Offshore Financial Center

(redirected from Offshore financial centre)
Also found in: Wikipedia.

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.
Mentioned in ?
References in periodicals archive ?
While The Bahamas continues to demonstrate its cooperation and commitment, and while our current position and strengths are widely recognized, our countrys position as a respected and trusted international offshore financial centre is constantly being challenged and threatened.
It is being built across 523 hectares and aims to be the first world class offshore financial centre in North Africa.
Launched in 2008, the GFH project is being built across 523 hectares and aims to be the first world class offshore financial centre in North Africa.
Oman enjoys growing trade relations with Malta which is a strategically located offshore financial centre connecting the key markets of Europe and Africa.
The Sultanate enjoys growing trade relations with Malta, which is a strategically located offshore financial centre with world-class facilities in ports, logistics and education.
EU member states would obviously have no interest in supporting what would then be an offshore financial centre competing with their own financial firms," she said in a speech.
Switzerland has more that USD2tn in assets in management, making it the world's largest offshore financial centre.
Chancellor Angela Merkel stuck to the hard line Berlin has been pushing for weeks, telling lawmakers that while she wanted to keep Cyprus in the euro zone, the country must first recognise it had no future as an offshore financial centre for wealthy Russians and Britons.
The Economist speculated that this was a political decision by the Cyprus government to "spread the pain," rather than risk its position as an offshore financial centre for Russian money.
Construction work on Tunisia's first offshore financial centre has been tendered and is expected to start in January 2013, according to
Switzerland, the world's largest offshore financial centre, which holds more than $2 trillion worth of global wealth, has always been considered perfect for wealthy clients who value discretion.
Police were called to a disturbance at a flat in St Helier, the capital of the offshore financial centre, at about 3 pm.

Full browser ?