Offshore Financial Center

(redirected from Off-Shore Financial Centers)

Offshore Financial Center

1. An institution, especially a bank that exists in a foreign country. Colloquially, the term refers to institutions that exist in known tax havens. Individuals and companies use offshore accounts to avoid or evade taxes.

2. A country known for having a tax and legal system well-suited for offshore financial centers. A prominent example is the Bahamas.
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Kitts at a Special Meeting on G7 Initiatives Against Off-Shore Financial Centers.