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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Kitts at a Special Meeting on G7 Initiatives Against Off-Shore Financial Centers. The regulatory body will begin the important work of studying the 25 criteria which have been used by the Financial Action Task Force (FATF) to categorize Caribbean nations as off-shore tax havens.
NEW REGIONAL BODY TO STUDY OFFSHORE BANKING

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