Offshore financial centres (OFCs) have long been at the centre of global economic debates. These jurisdictions, known for favorable tax regimes, lax regulatory environments, and financial privacy, have sparked discussions about transparency versus secrecy. This debate not only impacts governments and corporations but also affects the global financial system.
What Are Offshore Financial Centres?
Offshore financial centres are jurisdictions that provide financial services to non-residents. They are often characterized by:
- Low or zero corporate taxes
- Minimal regulatory oversight
- Confidential banking services
Popular examples include Cayman Islands, Luxembourg, and Singapore
