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.

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