Yes, it's pure logic, because:
- Unlike Cyprus, small Caribbean country is not a part of "global corporation" like EU.
- Their primary interest is to attract investors and to prove that their money is safe.
- Unlike many of EU countries, they don't have huge national debts.
- They don't tax you for foreign income.
That might be correct, except the EU is not to blame. EU GAVE them money, not TOOK their money. Everyone knew for over a year now that banks are insolvent because of the failed Greek bonds speculation:
http://www.nytimes.com/2012/04/12/business/global/in-cyprus-a-national-quest-to-shore-up-teetering-banks.html?pagewanted=all&_r=0