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An account held in a foreign offshore bank is often described as an offshore account. Typically, an individual or company will maintain an offshore account for the financial and legal advantages it provides, including but not limited to: Strong privacy, including bank secrecy. Little or no corporate taxation via tax havens.
With the creation of the Financial Services Unit in 2008, supervision of the non-Commercial bank financial sector; to include Offshore Banking, Money Services Businesses, Insurances, Credit Unions etc. was significantly strengthened, an essential element in ensuring the safety and soundness of this sector.
The economy of Saint Kitts and Nevis has traditionally depended on the growing and processing of sugar cane; decreasing world prices have hurt the industry in recent years. Tourism, export-oriented manufacturing, and offshore banking activity have assumed larger roles in Saint Kitts and Nevis .
Offshore banking offers some potential advantages, including tax benefits, asset protection, convenience, and ability to make investments in different currencies. However, there are also some ...
This is now RBTT Bank Caribbean, with branches in St. Lucia, Antigua, St. Vincent, and Bequia, and owns RBTT Bank (SKN) in Nevis and RBTT Bank Grenada. 1998 RBTT acquired the First National Bank of Aruba, with two subsidiaries offering both onshore and offshore services. The bank also formed RBTT Financial Holdings Limited, a new holding company.
The work built on methods established in the "Offshore–Intensity Ratio", [38] and in particular the understanding "activity" relative to the "scale" of the domestic economy in a country. [39] At its crudest level, the Offshore-Intensity Ratio explains why the countries at the top of global GDP per capita lists are mostly tax havens.
All three representatives from Nevis, including the leader of the opposition in the Nevis Island Assembly, objected to the introduction of these bills into the National Assembly in Saint Kitts, arguing that the bills would affect the ability of Nevis to develop its offshore financial services sector and that the bills would be detrimental to ...
Republic Bank Limited is a Caribbean financial institution headquartered in Trinidad and Tobago.It has operations in Anguilla, Barbados, the British Virgin Islands, the Cayman Islands, Dominica, Ghana, Grenada, Guyana, St. Kitts and Nevis, Saint Lucia, St. Maarten, St. Vincent and the Grenadines, Suriname and Trinidad and Tobago.