An offshore financial centre (OFC), though not precisely defined, is usually a small, low-tax jurisdiction specializing in providing corporate and commercial services to non-resident offshore companies, and for the investment of offshore funds. The term was coined in the 1980s. Academics Rose & Spiegel, Société Générale, and the International Monetary Fund (IMF) consider offshore centres to include all economies with financial sectors disproportionate to their resident population:
An OFC is 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. —Ahmed Zoromé, IMF Working Paper/07/87Read more about Offshore Financial Centre: Definition, Scrutiny, Taxation, Regulation, Confidentiality, Effects On International Trade, Offshore Financial Structures, List of Main Offshore Financial Centres, Global Financial Centres Index
Famous quotes containing the words financial and/or centre:
“A theory of the middle class: that it is not to be determined by its financial situation but rather by its relation to government. That is, one could shade down from an actual ruling or governing class to a class hopelessly out of relation to government, thinking of gov’t as beyond its control, of itself as wholly controlled by gov’t. Somewhere in between and in gradations is the group that has the sense that gov’t exists for it, and shapes its consciousness accordingly.”
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