​This article invokes a class–based approach to the Palestinian bourgeoisie under occupation (1967–1994). It highlights the difference between the dependency of the Palestinian bourgeoisie on the Israeli bourgeoisie, and that of the bourgeoisie of peripheral countries on the bourgeoisie of core countries. It argues for the necessity of recalling the contradictory nature of colonial bourgeoisies, which oscillate between dependency and independence. Using Nicos Poulantzas’ conjunctural class analysis and his concept of horizon of action, the article differentiates between dependency under a newly independent state, and the coercive and deep dependency under military occupation. Drawing on field evidence, the article critiques the comprador concept in the Palestinian context. Instead, the article proposes the term “dependent bourgeoisie benefiting from its dependency” to demonstrate that the concept of national bourgeoisie does not apply to the Palestinian bourgeoisie during the studied period.