In the aftermath of the Cyprus deposit confiscation template, the first thing we did is to present [2]not only the countries that are the biggest offshore tax havens in context, but more importantly, the ratio of total financial assets to GDP of these same countries, because when the hunt for wealth goes global, and when the untaxed money of evil [insert nationality] tax evaders becomes the political topic du jour it is these locales that will become the source of "rescue bank" capital.
And since as we explained, Cyprus is nothing more or less than the template for how to "collect" about $32 trillion in "offshore wealth [3]" it would be a handy feature to keep track of which financial sectors may experience unexpected glitches in the coming months and years in order to reallign this untaxed, and thus ill-gotten in the eyes of the broader society, wealth. It is a "fairness doctrine" world after all, where how much wealth one is allowed to have is now determined by politicians.
Courtesy of Bloomberg we have just a primer. Cyprus is gone from the list for obvious reasons. But many others remain.
[4]
In brief, anyone who has substantial capital (obviously well over the "insured" $100,000 limit) stashed away in these jurisdictions, should be quite concerned. Although for now everyone is distracted by the soaring stock market: and why worry - what happened in Cyprus can never possibly happen again. Or so Europe's politicians have sworn... the same politicians who we know "only lie when it is serious.
For much more on this topic read When Will Deposit Haircuts Take Place In Other European Countries [5]?