A deposit levy proposed in Cyprus has brought turmoil to the eurozone recovery, but it has also undermined the attraction of Cyprus as an offshore center. Banking instability on the island has already compromised offshore wealth inflows and the levy will only exacerbate the problem.
Deposits form the backbone of the retail savings investment market across Europe and around the world. The Cypriot bailout - with its punishing terms for depositors of all sizes - has moved the European crisis from one that merely destroys the value of investments to one that will effectively confiscate assets, upping the threat to wealth managers around the Mediterranean.
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