). Offshore Trustee Companies. Nicosia, Cyprus.
Central Bank of Cyprus, (1997f). Cyprus Offshore Banking Units. Nicosia, Cyprus.
Christodoulou, Demetrios, (1992). Inside the Cyprus Miracle: The Labours of an Embattled Mini-Economy. Minneapolis, MN: University of Minnesota Press.
Cnossen, Sijbren and Lans Bovenberg, (1997). Company Tax Harmonisation in the European Union. In Mario I. Blejer and Teresa Tar-Minassian (eds.), Macroeconomic Dimensions of Public Finance. London and New York: Routledge.
Commission of the European Communities, (1992). Report of the Committee of Independent Experts on Company Taxation. Luxembourg: Office for Official
Publications of the European Communities.
Corroon, Willis, (1996). "Introduction to the International Financial Services Centre, Dublin", 23 September.
(http://www.businessmonitor.co.uk/docs/proc/191/DUBlFSCI.html)
Coopers and Lybrand, (1994). Cyprus: The Way for Business and Investors. Nicosia, Cyprus: Zavallis Litho.
De Silguy, Yyves-Thilbault, (1996). "A Single Currency for Europe." International Spectator 31:3.
Demetriades, Evros, I. and Pentrondas, Demetrios, (1991). Economics Interdependencies in Cyprus. Ministry of Finance, Research Papers and Reports: Series 11, Report no.16. Nicosia, Cyprus: Printing Office of the Rebublic of Cyprus.
Easson, Alex, (1996). "Fiscal Degradation and the Inter-nation Allocation of Tax Jurisdiction." EC Tax Review 3.
The Economist, "Ireland: Europe's Tiger Economy". 17 May, 97, 25-28.
The Economist, "Taxing Matters" 5 April 97, 38.
The Economist, "Single Market, Singular Irony." 15 March 97, 20.
The Economist,"Thatcherites in Brussels (really)." 15 March 97, 25.
The Economist, "For a bigger, better Union: The European Union needs to speed up its opening to the East." 3 August 96 (CD-ROM).
The Economist, "Arguments for Enlargement." 3 August 96 (CD-ROM).
The Economist, "The Malta one?" 9 March 96 (CD-ROM).
The Economist, "In battle order: European Union." 9 December 95 (CD-ROM).
The Economist, "Good havens." 30 December 95 (CD-ROM).
The Economist, "Veto-mania: The use of no-votes in the EU." 18 February 95 (CD-ROM).
The Economist, "Ever Wider Union: Cyprus, Turkey and the EU." 11 February 95 (CD-ROM).
Edwards, Jeremy and Michael Keen, (1994). "Tax Competition and Leviathan." London: Institute of Fiscal Studies, Working Paper W94/7.
Eichengreen, Barry, (1990). "Costs and Benefits of European Monetary Unification." London:- Centre for Economic Policy Research, Discussion Paper no. 453.
European Commission, (1996). Commission Opinion: GC 1996. Luxembourg: Office of Official Publications of the European Communities.
European Parliament, (1996). Briefing on the 1996 Intergovernmental Conference and the Enlargement of the EU. Luxembourg: Secretariat Working Party, Briefing no. 36, 27 May.
European Parliament, (1990). The Economic Consequences of Fiscal Harmonisation in Europe. National Parliaments Series no. 10. Luxembourg: Office for Official Publications of the European Communities. (This is a summary of a report commissioned by the French Senat and prepared by a group of experts from
the Centre d' Etudes prospectives et d' informations internationales, the Observatoire francais des conjonctures economiques and the Institute of Fiscal
Studies).
Featherstone, Kevin, (1995). "Cyprus and the European Union: What Kind of Memberhip?" The Cyprus Review 7:1.
Fernandez-Ordonez, Miguel and Carlos Ocana, (1997). "A Fiscal Approach to Liberalization Policy." In Blejer, Mario I. and Teresa Ter-Minassian (eds.), Fiscal
Policy and Economic Reform. London: Routledge.
Fifelefteros, (1997). "USA: Money laundering goes on in Cyprus." (in Greek) 2 March, 1.
Financial Times, (1997a). "New pressures on path to Europe." (Survey on Cyprus), 26 March,12.
Financial Times, (1997b). "The centre may not hold." (Survey on Cyprus), 26 March, 12.
Frenkel, Jacob, A., Assaf Razin, and Efraim Sadka, (1991). International Taxation in an Integrated World. Cambridge: MIT Press.
Frey, Bruno, S. and Reiner Eichenberger, (1996). "To Harmonize or to Compete? That's not the Question. Journal of Public Economics 60.
Frey, Bruno, (1995). "Competition Among Jurisdictions: The Idea of FOCJ." In Luder Gerken (ed.), Competition Among Institutions. London: Macmillan Press
.
Gaudissart, Marc-Andres, (1996). "Cyprus and the European Union: the Long Road to Accession." The Cyprus Review 8:1.
Gerken, Luder, (1995). "Institutional Competition: An Orientative Framework." In Luder Gerken (ed.), Competition Among Institutions. London: Macmillan Press.
Gilpin, Robert, (1987). The Political Economy of International Relations. Princeton, NJ: Princeton University Press.
Giovannini, Alberto and James R. Hines, Jr., (1991). "Capital Flight and Tax Competition: Are There Viable Solutions to Both Problems?" In Alberto Giovannini and Colin P. Mayler (eds.), European Financial lntergation. Cambridge: Cambridge University Press.
Hampton, Mark, (1996a). The Offshore Interface: Tax Havens in the Global Economy. London: Macmillan Press.
Hampton, Mark, (1996b). "Exploring the Offshore Interface: The Relationship Between Tax Havens, Tax Evasion, Corruption and Economic Development."
Crime, Law and Social Change 24.
Hampton, Mark, (1994). "Treasure Islands or Fool's Gold? Should Small Island Economies Copy Jersey?" Development and Change 22:2.
Hemming, Richard and Paul Bernd Spahn, (1997). "European Integration and the Theory of Fiscal Federalism." In Mario I. Blejer and Teresa Ter-Minassian (eds.), Macroeconomic Dimensions of Public Finance. London and New York: Routledge.
Helm, Sarah, (1997). "No hiding place for fraudsters as Europe moves to end tax havens and 'piracy'." The Independent? March, 14.
Hobsbawm, Eric, J., (1996). "The Future of the State." Development and Change 27:2.
Holland, David and Jeffrey Owens, (1997). "Taxation and Foreign Direct Investment." In Mario I. Blejer and Teresa Tar-Minassian (eds.). Fiscal Policy and Economic Reform. London: Routledge.
House of Represenatives, Republic of Cyprus, (1995-1997). Preliminary Reports of the Harmonisation Working Committees. Nicosia, Cyprus.
Hutton, Will, (1995). The State We're In. London: Jonathan Cape.
lakovou, Costas, (1997). Republic of Cyprus Planning Bureau. Interview with Author, 3 March.
International Monetary Fund, (1992). Final Report of the Working Party on the Measurement of International Capital Flows. Washington, DC: International Monetary Fund.
Johns, A.A., (1983). The Havens and Offshore Finance. London: Frances Pinter.
Johns, A.A. and C. M. Le Marchant, (1993). Finance Centres: British Isle Offshore Development Since 1979. London: Pinter Publishers.
Kammas, Michael, (1992). "Smallness, Economic Development and Cyprus." The Cyprus Review 4:1.
Lykourgos, Konstantinos, (1997). European Division, Ministry of Foreign Affairs, Republic of Cyprus. Interview with Author, 3 March.
Matejko, Alexander J., (1992). "'Truncated' Society: The Eastern European Cases." Crime, Law and Social Change 18.
McRae, Hamish, (1996). "Ireland's Peaceful Revolution: While British Interest Has Focused on Irish Politics, The Republic Has Undergone an Economic Miracle." The Independent, 8 March.
Michaelides, Sophocles, (1996). "The European Union, Cyprus and the Middle East: A Comparison of Earnings and Prices." The Cyprus Review 8:1.
Miller, Antony, 0., (1997). "Outgoing CSC chief lambasts 'bad image' of Cyprus flag." The Cyprus Weekly, 28 February - 6 March, 14.
Naylor. R. T., (1987). Hot Money and the Politics of Debt. London: Unwin Hyman.
Neocleous, Andreas, (1996). "Cyprus Enacts Law on Laundering, Search, Seizure of Crime Proceeds." Center for International Legal Studies International Reports.
Nicolaides, Phedon, (1996). Harmonisation with the European Union in the Field of Tax Policy. Nicosia, Cyprus: Cyprus International Institute of Management.
Nikkei Business News, (1996). "Emerging Underground Businesses" August, p. 22.
O' Donnell, Kathy and Peter Nolan, (1989). "Flexible Specialisation and the Cyprus Industrial Strategy." The Cyprus Journal of Economics 2:2.
Palan, Ronen, Jason Abbott, and Phil Deans, (1996). State Strategies in the Global Political Economy. London and New York: Pinter.
Papaneophytou, Neophytos, (1994). "Cyprus: The Way to Full European Union Membership." The Cyprus Review 5:2.
Phylaktis, Kate, (1995). The Banking System of Cyprus: Past, Present and Future. London: Macmillan Press.
Razin, Assaf and Efraim Sadka, (1989). "International Tax Competition and Gains from Tax Harmonization." Cambridge, Mass: National Bureau of Economic Research, Working Paper no. 3152.
Redmond, John, (1995). "Security Implications of the Accession of Cyprus to the European Union." International Spectator 30:3.
Redmond, John, (1994). Prospective Europeans: New Members for the European Union. Heme! Hempstead, Herts.: Harvester Wheatsheaf.
Ruggie, John Gerard, (1983). "International Regimes, Transactions, and Change: Embedded Liberalism in the Postwar Economic Order." In Stephen Krasner, lntrernational Regimes. Ithaca, NY: Cornell University Press.
Sachinides, Philip, (1994). "Financial Liberalisation in Cyprus: A Public Finance Consideration." The Cyprus Journal of Economics 7:2.
Sally, Razeen, (1997). "'Classical Liberalism and International Economic Order." Chapter in unpublished manuscript.
Stavrinakis, Spyros, (1997). Assistant Manager, Central Bank of Cyrpus. Interview with Author, 4 March.
Strange, Susan, (1996). "Mafia Networks." Nikkei Business News, August.
Strange, Susan, (1995). "Political Economy and International Relations." In Ken Booth and Steve Smith, International Relations Theory Today. Cambridge: Polity Press.
Strange, Susan, (1988). States and Markets. London: Pinter.
Strange, Susan, (1986). Casino Capitalism. Oxford: Basil Blackwell.
Streeter, Michael, (1996). "Bought 200 Years Ago for Pounds 70,000, an Ancient Island Haven Feels Britain's Greedy Gaze Again." The Independent, 7 November.
Tanzi, Vito, (1996a). Money Laundering and the International Financial System. Washington, DC: Working Paper of the International Monetary Fund (WP/96/55).
Tanzi, Vito, (1996b). Globalisation, Tax Competition and the Future of Tax Systems. Washington, DC: Working Paper of the International Monetary Fund (WP/96/141).
Tanzi, Vito, (1995). Taxation in an Integrating World. Washington, DC: The Brookings Institution.
Theodoulou, Mike, (1994). "Cyprus Surrenders to Russian Invasion - Nobody Hurt." The Observer, 8 May, 14.
Theophanous, Andreas, (1995). "'Cyprus and The European Union: From Customs Union to Membership." The Cyprus Review 7:2.
Thurow, Lester, (1992). Head to Head: The Coming Economic Battle Among Japan, Europe and America. London: Brealy, Morrow.
Treadgold, Malcom I, (1992). "Openness and Scope for Macroeconomic Policy in Micro States." The Cyrpus Journal of Economics 5:1.
Turner, Louis and Michael Hodges, (1992). Global Shakeout: World Market Competiton - The Challenges for Business and Government. London: Century Business.
Valenduc, Christian, (1994). "Tax Havens and Fiscal Degradation in the European Community." EC Tax Review 1.
Vassiliou, George, (1996). The Offshore Sector. House of Representatives Report for the 10th meeting of the EU-Cyprus Joint Parliamentary Committee. Nicosia, Cyprus: House of Representatives.
White, Lawrence, J, (1996). "Competition versus Harmonization -An Overview of International Regulation of Financial Services." In Claude E. Barfield (ed.),
International Financial Markets: Harmonization versus Competition. Washington, DC: AEI Press.
Wilson, Rodney, (1992). Cyprus and the International Economy. London: St. Martin's Press.
Witteveen, Dirk, E., (1995). "Taxation of Non-Residents in the European Union: Tax Equality or Patchwork Quilt." EC Tax Review 2.
Wolf, Martin, (1997). "The Wealth that Won't Stay Home" Financial Times (Survey on Russia), 9 April, iv.
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“Have As a Barrier to Heaven? The Cyprus Offshore Financial Centre and European Union Accession”. 2018. Cyprus Review 9 (2): 9-40. https://cyprusreview.org/index.php/cr/article/view/498.