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The definition of an offshore financial centre dates back to academic papers by Dufry & McGiddy (1978), and McCarthy (1979) regarding locations that are: Cities, areas or countries which have made a conscious effort to attract offshore banking business, i.e., non-resident foreign currency denominated business, by allowing relatively free entry ...
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.
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]
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.
Offshore financial centre, a term synonymous with a tax haven; Conduit and sink OFCs, a categorisation of offshore financial centres/tax havens; Optional federal charter, a proposal to streamline and simplify US insurance regulation; Ottawa Folklore Centre, a former instrument and music store in Ottawa, Canada
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 Global Financial Centres Index (GFCI) ranks the competitiveness of financial centres based on over 29,000 assessments from an online questionnaire and over 100 indices from organisations such as the World Bank, the Organisation for Economic Co-operation and Development (OECD), and the Economist Intelligence Unit. The first index was ...