OFFSHORE & INTERNATIONAL
Offshore
It has been said that the development of an offshore economy has come about as a direct result of globalisation. Financial regulations and tax are not as strict as they are onshore and this is partly because of countries getting more closely aligned with each other. Many people want to put their money where it is free from as much taxation as possible and ‘offshore’ has become its own geographical area. Offshore activity is something of a loss to governments as both businesses and people are not paying taxes to them.
However, there are benefits to these ‘tax havens’ for smaller countries as it can help them to compete against larger nations. It has been estimated that there are more than 70 tax havens in the world at the moment and many of these are smaller countries with weaker economies.
Offering these offshore services is a way of continuing their own economic development.
The Swiss banking system was a forerunner of the tax haven, offering companies and individuals a place to put their money where they did not need to worry about taxes and governments obtaining details of their financial transactions. Investing offshore is now a mainstay of international business and while there are plans for more regulation in order to prevent it being a channel for criminal activities, the offshore economy will continue to grow as more people and businesses seek to maximise their income by avoiding taxation in their own country.
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