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.
Bermuda's popularity as an offshore financial center has grown exponentially over the years.
It should also ensure there is a public registry of the beneficial owners of all entities licensed in its offshore financial center.
Labuan is a Malaysian offshore financial center, which offers special tax incentives to offshore companies conducting offshore business activities in or from Labuan.
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).
Citibank Worldwide Securities Services, a unit of Citigroup's Global Corporate and Investment Bank, has been appointed settlement and depository service provider for Labuan International Financial Exchange's (LFX) newly created exchange in Labuan Island, an offshore financial center of Malaysia.
LGT BIL will continue to benefit from the unique features of Liechtenstein as an offshore financial center, its dedicated client orientation, its excellent reputation with high net worth individuals, and its stable management team, Standard & Poor's said.
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.
In conferring the aforementioned rating, S&P's also cited Bermuda's success in building a competitive and profitable position as an offshore financial center, Bermuda's strong fiscal and external positions and its low debt and fiscal prudence.

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