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Comprehensive studies on each of the 37 major IOFCs of the world cover the territory,
from the government attitude to offshore activities and disclosure of information,
to offshore companies, trusts, banking, insurance, and shipping. |
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Know your Offshore Terms:
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| | The OECD has redefined the term “tax haven” in its Harmful Tax Competition Report. As a general rule, the classical tax havens offer at the very least no or low taxes on income and capital. Tax havens are now more commonly referred to under the term International Offshore Financial Centres or IOFCs. Tax havens play an important role in international tax planning. | | | | | A considerable volume of international banking takes place offshore, and many of the world’s major banks have banking and trust company operations in one or more tax havens or IOFCs (international offshore financial centers). Most international offshore financial centers (IOFCs) or tax havens have enacted legislative provisions and set up administrative authorities whose function is to control banking and trust company activities. | | | | | The international person is, by definition, living in a country other than his place of birth or normal attachments. The United Kingdom and Monaco are the world’s favorite residential tax havens for rich and famous expatriates. | | | | | In its origins, the term offshore refers to tax haven jurisdictions. The term has more recently come to embrace even high tax jurisdictions where funds are placed or operations or transactions are located in a different country for fiscal, regulatory, secrecy or similar reasons. | | |
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