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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]
A report published in Nature in 2017 on the analysis of offshore financial centres called: "Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network", [4] provided a quantitative and scientific approach to the classification of tax havens. [34] [35] [1] [3]
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.
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.
Offshore financial centre From the plural form : This is a redirect from a plural noun to its singular form. This redirect link is used for convenience; it is often preferable to add the plural directly after the link (for example, [[link]]s ).
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.
It may be referred to as an offshore financial centre, by international institutions such as the International Monetary Fund (IMF). [8] However, in its April 2009 progress report, the OECD listed Gibraltar in the list of jurisdictions which, although committed, had not yet "substantially implemented" the internationally agreed tax standard. [9]
The International Finance Centre. Financial services in Jersey are a highly important part of the economy of the British island of Jersey.. Jersey is considered to be an offshore financial centre (OFC) and one of the most economically successful OFCs in the world. [1]