Its important to keep in mind that offshore financial centers were originally established by onshore banks and corporations. Why? Because felt hemmed-in by archaic laws, regulations and statutes. For example, Citicorp (the largest American-owned bank in the United States) was one of the first to set-up offshore operations. It wasnt too long before 64 percent of its net income was being generated by offshore sources.
#break#
Some of the pioneering centers have evolved into world-class financial and economic headquarters.
#break#
Since the early 1970s, these centers have initiated policies deliberately designed to attract international trade by minimizing tax obligations and reducing (or entirely eliminating) other restrictions on business operations.
#break#
The result is that economic activity within these centers is specifically geared to the special global needs of outside businesses and investors.
#break#
Typically, these centers are small states with tiny populations. To date more than 75 of these tax havens exist throughout the world.
#break#
Each one of them is a unique offshore haven of sorts deliberately intended to attract very particular investors with very specific needs.
by
greenieal3
2008-03-26 09:26
lawton
·
tratfor
·
dollar
·
india
·
planning
·
japan
·
banking
·
china
·
wealth