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However, the trend toward regionalization and an offshore hub have not appeared.
Desperate to remain an attractive offshore hub, politicians sought to plug the deficit with a regressive VAT-sales tax and deep cuts in spending.
"In that sense, the domestic companies operating in Bahrain and relying mainly on the local market won't be as severely impacted as those using Bahrain as an offshore hub, or taking deposits from outside the market," said Ms. Sabavala, the Economist Intelligence Unit economist.
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At the network's core, however, is not the gilded elite but offshore hubs, including Dubai and Singapore, often with sizeable Indian populations and with their own economic strengths.The idea that some things are better done abroad is hardly new.
The Alps were easier, cheaper and safer than the more familiar location of Kashmir.Film buffs now view Swiss dream-sequences as cheesy, but India's big offshore hubs are more in fashion than ever.
"The level of comfort Indian companies get from Singapore is unmatched," says Vivekananda N of the Singapore International Arbitration Centre.When India's economy thrived, in 2003-08, so did its offshore hubs.
Central to the strategy is a state-of-the-art online corporate registry, offering quick and cheap incorporation of the types of secretive companies and trusts that drive financial investigators to distraction.It is a counter-intuitive move at a time when offshore hubs are under fire from big economies that accuse them of aiding tax evasion or worse.
To uphold this right while also curbing migration, officials in Brussels want to set up offshore hubs to process asylum applications in Africa, while some analysts argue it would be easier and cheaper to invest in more efficient asylum systems in Greece and Italy — and to secure more deportation agreements with the countries migrants are originally from.
Some live in countries with offshoring hubs but in less well-known cities for instance, Zlin in the Czech Republic and the so-called third-tier Indian cities such as Ahmedabad and Chandigarh.
The idea is popular along the Gulf Coast of Texas and Louisiana, a major offshore drilling hub.
Businessmen working in Bahrain's offshore banking hub were forced to walk miles to their offices in high-rise buildings in the centre of Manama.
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CEO of Professional Science Editing for Scientists @ prosciediting.com