Offshore Financial Center


Also found in: Acronyms.

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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It also should ensure beneficial ownership information of all entities licensed in its offshore financial center is available upon the request of law enforcement authorities and kept up to date.
In 1971, the country, established itself as an offshore financial center, spurring increased government income and prompting the development of worthy telecommunications, infrastructure and various financial and commercial services.
In the last 15 to 20 years, the Islands have blossomed as offshore financial centers due, in part, to their proximity to the United Kingdom, low taxes, and overall economic and political stability.
It also should ensure there is a public registry of the beneficial owners of all entities licensed in its offshore financial center.
It should also ensure there is a public registry of the beneficial owners of all entities licensed in its offshore financial center.
The information splashed across the website about Anguilla as an offshore financial center reads like a tax-dodger's - or a smart businessman's - dream come true, reports CANA (September 10, 1999).
The Cayman Islands is home to a well-developed offshore financial center that provides a wide range of services, including banking, structured finance, investment funds, various types of trusts, and company formation and management.

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