The most exotic features of the UAE’s banking system are those money management techniques, which are compatible with the Islam religion’s rules. Even the modern form of Islamic banking prohibits the charging of interests, and that’s why more and more foreign entrepreneurs, who are not even related to the religion, are interested in this financially efficient solution
Banks of the United Arab Emirates are becoming more and more popular among those, who are seeking tax efficient solutions. Thanks to the cooperation between local legislators and the Central Bank, UAE has now an internationally respected financial center.
Andorra signed the agreement on financial transparency (based on the OECD AEoI) with the European Union. The aim of the accord is to prevent clearly the citizens of the EU member states to hide their wealth in the city-state.
The financial institutions reopened in Cyprus, however to ensure the stability of the financial sector the Central Bank of Cyprus (CBC) released temporary restrictive measures on banking transaction.