Cyprus fallout set to benefit Asia's wealth hubs

While Cyprus’s banks were closed, the focus of column inches was on the economic fallout of the banking crisis in the Mediterranean island republic and the proposed terms of an EU bailout. It was only when the banks opened their doors again that attention started to shift onto what the future will hold for Cyprus as an offshore financial centre, and the potential impact on centres elsewhere in the world. With measures that will see 37.5% of deposits greater than €100,000 ($131,…