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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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.
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.
Switzerland has more that USD2tn in assets in management, making it the world's largest offshore financial centre. Lately, however it has been under tremendous pressure from the European Union and the United States to end banking secrecy and reveal information of accountholders who are evading taxes by banking in the country.
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.
RMB denominated foreign direct investments and QFII represent natural extension of the existing arrangements.&nbsp; These will in turn support the growth of the offshore RMB market, allowing more investment products to be offered to satisfy the demand of offshore investors.<br />&nbsp;<br /> <strong>Complementary, interactive relationship</strong> <br />Shanghai is the biggest onshore financial centre and Hong Kong the biggest offshore financial centre of China.
Bahrain Gulf Finance House (GFH), the Bahrain-based Islamic investment bank, and the Tunisian government yesterday launched North Africa's first offshore financial centre as part of Tunis Financial Harbour, a $3 billion (Dh11.01 billion) mixed use waterfront development which will provide the physical infrastructure for the planned offshore financial centre.
Work is continuing on the $3 billion Tunis Financial Harbour, North Africa's first offshore financial centre, which is being developed by Bahrain's Gulf Finance House.

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