Buying a shelf company is a common practice in many jurisdictions around the world, especially in offshore financial centers
like Belize and others.
These jurisdictions are known as offshore tax havens, to use the more technical jargon, offshore financial centers
Tax havens are legal and sometimes secret offshore financial centers
that are used by companies to reduce their tax bill by moving their capital out of countries through loopholes in national laws.
interests; (6) whether the jurisdiction has taken appropriate legislative actions to address specific problems; (7) whether there is a lack of licensing and oversight of offshore financial centers
and businesses; (8) whether the jurisdiction's laws are being effectively implemented; and (9) where U.S.
Banking secrecy and offshore financial centers
; money laundering and offshore banking.
The report indicates that offshore financial centers
have recently been under attack, but have shown 'remarkable' resilience.
Like most offshore financial centers
, the British crown dependency has spent the last three years taking steps to comply with global transparency requirements.
A good portion of these revenues accrue in offshore financial centers
, where roughly a third of Middle East and African wealth is booked.
The LUBRINCO Group has performed investigation services and consultation services in North & South America, Africa, the Middle East, Central and Eastern Europe, Central and Southern Asia as well as the Caribbean and other Offshore Financial Centers
Kleinfeld and Edward Smith (Practising Law Institute, 4th ed., 2009), is a comprehensive global guide to tax havens, offshore financial centers
, and tax-advantaged strategies.
A few sources used terms such as offshore financial centers
or financial privacy jurisdictions to refer to jurisdictions with similar characteristics.