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 offshore financial services

Offshore banking has often been associated with the underground economy and organized crime, via tax evasion and money laundering; however, legally, Offshore banking does not prevent assets from being subject to personal income tax on interest. Except for certain persons who meet fairly complex requirements, the personal income tax of many countries makes no distinction between interest earned in local banks and those earned abroad. Persons subject to US income tax, for example, are required to declare on penalty of perjury, any offshore bank accounts—which may or may not be numbered bank accounts—they may have. Although offshore banks may decide not to report income to other tax authorities, and have no legal obligation to do so as they are protected by bank secrecy, this does not make the non-declaration of the income by the tax-payer or the evasion of the tax on that income legal. Following September 11, 2001, there have been many calls for more regulation on international finance, in particular concerning offshore banks, tax havens, and clearing houses such as Clearstream, based in Luxembourg, being possible crossroads for major illegal money flows.


Defenders of Offshore banking have criticised these attempts at regulation. They claim the process is prompted not by security and financial concerns but by the desire of domestic banks and tax agencies to access the money held in offshore accounts. They cite the fact that Offshore banking offers a competitive threat to the banking and taxation systems in developed countries, suggesting that Organisation for Economic Co-operation and Development (OECD) countries are trying to stamp out competition.

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updated Mon. July 18, 2022

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Mauritius, which markets itself as a bridge between Africa and Asia, has been working to shift the economy from reliance on sugar, textiles and tourism towards offshore banking, business outsourcing, luxury real estate and medical tourism. (Reporting by Jean Paul Arouff Editing by Maggie Fick and ...

Antigua and Barbuda, like the other island jurisdictions on the lists, came in for scrutiny because of the disparity between its domestic corporate tax rates and the offshore banking tax rates. The domestic rate here is 25 percent whilst the offshore banking rate goes no higher than 2.5 percent. The E.U. wants ...
Under the 2010 Foreign Account Tax Compliance Act, the United States has been cracking down on taxpayers who fail to disclose their offshore bank accounts, experts said. Richard P. Donoghue, U.S. attorney for the Eastern District of New York, in a joint statement with Robnett, said: “This Office and our ...
Banking units in South Korea wholly owned by foreign financial giants are expected to send about 35-40 percent of their net profit to their respective parent companies outside Korea through dividends. The banking entities have said the dividend payouts stemmed from a surge in net revenue and adequate ...
Malaysian developer OSK Property has won funding from four international banks for its $2.8 billion mixed-use Melbourne Square project after Australian banks baulked at financing the massive development. Foreign banks are taking a larger role in the market, also stepping in to lend to offshore retail ...
“Cryptocurrency is trying to be the offshore banking system, I think. At least some of the cryptocurrencies. Most of the financial luminaries, I think genuinely, don't understand what it's trying to be. Jamie Dimon is an exception. By all accounts, I know people who spoke to him about cryptocurrency four years ...
The acquisition of Deutsche Bank's offshore banking business in Cayman, Guernsey and Jersey, followed almost immediately Butterfield agreeing to buy DB's Global Trust Solutions business outside the US. This includes about 1,000 trust structures for 900 private clients in Cayman, Guernsey, Switzerland, ...


 

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