Global Banking Offshore Ltd. (GBO) hosted top Israeli and Cypriot bankers and business executives at an international seminar in Tel Aviv.
Cyprus attracts Israeli businesspeople. At the conference, Cypriot Second Counsellor Michael Mavros said that Cyprus was committed to deepening its relations with Israel in all fields, and that, thanks to this effort, bilateral relations have reached a new peak (together with Greece), as reflected in reciprocal official visits, including Minister of Foreign Affairs Avigdor Lieberman and Minister of Tourism Stas Misezhnikov.
"Cyprus and Israel are moving forward on economic cooperation. Talks recently began on possible collaboration on energy in general, and on the large gas reserves found in northern Israel in particular," said Mavros.
Mavros cited several factors for Cyprus' popularity among Israel. They include good bilateral relations, which have warmed over the past year, especially in tourism and economics; the countries' proximity to each other, just 40 minutes flying time; and the fact that Cyprus is the closest EU member state to Israel, and both are democracies. Equally important, Cyprus is considered to have one of the best tax regimes in Europe.
Israeli tourism and the economy are attracting increasing and favorable mention in the Cypriot media, including newspapers, television, and the Internet, resulting in an excellent attitude toward Israel. This attitude undoubtedly helps Israel in the European arena, especially in view of the deterioration in Israeli-Turkish relations.
In banking, Cyprus does not need an EU bailout, and no domestic bank has been severely affected or has needed a capital injection.
Herzliya-based GBO provides business consultancy services for companies seeking to set up foreign subsidiaries, bank accounts, trusteeships, and investment management, or which need foreign legal advice.
Published by Globes [online], Israel business news - www.globes-online.com - on November 21, 2010
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