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
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