As Banks in Cyprus Falter, Other Tax Havens Step In

http://www.nytimes.com/2013/04/01/business/global/as-banks-in-cyprus-falter-other-tax-havens-step-in.html?hp&_r=0

As the financial situation in Cyprus continues to get worse, other countries are stepping up to try to become the new tax haven. Prior to this crisis, Cyprus was an ideal "offshore financial institution" due to its incredibly low taxes.  Now, surrounding countries are trying to take advantage of Cyprus' unfortunate circumstances.  Competitors in locations like Malta, Dubai, Singapore, Luxembourg, and the Cayman Islands are now sending emails to many business' and individuals in attempt to try and lure them away from Cyprus' broken financial institution.  Because of the bailout, the largest of depositors in banks are the ones having to pay the biggest bill, making it very hard for accountants in Cyprus to keep their existing customers.