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A single financial centre may belong to multiple financial centre classes (e.g. Singapore is an RFC and an OFC). The Caribbean, including the Cayman Islands, the British Virgin Islands and Bermuda, has several major OFCs, facilitating billions of dollars worth of trade and investment globally.
The British Virgin Islands is now one of the world's leading offshore financial centres, and boasts one of the highest incomes per capita in the Caribbean. In addition to basic company incorporations, the British Virgin Islands also forms limited partnerships and trusts (including signature "VISTA" trusts) but these have not proved to be as ...
The Financial Service Unit of the Commonwealth of Dominica or (FSU) is the main financial regulatory authority in the Island of Dominica, it is one of the most stringent financial authorities in the Caribbean and is a major participant in the offshore regulatory framework. Dependent on the Ministry of Finance the Financial Service Unit ...
The most popular offshore financial centres are in jurisdictions with a history of political and economic stability. In terms of offshore banking centres and in terms of total deposits, the global market is dominated by the US, Switzerland and the Cayman Islands.
Within a few years, Panama extended its minimalist approach to taxation, regulation and financial disclosure requirements to the world of offshore finance. According to the study, "Wall Street interests helped Panama introduce lax company incorporation laws, which let anyone start tax-free, anonymous corporations, with few questions asked".
The bank was founded in 2002 as FirstCaribbean International Bank through the merger of the Caribbean operations of Barclays Bank and CIBC, and in March 2006 both CIBC and Barclays announced that Barclays wished to exercise their option to exit the Caribbean venture completely resulting in CIBC gaining majority-control of the bank. In June 2011 ...
The largest Financial sectors are "offshore banking, payment processing companies, and general corporate activities". Regulation and supervision of the financial services industry is the responsibility of the Financial Service Unit of the Commonwealth of Dominica (FSU) under the supervision of the Ministry of Finance.
The absence of most major forms of taxation in the Territory has led to the country being included on most recognised lists of tax havens, [4] although the jurisdiction prefers to style itself as a modern offshore financial centre. The government of British Virgin Islands does not impose any tax on offshore accounts and on top of that, the ...