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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Bermuda's popularity as an offshore financial center has grown exponentially over the years.
Given its offshore status operating in Malaysia's offshore financial center of Labuan, LFX is not subject to the onshore selective capital controls and will be regulated by the Labuan Offshore Financial Services Authority (LOFSA), rather than the Malaysia Securities Commission.
In fact, Bermuda was singled out by one of the spokespersons presenting the report at today's OECD press conference as one of world's most successful offshore financial centers and an example that it is possible to achieve a high level of transparency and success.
It also should ensure there is a public registry of the beneficial owners of all entities licensed in its offshore financial center.
Bermuda is an important regional and global offshore financial center.
of Aberystwyth, Wales) considers the ramifications of confiscation's weakest point, the offshore financial center.
As a regional offshore financial center Dubai held assets worth $0.
An increasing number of people from the Chinese mainland came to us and put their money into a property trust unit in Jersey to save VAT and avoid heritage tax as well as capital gains tax when trading again," Chief Executive of offshore financial center Jersey Finance, Geoff Cook said.
In 1996, the Malaysian government formed the Labuan Offshore Financial Services Authority (LOFSA) to transform the island into the region's next big offshore financial center.
The plan also lays out strategies to enhance Malaysia's Islamic banking and insurance sectors, venture capital firms, international offshore financial center and supporting institutions, in its aim to promote a well-diversified financial sector.
The island of Labuan is a budding offshore financial center.
During this time, we expect the course of political events will become clearer, as well as their impact on Bahrain as an offshore financial center and a tourist destination, two important pillars for the economy," said Standard & Poor's Credit Analyst Mike Noone.

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