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Ireland is a top-five conduit OFC, the largest global tax haven, [1] [2] and the third-largest OFC shadow banking centre. [3] 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]
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 ...
Conduit OFC and sink OFC is an empirical quantitative method of classifying corporate tax havens, offshore financial centres (OFCs) and tax havens. [ 1 ] [ 2 ] [ 3 ] "Uncovering Offshore Financial Centers ": CORPNET's map of connections between countries.
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 Bahamas. The Bahamas is a former British colony that gained independence in 1973. This Caribbean island nation attracts tax avoiders due to its lack of withholding or corporate taxes.
The financial sector is also under threat of sanctions from the EU and the Organization for Economic Cooperation and Development (OECD), both of which have expressed concerns about money laundering, tax evasion, and other financial improprieties in Caribbean offshore centres.
Policymakers should "tether" London to the European Union to avoid isolating the region's largest financial hub, harming the euro zone economy and spawning an offshore financial centre, the head ...