Offshore Financial Center

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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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FH will be the first world class offshore financial centre in North Africa that will supply:
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.
Bermuda is well recognised as the leading offshore financial centre for the insurance and reinsurance industries, with world-class support services such as legal and accounting, which make extension in to Islamic finance a logical development where we have a leading global competitive edge.
A major type of offshore financial centre is the international financial centres (IFCs) that play a dominant role in the international financial intermediation process.
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

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