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An offshore financial centre (OFC) is defined as a "country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy." [a] [4]
"Uncovering Offshore Financial Centers": List of Sink OFCs ordered by value (showing U.K. dependencies). [4] Sink OFCs cover a broad range of locations from very small countries (e.g. the Marshall Islands), to major global financial centres (e.g. Hong Kong). [4] Just because funds reach a Sink OFC, does not mean that they remain dormant.
In this list of financial regulatory and supervisory authorities, central banks are only listed where they act as direct supervisors of individual financial firms, and competition authorities and takeover panels are not listed unless they are set up exclusively for financial services.
Panama has been cited repeatedly in recent years by the State Department of the United States and the International Monetary Fund (IMF) as a jurisdiction which does not cooperate with international tax transparency initiatives due to the legislation which regulates the country's offshore jurisdiction and financial services. [10]
A financial centre (financial center in American English) or financial hub is a location with a significant concentration of participants in banking asset management, insurance, and financial markets, with venues and supporting services for these activities to take place.
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The advantage to offshore investment is that such operations are both legal and less costly than those offered in the investor's country—or "onshore". Locations favored by investors for low rates of tax are known as offshore financial centers or (sometimes) tax havens. Payment of less tax is the driving force behind most 'offshore' activity.
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