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id="toc-Core_definition" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Core_definition"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Core definition</span> </div> </a> <ul id="toc-Core_definition-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Link_to_tax_havens" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Link_to_tax_havens"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Link to tax havens</span> </div> </a> <ul id="toc-Link_to_tax_havens-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Conduit_and_Sink_OFCs" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Conduit_and_Sink_OFCs"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>Conduit and Sink OFCs</span> </div> </a> <ul id="toc-Conduit_and_Sink_OFCs-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Lists" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Lists"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Lists</span> </div> </a> <button aria-controls="toc-Lists-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Lists subsection</span> </button> <ul id="toc-Lists-sublist" class="vector-toc-list"> <li id="toc-FSF–IMF_2000_list" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#FSF–IMF_2000_list"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>FSF–IMF 2000 list</span> </div> </a> <ul id="toc-FSF–IMF_2000_list-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-IMF_2007_list" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#IMF_2007_list"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>IMF 2007 list</span> </div> </a> <ul id="toc-IMF_2007_list-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-IMF_2018_list" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#IMF_2018_list"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>IMF 2018 list</span> </div> </a> <ul id="toc-IMF_2018_list-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-FSF_2018_Shadow_Bank_OFC_list" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#FSF_2018_Shadow_Bank_OFC_list"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>FSF 2018 Shadow Bank OFC list</span> </div> </a> <ul id="toc-FSF_2018_Shadow_Bank_OFC_list-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Countermeasures" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Countermeasures"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Countermeasures</span> </div> </a> <ul id="toc-Countermeasures-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Tax_services" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Tax_services"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Tax services</span> </div> </a> <ul id="toc-Tax_services-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Finance_services" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Finance_services"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Finance services</span> </div> </a> <button aria-controls="toc-Finance_services-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Finance services subsection</span> </button> <ul id="toc-Finance_services-sublist" class="vector-toc-list"> <li id="toc-Shadow_banking" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Shadow_banking"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Shadow banking</span> </div> </a> <ul id="toc-Shadow_banking-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Securitisation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Securitisation"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>Securitisation</span> </div> </a> <ul id="toc-Securitisation-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Defences" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Defences"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Defences</span> </div> </a> <button aria-controls="toc-Defences-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Defences subsection</span> </button> <ul id="toc-Defences-sublist" class="vector-toc-list"> <li id="toc-Better_regulations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Better_regulations"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Better regulations</span> </div> </a> <ul id="toc-Better_regulations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Securitisation_transactions" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Securitisation_transactions"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>Securitisation transactions</span> </div> </a> <ul id="toc-Securitisation_transactions-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Promotion_of_growth" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Promotion_of_growth"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.3</span> <span>Promotion of growth</span> </div> </a> <ul id="toc-Promotion_of_growth-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Structures" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Structures"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Structures</span> </div> </a> <button aria-controls="toc-Structures-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Structures subsection</span> </button> <ul id="toc-Structures-sublist" class="vector-toc-list"> <li id="toc-Legal_structures" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Legal_structures"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.1</span> <span>Legal structures</span> </div> </a> <ul id="toc-Legal_structures-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Ship_and_aircraft_registrations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Ship_and_aircraft_registrations"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.2</span> <span>Ship and aircraft registrations</span> </div> </a> <ul id="toc-Ship_and_aircraft_registrations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Insurance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Insurance"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.3</span> <span>Insurance</span> </div> </a> <ul id="toc-Insurance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Collective_investment_vehicles" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Collective_investment_vehicles"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.4</span> <span>Collective investment vehicles</span> </div> </a> <ul id="toc-Collective_investment_vehicles-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Banking" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Banking"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.5</span> <span>Banking</span> </div> </a> <ul id="toc-Banking-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Explanatory_notes" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Explanatory_notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Explanatory notes</span> </div> </a> <ul id="toc-Explanatory_notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">12</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Offshore financial centre</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 26 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-26" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">26 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Of%C5%9For" title="Ofşor – Azerbaijani" lang="az" hreflang="az" data-title="Ofşor" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/%D0%90%D1%84%D1%88%D0%BE%D1%80" title="Афшор – Belarusian" lang="be" hreflang="be" data-title="Афшор" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target"><span>Беларуская</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Centre_financer_extraterritorial" title="Centre financer extraterritorial – Catalan" lang="ca" hreflang="ca" data-title="Centre financer extraterritorial" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cv mw-list-item"><a href="https://cv.wikipedia.org/wiki/%D0%9E%D1%84%D1%88%D0%BE%D1%80" title="Офшор – Chuvash" lang="cv" hreflang="cv" data-title="Офшор" data-language-autonym="Чӑвашла" data-language-local-name="Chuvash" class="interlanguage-link-target"><span>Чӑвашла</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Offshore-Finanzplatz" title="Offshore-Finanzplatz – German" lang="de" hreflang="de" data-title="Offshore-Finanzplatz" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Offshore-piirkond" title="Offshore-piirkond – Estonian" lang="et" hreflang="et" data-title="Offshore-piirkond" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Centro_financiero_extraterritorial" title="Centro financiero extraterritorial – Spanish" lang="es" hreflang="es" data-title="Centro financiero extraterritorial" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%85%D8%B1%DA%A9%D8%B2_%D9%85%D8%A7%D9%84%DB%8C_%D9%81%D8%B1%D8%A7%D8%B3%D8%A7%D8%AD%D9%84%DB%8C" title="مرکز مالی فراساحلی – Persian" lang="fa" hreflang="fa" data-title="مرکز مالی فراساحلی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%97%AD%EC%99%B8_%EA%B8%88%EC%9C%B5_%EC%84%BC%ED%84%B0" title="역외 금융 센터 – Korean" lang="ko" hreflang="ko" data-title="역외 금융 센터" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Offshore_bankarstvo" title="Offshore bankarstvo – Croatian" lang="hr" hreflang="hr" data-title="Offshore bankarstvo" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Pusat_keuangan_lepas_pantai" title="Pusat keuangan lepas pantai – Indonesian" lang="id" hreflang="id" data-title="Pusat keuangan lepas pantai" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Aflandseyjar" title="Aflandseyjar – Icelandic" lang="is" hreflang="is" data-title="Aflandseyjar" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%9E%D1%84%D1%88%D0%BE%D1%80" title="Офшор – Kazakh" lang="kk" hreflang="kk" data-title="Офшор" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-ky mw-list-item"><a href="https://ky.wikipedia.org/wiki/%D0%9E%D1%84%D1%84%D1%88%D0%BE%D1%80" title="Оффшор – Kyrgyz" lang="ky" hreflang="ky" data-title="Оффшор" data-language-autonym="Кыргызча" data-language-local-name="Kyrgyz" class="interlanguage-link-target"><span>Кыргызча</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Badan_luar_pesisir" title="Badan luar pesisir – Malay" lang="ms" hreflang="ms" data-title="Badan luar pesisir" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%82%AA%E3%83%95%E3%82%B7%E3%83%A7%E3%82%A2%E9%87%91%E8%9E%8D%E3%82%BB%E3%83%B3%E3%82%BF%E3%83%BC" title="オフショア金融センター – Japanese" lang="ja" hreflang="ja" data-title="オフショア金融センター" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Ofshor" title="Ofshor – Uzbek" lang="uz" hreflang="uz" data-title="Ofshor" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9E%D1%84%D1%88%D0%BE%D1%80" title="Офшор – Russian" lang="ru" hreflang="ru" data-title="Офшор" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%9E%D1%84%D1%88%D0%BE%D1%80_%D1%86%D0%B5%D0%BD%D1%82%D1%80%D0%B8" title="Офшор центри – Serbian" lang="sr" hreflang="sr" data-title="Офшор центри" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Offshore-ekonomi" title="Offshore-ekonomi – Swedish" lang="sv" hreflang="sv" data-title="Offshore-ekonomi" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Offshore_finans_merkezi" title="Offshore finans merkezi – Turkish" lang="tr" hreflang="tr" data-title="Offshore finans merkezi" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9E%D1%84%D1%88%D0%BE%D1%80" title="Офшор – Ukrainian" lang="uk" hreflang="uk" data-title="Офшор" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Trung_t%C3%A2m_t%C3%A0i_ch%C3%ADnh_n%C6%B0%E1%BB%9Bc_ngo%C3%A0i" title="Trung tâm tài chính nước ngoài – Vietnamese" lang="vi" hreflang="vi" data-title="Trung tâm tài chính nước ngoài" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E7%A6%BB%E5%B2%B8%E9%87%91%E8%9E%8D%E4%B8%AD%E5%BF%83" title="离岸金融中心 – Wu" lang="wuu" hreflang="wuu" data-title="离岸金融中心" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E9%9B%A2%E5%B2%B8%E9%87%91%E8%9E%8D%E4%B8%AD%E5%BF%83" title="離岸金融中心 – Cantonese" lang="yue" hreflang="yue" data-title="離岸金融中心" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E7%A6%BB%E5%B2%B8%E9%87%91%E8%9E%8D%E4%B8%AD%E5%BF%83" title="离岸金融中心 – Chinese" lang="zh" hreflang="zh" data-title="离岸金融中心" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div 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href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of a series on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Tax" title="Tax">Taxation</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/100px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png" decoding="async" width="100" height="113" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/150px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/200px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png 2x" data-file-width="440" data-file-height="496" /></a></span></td></tr><tr><td class="sidebar-above"> An aspect of <a href="/wiki/Fiscal_policy" title="Fiscal policy">fiscal policy</a></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_policy" title="Tax policy">Policies</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Government_revenue" title="Government revenue">Government revenue</a></li> <li><a href="/wiki/Property_tax_equalization" title="Property tax equalization">Property tax equalization</a></li> <li><a href="/wiki/Tax_revenue" title="Tax revenue">Tax revenue</a></li> <li><a href="/wiki/Non-tax_revenue" title="Non-tax revenue">Non-tax revenue</a></li> <li><a href="/wiki/Tax_law" title="Tax law">Tax law</a></li> <li><a href="/wiki/Tax_bracket" title="Tax bracket">Tax bracket</a> <ul><li><a href="/wiki/Flat_tax" title="Flat tax">Flat tax</a></li></ul></li> <li><a href="/wiki/Income_tax_threshold" title="Income tax threshold">Tax threshold</a></li> <li><a href="/wiki/Tax_exemption" title="Tax exemption">Exemption</a></li> <li><a href="/wiki/Tax_credit" title="Tax credit">Credit</a></li> <li><a href="/wiki/Tax_deduction" title="Tax deduction">Deduction</a></li> <li><a href="/wiki/Tax_shift" title="Tax shift">Tax shift</a></li> <li><a href="/wiki/Tax_cut" title="Tax cut">Tax cut</a></li> <li><a href="/wiki/Tax_holiday" title="Tax holiday">Tax holiday</a></li> <li><a href="/wiki/Tax_amnesty" title="Tax amnesty">Tax amnesty</a></li> <li><a href="/wiki/Tax_advantage" title="Tax advantage">Tax advantage</a></li> <li><a href="/wiki/Tax_incentive" title="Tax incentive">Tax incentive</a></li> <li><a href="/wiki/Tax_reform" title="Tax reform">Tax reform</a></li> <li><a href="/wiki/Tax_harmonization" title="Tax harmonization">Tax harmonization</a></li> <li><a href="/wiki/Tax_competition" title="Tax competition">Tax competition</a></li> <li><a href="/wiki/Tax_withholding" title="Tax withholding">Tax withholding</a></li> <li><a href="/wiki/Double_taxation" title="Double taxation">Double taxation</a></li> <li><a href="/wiki/No_taxation_without_representation" title="No taxation without representation">Representation</a></li> <li><a href="/wiki/Taxpayer_groups" title="Taxpayer groups">Unions</a></li> <li><a href="/wiki/Medical_savings_account" title="Medical savings account">Medical savings account</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax#Economic_effects" title="Tax">Economics</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> General Theory</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Effect_of_taxes_and_subsidies_on_price" title="Effect of taxes and subsidies on price">Price effect</a></li> <li><a href="/wiki/Excess_burden_of_taxation" title="Excess burden of taxation">Excess burden</a></li> <li><a href="/wiki/Tax_incidence" title="Tax incidence">Tax incidence</a></li> <li><a href="/wiki/Laffer_curve" title="Laffer curve">Laffer curve</a></li> <li><a href="/wiki/Optimal_tax" title="Optimal tax">Optimal tax</a></li> <li><a href="/wiki/Theories_of_taxation" title="Theories of taxation">Theories</a></li> <li><a href="/wiki/Optimal_capital_income_taxation" title="Optimal capital income taxation">Optimal capital income taxation</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Distribution of Tax</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_rate" title="Tax rate">Tax rate</a></li> <li><a href="/wiki/Flat_tax" title="Flat tax">Flat</a></li> <li><a href="/wiki/Progressive_tax" title="Progressive tax">Progressive</a></li> <li><a href="/wiki/Regressive_tax" title="Regressive tax">Regressive</a></li> <li><a href="/wiki/Proportional_tax" title="Proportional tax">Proportional</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_collection" class="mw-redirect" title="Tax collection">Collection</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Revenue_service" title="Revenue service">Revenue service</a></li> <li><a href="/wiki/Revenue_stamp" title="Revenue stamp">Revenue stamp</a></li> <li><a href="/wiki/Tax_assessment" title="Tax assessment">Tax assessment</a></li> <li><a href="/wiki/Taxable_income" title="Taxable income">Taxable income</a></li> <li><a href="/wiki/Tax_lien" title="Tax lien">Tax lien</a></li> <li><a href="/wiki/Tax_refund" title="Tax refund">Tax refund</a></li> <li><a href="/wiki/Tax_shield" title="Tax shield">Tax shield</a></li> <li><a href="/wiki/Tax_residence" title="Tax residence">Tax residence</a></li> <li><a href="/wiki/Tax_preparation" class="mw-redirect" title="Tax preparation">Tax preparation</a></li> <li><a href="/wiki/Tax_investigation" title="Tax investigation">Tax investigation</a></li> <li><a href="/wiki/Tax_shelter" title="Tax shelter">Tax shelter</a></li> <li><a href="/wiki/Tax_collector" title="Tax collector">Tax collector</a></li> <li><a href="/wiki/Privatized_tax_collection" title="Privatized tax collection">Private tax collection</a></li> <li><a href="/wiki/Farm_(revenue_leasing)" title="Farm (revenue leasing)">Tax farming</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_noncompliance" title="Tax noncompliance">Noncompliance</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> General</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Tax_avoidance" title="Tax avoidance">Tax avoidance</a> <ul><li><a href="/wiki/Repatriation_tax_avoidance" title="Repatriation tax avoidance">Repatriation tax avoidance</a></li></ul></li> <li><a href="/wiki/Tax_evasion" title="Tax evasion">Tax evasion</a></li> <li><a href="/wiki/Tax_resistance" title="Tax resistance">Tax resistance</a></li> <li><a href="/wiki/Tax_shelter" title="Tax shelter">Tax shelter</a></li> <li><a href="/wiki/Debtors%27_prison" title="Debtors' prison">Debtors' prison</a></li> <li><a href="/wiki/Smuggling" title="Smuggling">Smuggling</a></li> <li><a href="/wiki/Black_market" title="Black market">Black market</a></li> <li><a href="/wiki/Unreported_employment" title="Unreported employment">Unreported employment</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Corporate</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_inversion" title="Tax inversion">Tax inversion</a></li> <li><a href="/wiki/Transfer_mispricing" title="Transfer mispricing">Transfer mispricing</a></li> <li><a href="/wiki/Base_erosion_and_profit_shifting" title="Base erosion and profit shifting">Base erosion and profit shifting</a> (BEPS)</li> <li><a href="/wiki/Double_Irish_arrangement" title="Double Irish arrangement">Double Irish</a></li> <li><a href="/wiki/Dutch_Sandwich" title="Dutch Sandwich">Dutch Sandwich</a></li> <li><a href="/wiki/Double_Irish_arrangement#Replacement_by_single_malt" title="Double Irish arrangement">Single Malt</a></li> <li><a href="/wiki/Double_Irish_arrangement#Backstop_of_capital_allowances" title="Double Irish arrangement">CAIA</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Locations</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_haven" title="Tax haven">Tax havens</a></li> <li><a href="/wiki/Corporate_haven" title="Corporate haven">Corporate havens</a></li> <li><a class="mw-selflink selflink">Offshore financial centres</a> (OFCs)</li> <li><a href="/wiki/Offshore_magic_circle" title="Offshore magic circle">Offshore magic circle</a></li> <li><a href="/wiki/Conduit_and_sink_OFCs" title="Conduit and sink OFCs">Conduit and sink OFCs</a></li> <li><a href="/wiki/Financial_centre" title="Financial centre">Financial centres</a></li> <li><a href="/wiki/Financial_Secrecy_Index" title="Financial Secrecy Index">Financial Secrecy Index</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Major examples</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Ireland_as_a_tax_haven" title="Ireland as a tax haven">Ireland as a tax haven</a> <ul><li><i><a href="/wiki/Apple%27s_EU_tax_dispute" title="Apple's EU tax dispute">Ireland v. Commission</a></i></li> <li><a href="/wiki/Leprechaun_economics" title="Leprechaun economics">Leprechaun economics</a></li></ul></li> <li><a href="/wiki/2008_Liechtenstein_tax_affair" title="2008 Liechtenstein tax affair">Liechtenstein tax affair</a></li> <li><a href="/wiki/LuxLeaks" title="LuxLeaks">Luxembourg Leaks</a></li> <li><a href="/wiki/Offshore_Leaks" title="Offshore Leaks">Offshore Leaks</a></li> <li><a href="/wiki/Paradise_Papers" title="Paradise Papers">Paradise Papers</a></li> <li><a href="/wiki/Panama_Papers" title="Panama Papers">Panama Papers</a></li> <li><a href="/wiki/Swiss_Leaks" title="Swiss Leaks">Swiss Leaks</a></li> <li><a href="/wiki/United_States_as_a_tax_haven" title="United States as a tax haven">United States as a tax haven</a></li> <li><a href="/wiki/Panama_as_a_tax_haven" title="Panama as a tax haven">Panama as a tax haven</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/List_of_taxes" title="List of taxes">Types</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Direct_tax" title="Direct tax">Direct</a></li> <li><a href="/wiki/Indirect_tax" title="Indirect tax">Indirect</a></li> <li><a href="/wiki/Per_unit_tax" title="Per unit tax">Per unit</a></li> <li><a href="/wiki/Ad_valorem_tax" title="Ad valorem tax">Ad valorem</a></li> <li><a href="/wiki/Aviation_taxation_and_subsidies" title="Aviation taxation and subsidies">Aviation</a> <ul><li><a href="/wiki/Airport_improvement_fee" title="Airport improvement fee">Airport improvement</a></li> <li><a href="/wiki/Landing_fee" title="Landing fee">Landing</a></li> <li><a href="/wiki/Solidarity_tax_on_airplane_tickets" title="Solidarity tax on airplane tickets">Solidarity</a></li></ul></li> <li><a href="/wiki/Capital_gains_tax" title="Capital gains tax">Capital gains</a> <ul><li><a href="/wiki/Expatriation_tax" title="Expatriation tax">Expatriation</a></li></ul></li> <li><a href="/wiki/Consumption_tax" title="Consumption tax">Consumption</a> <ul><li><a href="/wiki/Departure_tax" title="Departure tax">Departure</a></li> <li><a href="/wiki/Hotel_tax" class="mw-redirect" title="Hotel tax">Hotel</a></li> <li><a href="/wiki/Sales_tax" title="Sales tax">Sales</a></li> <li><a href="/wiki/Stamp_duty" title="Stamp duty">Stamp</a></li> <li><a href="/wiki/Television_licence" title="Television licence">Television</a></li> <li><a href="/wiki/Tourist_tax" title="Tourist tax">Tourist</a></li> <li><a href="/wiki/Value-added_tax" title="Value-added tax">Value-added</a></li></ul></li> <li><a href="/wiki/Dividend_tax" title="Dividend tax">Dividend</a></li> <li><a href="/wiki/Environmental_tax" title="Environmental tax">Environmental tax</a> <ul><li><a href="/wiki/Carbon_tax" title="Carbon tax">Carbon</a></li> <li><a href="/wiki/Eco-tariff" title="Eco-tariff">Eco-tariff</a></li> <li><a href="/wiki/Landfill_tax" title="Landfill tax">Landfill</a></li> <li><a href="/wiki/Natural_resources_consumption_tax" title="Natural resources consumption tax">Natural resources consumption</a></li> <li><a href="/wiki/Severance_tax" title="Severance tax">Severance</a></li> <li><a href="/wiki/Steering_tax" title="Steering tax">Steering</a></li> <li><a href="/wiki/Stumpage" title="Stumpage">Stumpage</a></li></ul></li> <li><a href="/wiki/Excise" title="Excise">Excise</a> <ul><li><a href="/wiki/Alcohol_law" title="Alcohol law">Alcohol</a></li> <li><a href="/wiki/Cigarette_taxes_in_the_United_States" title="Cigarette taxes in the United States">Cigarette</a></li> <li><a href="/wiki/Fat_tax" title="Fat tax">Fat</a></li> <li><a href="/wiki/Meat_tax" title="Meat tax">Meat</a></li> <li><a href="/wiki/Sin_tax" title="Sin tax">Sin</a></li> <li><a href="/wiki/Sugary_drink_tax" title="Sugary drink tax">Sugary drink</a></li> <li><a href="/wiki/Tobacco_smoking" title="Tobacco smoking">Tobacco</a></li></ul></li> <li><a href="/wiki/Consolidated_Fund" title="Consolidated Fund">General</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgist</a></li> <li><a href="/wiki/Gift_tax" title="Gift tax">Gift</a></li> <li><a href="/wiki/Gross_receipts_tax" title="Gross receipts tax">Gross receipts</a></li> <li><a href="/wiki/Hypothecated_tax" title="Hypothecated tax">Hypothecated</a></li> <li><a href="/wiki/Income_tax" title="Income tax">Income</a></li> <li><a href="/wiki/Inheritance_tax" title="Inheritance tax">Inheritance (estate)</a></li> <li><a href="/wiki/Land_value_tax" title="Land value tax">Land value</a></li> <li><a href="/wiki/Luxury_tax" title="Luxury tax">Luxury</a></li> <li><a href="/wiki/Payroll_tax" title="Payroll tax">Payroll</a></li> <li><a href="/wiki/Pigouvian_tax" title="Pigouvian tax">Pigouvian</a></li> <li><a href="/wiki/Property_tax" title="Property tax">Property</a></li> <li><a href="/wiki/Resource_rent_tax" title="Resource rent tax">Resource rent</a></li> <li><a href="/wiki/Single_tax" title="Single tax">Single</a></li> <li><a href="/wiki/Surtax" title="Surtax">Surtax</a></li> <li><a href="/wiki/Turnover_tax" title="Turnover tax">Turnover</a></li> <li><a href="/wiki/Use_tax" title="Use tax">Use</a></li> <li><a href="/wiki/User_charge" title="User charge">User charge</a>/<a href="/wiki/User_fee" title="User fee">fee</a> <ul><li><a href="/wiki/Congestion_pricing" title="Congestion pricing">Congestion</a></li> <li><a href="/wiki/Fuel_tax" title="Fuel tax">Fuel</a></li> <li><a href="/wiki/Road_pricing" title="Road pricing">Road</a>/<a href="/wiki/GNSS_road_pricing" title="GNSS road pricing">GNSS</a></li> <li><a href="/wiki/Toll_(fee)" title="Toll (fee)">Toll</a></li> <li><a href="/wiki/Vehicle_miles_traveled_tax" title="Vehicle miles traveled tax">Vehicle miles traveled</a></li></ul></li> <li><a href="/wiki/Corporate_tax" title="Corporate tax">Corporate profit</a></li> <li><a href="/wiki/Excess_profits_tax" title="Excess profits tax">Excess profits</a></li> <li><a href="/wiki/Windfall_tax" title="Windfall tax">Windfall</a></li> <li><a href="/wiki/Negative_income_tax" title="Negative income tax">Negative (income)</a></li> <li><a href="/wiki/Wealth_tax" title="Wealth tax">Wealth</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/International_taxation" title="International taxation">International</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">Financial transaction tax</a></li> <li><a href="/wiki/Association_for_the_Taxation_of_Financial_Transactions_and_for_Citizens%27_Action" title="Association for the Taxation of Financial Transactions and for Citizens' Action">ATTAC</a></li> <li><a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">Currency transaction tax</a></li> <li><a href="/wiki/Common_Consolidated_Corporate_Tax_Base" title="Common Consolidated Corporate Tax Base"><span class="wrap">European Union Common Consolidated Corporate Tax Base</span></a> (CCCTB)</li> <li><a href="/wiki/Global_minimum_corporate_tax_rate" title="Global minimum corporate tax rate">Global minimum corporate tax rate</a></li> <li><a href="/wiki/Robin_Hood_tax" title="Robin Hood tax">Robin Hood tax</a></li> <li><a href="/wiki/Tobin_tax" title="Tobin tax">Tobin tax</a></li> <li><a href="/wiki/Spahn_tax" title="Spahn tax">Spahn tax</a></li> <li><a href="/wiki/Tax_equalization" title="Tax equalization">Tax equalization</a></li> <li><a href="/wiki/Tax_treaty" title="Tax treaty">Tax treaty</a></li> <li><a href="/wiki/Exchange_of_Information" class="mw-redirect" title="Exchange of Information">Exchange of Information</a></li> <li><a href="/wiki/Permanent_establishment" title="Permanent establishment">Permanent establishment</a></li> <li><a href="/wiki/Transfer_pricing" title="Transfer pricing">Transfer pricing</a></li> <li><a href="/wiki/European_Union_financial_transaction_tax" title="European Union financial transaction tax">European Union FTT</a></li> <li><a href="/wiki/Rule_against_foreign_revenue_enforcement" title="Rule against foreign revenue enforcement">Foreign revenue rule</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Trade" title="Trade">Trade</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Customs" title="Customs">Custom</a></li> <li><a href="/wiki/Duty_(economics)" class="mw-redirect" title="Duty (economics)">Duty</a></li> <li><a href="/wiki/Tariff" title="Tariff">Tariff</a> <ul><li><a href="/wiki/Import" title="Import">Import</a></li> <li><a href="/wiki/Export" title="Export">Export</a></li></ul></li> <li><a href="/wiki/Trade_war" title="Trade war">Tariff war</a></li> <li><a href="/wiki/Free_trade" title="Free trade">Free trade</a></li> <li><a href="/wiki/Free-trade_zone" title="Free-trade zone">Free-trade zone</a></li> <li><a href="/wiki/Trade_agreement" title="Trade agreement">Trade agreement</a></li> <li><a href="/wiki/ATA_Carnet" title="ATA Carnet">ATA Carnet</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)">Research</div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Academic</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Mihir_A._Desai" title="Mihir A. Desai">Mihir A. Desai</a></li> <li><a href="/wiki/Dhammika_Dharmapala" title="Dhammika Dharmapala">Dhammika Dharmapala</a></li> <li><a href="/wiki/James_R._Hines_Jr." title="James R. Hines Jr.">James R. Hines Jr.</a></li> <li><a href="/wiki/Ronen_Palan" title="Ronen Palan">Ronen Palan</a></li> <li><a href="/wiki/Joel_Slemrod" title="Joel Slemrod">Joel Slemrod</a></li> <li><a href="/wiki/Gabriel_Zucman" title="Gabriel Zucman">Gabriel Zucman</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Advocacy groups</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Institute_on_Taxation_and_Economic_Policy" title="Institute on Taxation and Economic Policy">Institute on Taxation and Economic Policy</a> (ITEP)</li> <li><a href="/wiki/Oxfam" title="Oxfam">Oxfam</a> (UK)</li> <li><a href="/wiki/Tax_Foundation" title="Tax Foundation">Tax Foundation</a> (US)</li> <li><a href="/wiki/Tax_Justice_Network" title="Tax Justice Network">Tax Justice Network</a> (TJN)</li> <li><a href="/wiki/Tax_Policy_Center" title="Tax Policy Center">Tax Policy Center</a> (US)</li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Religion" title="Religion">Religious</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Church_tax" title="Church tax">Church tax</a></li> <li><a href="/wiki/Eight_per_thousand" title="Eight per thousand">Eight per thousand</a></li> <li><a href="/wiki/Teind" title="Teind">Teind</a></li> <li><a href="/wiki/Tithe" title="Tithe">Tithe</a></li> <li><a href="/wiki/Fiscus_Judaicus" title="Fiscus Judaicus">Fiscus Judaicus</a></li> <li><a href="/wiki/Leibzoll" title="Leibzoll">Leibzoll</a></li> <li><a href="/wiki/Temple_tax" title="Temple tax">Temple tax</a></li> <li><a href="/wiki/Tolerance_tax" title="Tolerance tax">Tolerance tax</a></li> <li><a href="/wiki/Jizya" title="Jizya">Jizya</a></li> <li><a href="/wiki/Kharaj" title="Kharaj">Kharaj</a></li> <li><a href="/wiki/Khums" title="Khums">Khums</a></li> <li><a href="/wiki/Nisab" title="Nisab">Nisab</a></li> <li><a href="/wiki/Zakat" title="Zakat">Zakat</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Category:Taxation_by_country" title="Category:Taxation by country">By country</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> All Countries</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/List_of_countries_by_tax_rates" title="List of countries by tax rates">List of countries by tax rates</a></li> <li><a href="/wiki/List_of_countries_by_tax_revenue_to_GDP_ratio" class="mw-redirect" title="List of countries by tax revenue to GDP ratio">Tax revenue to GDP ratio</a></li> <li><a href="/wiki/Tax_rates_in_Europe" title="Tax rates in Europe">Tax rates in Europe</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Individual Countries</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Taxation_in_Albania" title="Taxation in Albania">Albania</a></li> <li><a href="/wiki/Taxation_in_Algeria" title="Taxation in Algeria">Algeria</a></li> <li><a href="/wiki/Taxation_in_Argentina" title="Taxation in Argentina">Argentina</a></li> <li><a href="/wiki/Taxation_in_Armenia" title="Taxation in Armenia">Armenia</a></li> <li><a href="/wiki/Taxation_in_Australia" title="Taxation in Australia">Australia</a></li> <li><a href="/wiki/Taxation_in_Azerbaijan" title="Taxation in Azerbaijan">Azerbaijan</a></li> <li><a href="/wiki/Taxation_in_Bangladesh" title="Taxation in Bangladesh">Bangladesh</a></li> <li><a href="/wiki/Taxation_in_Bhutan" title="Taxation in Bhutan">Bhutan</a></li> <li><a href="/wiki/Taxation_in_Brazil" title="Taxation in Brazil">Brazil</a></li> <li><a href="/wiki/Taxation_in_Bulgaria" title="Taxation in Bulgaria">Bulgaria</a></li> <li><a href="/wiki/Taxation_in_the_British_Virgin_Islands" title="Taxation in the British Virgin Islands">BVI</a></li> <li><a href="/wiki/Taxation_in_Canada" title="Taxation in Canada">Canada</a></li> <li><a href="/wiki/Taxation_in_China" title="Taxation in China">China</a></li> <li><a href="/wiki/Taxation_in_Colombia" title="Taxation in Colombia">Colombia</a></li> <li><a href="/wiki/Taxation_in_Croatia" title="Taxation in Croatia">Croatia</a></li> <li><a href="/wiki/Taxation_in_Denmark" title="Taxation in Denmark">Denmark</a></li> <li><a href="/wiki/Taxation_in_Finland" title="Taxation in Finland">Finland</a></li> <li><a href="/wiki/Taxation_in_France" title="Taxation in France">France</a></li> <li><a href="/wiki/Taxation_in_Germany" title="Taxation in Germany">Germany</a></li> <li><a href="/wiki/Taxation_in_Greece" title="Taxation in Greece">Greece</a></li> <li><a href="/wiki/Taxation_in_Hong_Kong" title="Taxation in Hong Kong">Hong Kong</a></li> <li><a href="/wiki/Taxation_in_Iceland" title="Taxation in Iceland">Iceland</a></li> <li><a href="/wiki/Taxation_in_India" title="Taxation in India">India</a></li> <li><a href="/wiki/Taxation_in_Indonesia" title="Taxation in Indonesia">Indonesia</a></li> <li><a href="/wiki/Taxation_in_Iran" title="Taxation in Iran">Iran</a></li> <li><a href="/wiki/Taxation_in_the_Republic_of_Ireland" title="Taxation in the Republic of Ireland">Ireland</a></li> <li><a href="/wiki/Taxation_in_Israel" title="Taxation in Israel">Israel</a></li> <li><a href="/wiki/Taxation_in_Italy" title="Taxation in Italy">Italy</a></li> <li><a href="/wiki/Taxation_in_Japan" title="Taxation in Japan">Japan</a></li> <li><a href="/wiki/Taxation_in_Kazakhstan" title="Taxation in Kazakhstan">Kazakhstan</a></li> <li><a href="/wiki/Taxation_in_Lithuania" title="Taxation in Lithuania">Lithuania</a></li> <li><a href="/wiki/Taxation_in_Malta" title="Taxation in Malta">Malta</a></li> <li><a href="/wiki/Taxation_in_Morocco" title="Taxation in Morocco">Morocco</a></li> <li><a href="/wiki/Taxation_in_Namibia" title="Taxation in Namibia">Namibia</a></li> <li><a href="/wiki/Taxation_in_the_Netherlands" title="Taxation in the Netherlands">Netherlands</a></li> <li><a href="/wiki/Taxation_in_New_Zealand" title="Taxation in New Zealand">New Zealand</a></li> <li><a href="/wiki/Taxation_in_Norway" title="Taxation in Norway">Norway</a></li> <li><a href="/wiki/Taxation_in_Pakistan" title="Taxation in Pakistan">Pakistan</a></li> <li><a href="/wiki/Taxation_in_the_State_of_Palestine" title="Taxation in the State of Palestine">Palestine</a></li> <li><a href="/wiki/Taxation_in_Peru" title="Taxation in Peru">Peru</a></li> <li><a href="/wiki/Taxation_in_the_Philippines" title="Taxation in the Philippines">Philippines</a></li> <li><a href="/wiki/Taxation_in_Poland" title="Taxation in Poland">Poland</a></li> <li><a href="/wiki/Taxation_in_Portugal" title="Taxation in Portugal">Portugal</a></li> <li><a href="/wiki/Taxation_in_Russia" title="Taxation in Russia">Russia</a></li> <li><a href="/wiki/Taxation_in_South_Africa" title="Taxation in South Africa">South Africa</a></li> <li><a href="/wiki/Taxation_in_Sri_Lanka" title="Taxation in Sri Lanka">Sri Lanka</a></li> <li><a href="/wiki/Taxation_in_Sweden" title="Taxation in Sweden">Sweden</a></li> <li><a href="/wiki/Taxation_in_Switzerland" title="Taxation in Switzerland">Switzerland</a></li> <li><a href="/wiki/Taxation_in_Taiwan" title="Taxation in Taiwan">Taiwan</a></li> <li><a href="/wiki/Taxation_in_Tanzania" title="Taxation in Tanzania">Tanzania</a></li> <li><a href="/wiki/Taxation_in_the_United_Arab_Emirates" title="Taxation in the United Arab Emirates">United Arab Emirates</a></li> <li><a href="/wiki/Taxation_in_the_United_Kingdom" title="Taxation in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Taxation_in_the_United_States" title="Taxation in the United States">United States</a></li> <li><a href="/wiki/Taxation_in_Uruguay" title="Taxation in Uruguay">Uruguay</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-below" style="background-color: #efefef;"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" 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template">e</abbr></a></li></ul></div></td></tr></tbody></table> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:The_Irish_Financial_Services_Centre_on_Custom_House_Quay_-_geograph.org.uk_-_1743502.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5a/The_Irish_Financial_Services_Centre_on_Custom_House_Quay_-_geograph.org.uk_-_1743502.jpg/220px-The_Irish_Financial_Services_Centre_on_Custom_House_Quay_-_geograph.org.uk_-_1743502.jpg" decoding="async" width="220" height="166" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5a/The_Irish_Financial_Services_Centre_on_Custom_House_Quay_-_geograph.org.uk_-_1743502.jpg/330px-The_Irish_Financial_Services_Centre_on_Custom_House_Quay_-_geograph.org.uk_-_1743502.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5a/The_Irish_Financial_Services_Centre_on_Custom_House_Quay_-_geograph.org.uk_-_1743502.jpg/440px-The_Irish_Financial_Services_Centre_on_Custom_House_Quay_-_geograph.org.uk_-_1743502.jpg 2x" data-file-width="2732" data-file-height="2064" /></a><figcaption><a href="/wiki/International_Financial_Services_Centre,_Dublin" title="International Financial Services Centre, Dublin">IFSC</a>, Dublin, Ireland. Ireland is a top-five conduit OFC, the largest global tax haven,<sup id="cite_ref-zux_1-0" class="reference"><a href="#cite_note-zux-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-z1_2-0" class="reference"><a href="#cite_note-z1-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> and the third-largest OFC shadow banking centre.<sup id="cite_ref-shadow_3-0" class="reference"><a href="#cite_note-shadow-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>An <b>offshore financial centre</b> (<b>OFC</b>) is defined as a "country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy."<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>a<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-imf_5-0" class="reference"><a href="#cite_note-imf-5"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>"Offshore" is not always literal since many <a href="/wiki/Financial_Stability_Forum" title="Financial Stability Forum">Financial Stability Forum</a>–<a href="/wiki/IMF" class="mw-redirect" title="IMF">IMF</a> OFCs, such as <a href="/wiki/Delaware" title="Delaware">Delaware</a>, <a href="/wiki/South_Dakota" title="South Dakota">South Dakota</a>, <a href="/wiki/Singapore" title="Singapore">Singapore</a>, <a href="/wiki/Luxembourg" title="Luxembourg">Luxembourg</a> and <a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a>, are landlocked or located "onshore", but refers to the fact that the largest users of the OFC are non-residents, i.e. "offshore".<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>b<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/IMF" class="mw-redirect" title="IMF">IMF</a> lists OFCs as a third class of <a href="/wiki/Financial_centre" title="Financial centre">financial centre</a>, with international financial centres (IFCs) and regional financial centres (RFCs). A single financial centre may belong to multiple financial centre classes (e.g. Singapore is an RFC and an OFC). </p><p>The Caribbean, including the Cayman Islands, the British Virgin Islands and Bermuda, has several major OFCs, facilitating many billions of dollars worth of trade and investment globally. </p><p>During April–June 2000, the <a href="/wiki/Financial_Stability_Forum" title="Financial Stability Forum">Financial Stability Forum</a>–<a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> produced the first list of 42–46 OFCs using a qualitative approach. In April 2007, the IMF produced a revised quantitative-based list of 22 OFCs,<sup id="cite_ref-IMF2007_7-0" class="reference"><a href="#cite_note-IMF2007-7"><span class="cite-bracket">[</span>c<span class="cite-bracket">]</span></a></sup> and in June 2018, another revised quantitative-based list of eight major OFCs, who are responsible for 85% of OFC financial flows, which include Ireland, the Caribbean,<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>d<span class="cite-bracket">]</span></a></sup> Luxembourg, Singapore, Hong Kong and the Netherlands.<sup id="cite_ref-imfx_9-0" class="reference"><a href="#cite_note-imfx-9"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> The removal of <a href="/wiki/Foreign_exchange_controls" title="Foreign exchange controls">foreign exchange</a> and <a href="/wiki/Capital_control" title="Capital control">capital controls</a>, the early driver for the creation and use of many OFCs in the 1960s and 1970s,<sup id="cite_ref-ofcx_11-0" class="reference"><a href="#cite_note-ofcx-11"><span class="cite-bracket">[</span>e<span class="cite-bracket">]</span></a></sup> saw taxation and/or regulatory regimes become the primary reasons for using OFCs from the 1980s on.<sup id="cite_ref-imf_5-1" class="reference"><a href="#cite_note-imf-5"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Progress from 2000 onwards from <a href="/wiki/IMF" class="mw-redirect" title="IMF">IMF</a>–<a href="/wiki/OECD" title="OECD">OECD</a>–<a href="/wiki/Financial_Action_Task_Force" title="Financial Action Task Force">FATF</a> initiatives on common standards, <a href="/wiki/Regulatory_compliance" title="Regulatory compliance">regulatory compliance</a>, and banking transparency, has significantly weakened the regulatory attraction of OFCs. </p><p><i>Tax-neutral</i> is a term that OFCs use to describe legal structures where the OFC does not levy any corporation taxes, duties or VAT on fund flows into, during, or exiting (e.g. no withholding taxes) the corporate vehicle. Popular examples are the Irish <a href="/wiki/Qualifying_investor_alternative_investment_fund_(QIAIF)" class="mw-redirect" title="Qualifying investor alternative investment fund (QIAIF)">qualifying investor alternative investment fund (QIAIF)</a>, and the Cayman Islands exempted company, which is used in investment funds, corporate structuring vehicles, and asset <a href="/wiki/Securitization" title="Securitization">securitization</a>. Many onshore jurisdictions also have equivalent tax neutrality in their investment funds industries, such as the United Kingdom, United States, and France. Tax neutrality at the level of these vehicles means that taxes are not paid at the OFC but in the places where the investors are tax resident. If the OFC levied a tax, this would in most cases reduce the tax paid in the places where investors are tax resident by that same amount, on the principles of avoiding double taxation of the same activity. </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Spuerkeess_headquarters_2012-04.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/61/Spuerkeess_headquarters_2012-04.JPG/220px-Spuerkeess_headquarters_2012-04.JPG" decoding="async" width="220" height="147" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/61/Spuerkeess_headquarters_2012-04.JPG/330px-Spuerkeess_headquarters_2012-04.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/61/Spuerkeess_headquarters_2012-04.JPG/440px-Spuerkeess_headquarters_2012-04.JPG 2x" data-file-width="3456" data-file-height="2304" /></a><figcaption><a href="/wiki/Banque_et_Caisse_d%27%C3%89pargne_de_l%27%C3%89tat" title="Banque et Caisse d'Épargne de l'État">Spuerkeess Bank HQ</a>, Luxembourg. Luxembourg is the second largest Sink OFC, the sixth largest global OFC,<sup id="cite_ref-z1_2-1" class="reference"><a href="#cite_note-z1-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> and the second largest OFC shadow banking centre.<sup id="cite_ref-shadow_3-1" class="reference"><a href="#cite_note-shadow-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>Research in 2013–14 showed OFCs harboured 8–10% of global wealth in tax-neutral structures, and acted as hubs for U.S. multinationals in particular, to avoid corporate taxes via <a href="/wiki/Base_erosion_and_profit_shifting" title="Base erosion and profit shifting">base erosion and profit shifting</a> ("BEPS") tools (e.g. the <a href="/wiki/Double_Irish" class="mw-redirect" title="Double Irish">double Irish</a>). A <a href="/wiki/Conduit_and_Sink_OFCs" class="mw-redirect" title="Conduit and Sink OFCs">study in 2017</a> split the understanding of an OFC into 24 Sink OFCs, to which a disproportionate amount of value disappears from the economic system), and five Conduit OFCs, through which a disproportionate amount of value moves toward the Sink OFCs). In June 2018, research showed that major onshore IFCs, not offshore IFCs, had become the dominant locations for corporate tax avoidance BEPS schemes, costing US$200 billion in lost annual tax revenues. A June 2018 joint-IMF study showed much of the <a href="/wiki/Foreign_Direct_Investment" class="mw-redirect" title="Foreign Direct Investment">FDI</a> from OFCs, into higher-tax countries, originated from higher-tax countries (e.g. the UK is the second largest investor in itself, via OFCs).<sup id="cite_ref-imfx_9-1" class="reference"><a href="#cite_note-imfx-9"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-quartz_12-0" class="reference"><a href="#cite_note-quartz-12"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Definitions">Definitions</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=1" title="Edit section: Definitions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:SGX_Centre,_Singapore_-_20121015.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/SGX_Centre%2C_Singapore_-_20121015.jpg/220px-SGX_Centre%2C_Singapore_-_20121015.jpg" decoding="async" width="220" height="330" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/SGX_Centre%2C_Singapore_-_20121015.jpg/330px-SGX_Centre%2C_Singapore_-_20121015.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/49/SGX_Centre%2C_Singapore_-_20121015.jpg/440px-SGX_Centre%2C_Singapore_-_20121015.jpg 2x" data-file-width="1068" data-file-height="1600" /></a><figcaption><a href="/wiki/Singapore_Exchange" title="Singapore Exchange">Singapore Exchange</a>, SGX Centre, Singapore. </figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Beursplein_5_(cropped_and_edited).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/df/Beursplein_5_%28cropped_and_edited%29.jpg/220px-Beursplein_5_%28cropped_and_edited%29.jpg" decoding="async" width="220" height="173" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/df/Beursplein_5_%28cropped_and_edited%29.jpg/330px-Beursplein_5_%28cropped_and_edited%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/df/Beursplein_5_%28cropped_and_edited%29.jpg/440px-Beursplein_5_%28cropped_and_edited%29.jpg 2x" data-file-width="4948" data-file-height="3898" /></a><figcaption><a href="/wiki/Euronext_Amsterdam" title="Euronext Amsterdam">Dutch Stock Exchange</a>, Amsterdam, the Netherlands. The Netherlands is the largest global Conduit OFC, and is the 5th largest global OFC, and is the 4th largest shadow banking OFC.<sup id="cite_ref-z1_2-2" class="reference"><a href="#cite_note-z1-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup></figcaption></figure> <div class="mw-heading mw-heading3"><h3 id="Core_definition">Core definition</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=2" title="Edit section: Core definition"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The definition of an <i>offshore financial centre</i> dates back to academic papers by Dufry & McGiddy (1978), and McCarthy (1979) regarding locations that are: <i>Cities, areas or countries which have made a conscious effort to attract offshore banking business, i.e., non-resident foreign currency denominated business, by allowing relatively free entry and by adopting a flexible attitude where taxes, levies and regulation are concerned.”</i> An April 2007 review of the historical definition of an OFC by the IMF, summarised the 1978–2000 academic work regarding the attributes that define an OFC, into the following four main attributes, which still remain relevant:<sup id="cite_ref-imf_5-2" class="reference"><a href="#cite_note-imf-5"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div><ol style="list-style-type:lower-roman"><li>Primary orientation towards non-residents;</li><li>Favourable regulatory environment;</li><li>Low or zero-taxation scheme;</li><li>Disproportion between the size of the financial sector and the domestic financing needs.</li></ol></div> <p>In April 2000, the term rose to prominence when the <a href="/wiki/Financial_Stability_Forum" title="Financial Stability Forum">Financial Stability Forum</a> ("FSF"), concerned about OFCs on global financial stability, produced a report listing 42 OFCs.<sup id="cite_ref-FSF_13-0" class="reference"><a href="#cite_note-FSF-13"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> The FSF used a qualitative approach to defining OFCs, noting that: <i>Offshore financial centres (OFCs) are not easily defined, but they can be characterised as jurisdictions that attract a high level of non-resident activity [...] and volumes of non-resident business substantially exceeds the volume of domestic business.</i><sup id="cite_ref-FSF_13-1" class="reference"><a href="#cite_note-FSF-13"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>In June 2000, the IMF accepted the FSF's recommendation to investigate the impact of OFCs on global financial stability. On the 23 June 2000, the IMF published a working paper on OFCs which expanded the FSF list to 46 OFCs, but split into three Groups based on the level of co-operation and adherence to international standards by the OFC.<sup id="cite_ref-IMFJune2000_14-0" class="reference"><a href="#cite_note-IMFJune2000-14"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> The IMF paper categorised OFCs as a third type of <a href="/wiki/Financial_centre" title="Financial centre">financial centre</a>, and listed them in order of importance: International Financial Centre ("IFC"), Regional Financial Centres ("RFC") and Offshore Financial Centres ("OFC"); and gave a definition of an OFC: </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>A more practical definition of an OFC is a center where the bulk of financial sector activity is offshore on both sides of the balance sheet, (that is the counterparties of the majority of financial institutions liabilities and assets are non-residents), where the transactions are initiated elsewhere, and where the majority of the institutions involved are controlled by non-residents</p><div class="templatequotecite">— <cite>IMF Background Paper: Offshore Financial Centres (June 2000)<sup id="cite_ref-IMFJune2000_14-1" class="reference"><a href="#cite_note-IMFJune2000-14"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup></cite></div></blockquote> <p>The June 2000 IMF paper then listed three major attributes of offshore financial centres:<sup id="cite_ref-IMFJune2000_14-2" class="reference"><a href="#cite_note-IMFJune2000-14"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div><ol style="list-style-type:lower-roman"><li>Jurisdictions that have relatively large numbers of financial institutions engaged primarily in business with non-residents; and</li><li>Financial systems with external assets and liabilities out of proportion to domestic financial intermediation designed to finance domestic economies; and</li><li>More popularly, centers which provide some of the following services: low or zero taxation; moderate or light financial regulation; banking secrecy and anonymity.</li></ol></div> <p>A subsequent April 2007 IMF on OFCs, established a quantitative approach to defining OFCs which the paper stated was captured by the following definition:<sup id="cite_ref-imf_5-3" class="reference"><a href="#cite_note-imf-5"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>An OFC is a country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy.</p><div class="templatequotecite">— <cite>IMF Working Paper: Concept of Offshore Financial Centers: In Search of an Operational Definition (April 2007)<sup id="cite_ref-imf_5-4" class="reference"><a href="#cite_note-imf-5"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup></cite></div></blockquote> <p>The April 2007 IMF paper used a quantitative <i>proxy text</i> for the above definition: <i>More specifically, it can be considered that the ratio of net financial services exports to GDP could be an indicator of the OFC status of a country or jurisdiction</i>. This approach produced a revised list of 22 OFCs,;<sup id="cite_ref-IMF2007_7-1" class="reference"><a href="#cite_note-IMF2007-7"><span class="cite-bracket">[</span>c<span class="cite-bracket">]</span></a></sup> however, the list had a strong correlation with the original list of 46 OFCs from the IMF's June 2000 paper.<sup id="cite_ref-imf_5-5" class="reference"><a href="#cite_note-imf-5"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The revised list was much shorter than the original IMF list as it only focused on OFCs where the national economic accounts produced breakdowns of net financial services exports data. </p><p>By September 2007, the definition of an OFC from the most cited academic paper on OFCs,<sup id="cite_ref-respec_15-0" class="reference"><a href="#cite_note-respec-15"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> showed a strong correlation with the FSF–IMF definitions of an OFC:<sup id="cite_ref-RoseSpiegel_16-0" class="reference"><a href="#cite_note-RoseSpiegel-16"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>Offshore financial centers (OFCs) are jurisdictions that oversee a disproportionate level of financial activity by non-residents.</p><div class="templatequotecite">— <cite>Andrew K. Rose, Mark M. Spiegel, "Offshore Financial Centers: Parasites or Symbionts?", <a href="/wiki/The_Economic_Journal" title="The Economic Journal">The Economic Journal</a>, (September 2007)<sup id="cite_ref-RoseSpiegel_16-1" class="reference"><a href="#cite_note-RoseSpiegel-16"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup></cite></div></blockquote> <p><span class="anchor" id="Link_to_Tax_Havens"></span> </p> <div class="mw-heading mw-heading3"><h3 id="Link_to_tax_havens">Link to tax havens</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=3" title="Edit section: Link to tax havens"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Tax_haven#Definitions" title="Tax haven">Tax haven § Definitions</a></div> <p>The common FSF–IMF–Academic definition of an OFC focused on the <i>outcome</i> of non-resident activity in a location (e.g. financial flows that are disproportionate to the local economy), and not on the reason that non-residents decide to conduct financial activity in a location. However, since the early academic papers into OFCs in the late 1970s, and the FSF-IMF investigations, it has been consistently noted that tax planning is only one of many drivers of OFC activity. Others include deal structuring and asset holding in a neutral jurisdiction with laws based on English common law, favourable/tailored regulation (e.g. investment funds), or regulatory arbitrage, such as in OFCs like Liberia, that focus on shipping. </p><p>In April–June 2000, when the FSF–IMF produced lists of OFCs, activist groups highlighted the similarity with their <a href="/wiki/Tax_haven" title="Tax haven">tax haven</a> lists.<sup id="cite_ref-TJN1_17-0" class="reference"><a href="#cite_note-TJN1-17"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> Large projects were carried out by the IMF and the OECD from 2000 onwards, on improving data transparency and compliance with international standards and regulations, in jurisdictions that had been labeled OFCs and/or tax havens by the IMF–OECD. The reduction in <i>banking secrecy</i>, was partially credited to these projects as well as global advances in combatting illicit finance flows, and Anti-Money Laundering legislation and regulations. Academics who study tax havens and OFCs are now able to distinguish between those jurisdictions which are used in BEPS activity, and those which are simply tax-neutral, pass-through jurisdictions such as the Cayman Islands, British Virgin Islands and Bermuda.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>Many leading OFCs have recently implemented recommended legislation to reduce or eliminate BEPS. Jurisdictions such as the Cayman Islands, British Virgin Islands and Bermuda found that over 90% of their business companies were out of scope because their core industry does not cater to BEPS strategies.<sup id="cite_ref-ifcreview1_19-0" class="reference"><a href="#cite_note-ifcreview1-19"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Conduit_and_Sink_OFCs">Conduit and Sink OFCs</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=4" title="Edit section: Conduit and Sink OFCs"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Conduit_and_Sink_OFCs" class="mw-redirect" title="Conduit and Sink OFCs">Conduit and Sink OFCs</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Uncovering_Offshore_Financial_Centers_Figure_3_Network_of_ownership_flows_between_countries.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5d/Uncovering_Offshore_Financial_Centers_Figure_3_Network_of_ownership_flows_between_countries.jpg/220px-Uncovering_Offshore_Financial_Centers_Figure_3_Network_of_ownership_flows_between_countries.jpg" decoding="async" width="220" height="219" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5d/Uncovering_Offshore_Financial_Centers_Figure_3_Network_of_ownership_flows_between_countries.jpg/330px-Uncovering_Offshore_Financial_Centers_Figure_3_Network_of_ownership_flows_between_countries.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5d/Uncovering_Offshore_Financial_Centers_Figure_3_Network_of_ownership_flows_between_countries.jpg/440px-Uncovering_Offshore_Financial_Centers_Figure_3_Network_of_ownership_flows_between_countries.jpg 2x" data-file-width="675" data-file-height="673" /></a><figcaption><i>Uncovering Offshore Financial Centers</i>: CORPNET's network of global connections split into <i>Conduit OFCs</i> and <i>Sink OFCs</i>.<sup id="cite_ref-xx_20-0" class="reference"><a href="#cite_note-xx-20"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-RTEconduit_21-0" class="reference"><a href="#cite_note-RTEconduit-21"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup></figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:List_of_sink-OFCs,_ordered_by_sink_centrality_value.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/List_of_sink-OFCs%2C_ordered_by_sink_centrality_value.png/220px-List_of_sink-OFCs%2C_ordered_by_sink_centrality_value.png" decoding="async" width="220" height="140" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/List_of_sink-OFCs%2C_ordered_by_sink_centrality_value.png/330px-List_of_sink-OFCs%2C_ordered_by_sink_centrality_value.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2f/List_of_sink-OFCs%2C_ordered_by_sink_centrality_value.png/440px-List_of_sink-OFCs%2C_ordered_by_sink_centrality_value.png 2x" data-file-width="610" data-file-height="389" /></a><figcaption>List of <i>Sink OFCs</i> ordered by scale (showing U.K. dependencies)</figcaption></figure> <p>While from 2010 onwards, some researchers began to treat tax havens and OFCs as practically synonymous, the OECD and the EU went in a different direction depending on their desired outcome. By 2017, and after many years of regulatory changes in OFCs and some onshore IFCs, the OECD's list of "tax havens" only contained Trinidad & Tobago, which is not a prominent international financial centre. Signally, EU members are routinely not screened by activists including the EU itself. Oxfam, which has entities and activities in jurisdictions such as Lichtenstein, Luxembourg, Netherlands and Delaware, has become a prominent critic of OFCs and has produced reports with the Tax Justice Network, to try to depict their point of view. These are widely discredited by professionals and academics and prominent TJN leaders resigned complaining that the reports were not compiled by knowledgeable tax experts and were manufactured to present a desired outcome, which detracts from good faith efforts to curb BEPS, aggressive tax planning and illicit funds flows. </p><p>In July 2017, the <a href="/wiki/University_of_Amsterdam" title="University of Amsterdam">University of Amsterdam</a>'s CORPNET group ignored any definition of a tax haven and followed a quantitive approach, analyzing 98 million global corporate connections on the <a href="/wiki/Bureau_van_Dijk" title="Bureau van Dijk">Orbis database</a>.<sup id="cite_ref-xx_20-1" class="reference"><a href="#cite_note-xx-20"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-RTEconduit_21-1" class="reference"><a href="#cite_note-RTEconduit-21"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> CORPNET used a variation of the technique in the IMF's 2007 OFC working paper,<sup id="cite_ref-imf_5-6" class="reference"><a href="#cite_note-imf-5"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> and ranked the jurisdictions by the scale of international corporate connections relative to the connections from the local economy. In addition, CORPNET split the resulting OFCs into jurisdictions that acted like a <i>terminus</i> for corporate connections (a Sink), and jurisdictions that acted like <i>nodes</i> for corporate connections (a Conduit). </p><p>CORPNET's <a href="/wiki/Conduit_and_Sink_OFCs" class="mw-redirect" title="Conduit and Sink OFCs">Conduit and Sink OFCs</a> study split the understanding of an offshore financial centre into two classifications:<sup id="cite_ref-xx_20-2" class="reference"><a href="#cite_note-xx-20"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-RTEconduit_21-2" class="reference"><a href="#cite_note-RTEconduit-21"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <ul><li>24 Sink OFCs: jurisdictions in which a disproportionate amount of value disappears from the economic system (e.g. the traditional <a href="/wiki/Tax_havens" class="mw-redirect" title="Tax havens">tax havens</a>).</li> <li>5 Conduit OFCs: jurisdictions through which a disproportionate amount of value moves toward sink OFCs (e.g. the modern <a href="/wiki/Corporate_tax_haven" class="mw-redirect" title="Corporate tax haven">corporate tax havens</a>)<br />(Conduits are: Netherlands, United Kingdom, Switzerland, Singapore, and Ireland)</li></ul> <p>Sink OFCs rely on Conduit OFCs to reroute funds from high-tax locations using the BEPS tools which are encoded, and accepted, in the Conduit OFC's extensive networks of bilateral <a href="/wiki/Tax_treaties" class="mw-redirect" title="Tax treaties">tax treaties</a>. Because Sink OFCs are more closely associated with traditional tax havens, they tend to have more limited treaty networks. </p><p>CORPNET's lists of top five <a href="/wiki/Conduit_and_Sink_OFCs#Conduit_OFC" class="mw-redirect" title="Conduit and Sink OFCs">Conduit OFCs</a>, and top five <a href="/wiki/Conduit_and_Sink_OFCs#Sink_OFC" class="mw-redirect" title="Conduit and Sink OFCs">Sink OFCs</a>, matched 9 of the top 10 havens in the <a href="/wiki/James_R._Hines_Jr.#Hines_2010_list" title="James R. Hines Jr.">Hines 2010 tax haven list</a>, only differing in the United Kingdom, which only <a href="/wiki/Corporate_haven#U.K._transformation" title="Corporate haven">transformed their tax code in 2009–12</a>, from a "worldwide" corporate tax system, to a "territorial" corporate tax system. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>Our findings debunk the myth of tax havens<sup id="cite_ref-def_22-0" class="reference"><a href="#cite_note-def-22"><span class="cite-bracket">[</span>f<span class="cite-bracket">]</span></a></sup> as exotic far-flung islands that are difficult, if not impossible, to regulate. Many offshore financial centers<sup id="cite_ref-def_22-1" class="reference"><a href="#cite_note-def-22"><span class="cite-bracket">[</span>f<span class="cite-bracket">]</span></a></sup> are highly developed countries with strong regulatory environments.</p><div class="templatequotecite">— <cite>Javier Garcia-Bernardo, Jan Fichtner, Frank W. Takes & Eelke M. Heemskerk, CORPNET University of Amsterdam<sup id="cite_ref-xx_20-3" class="reference"><a href="#cite_note-xx-20"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup></cite></div></blockquote> <p>All of CORPNET's Conduit OFCs, and eight of CORPNET's top 10 Sink OFCs, appeared in the <a href="#IMF_2007_list">§ IMF 2007 list</a> of 22 OFCs. However, this theoretical work has been brought into question. Many of the "sink" jurisdictions by CORPNET's standards have proved to be conduit jurisdictions. When Economic Substance legislation was brought in, practically all of the companies in places like the Cayman Islands and British Virgin Islands were out of scope because BEPS is not a relevant industry in those jurisdictions. Those jurisdictions concentrate more on investment funds, which are self-evidently conduit vehicles where investors are not taxed in the OFC but in full where they are tax resident.<sup id="cite_ref-ifcreview1_19-1" class="reference"><a href="#cite_note-ifcreview1-19"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p><span class="anchor" id="Offshore_Financial_Centre_lists"></span> </p> <div class="mw-heading mw-heading2"><h2 id="Lists">Lists</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=5" title="Edit section: Lists"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><span class="anchor" id="FSF–IMF_2000_List"></span> </p> <div class="mw-heading mw-heading3"><h3 id="FSF–IMF_2000_list"><span id="FSF.E2.80.93IMF_2000_list"></span>FSF–IMF 2000 list</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=6" title="Edit section: FSF–IMF 2000 list"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The following 46 OFCs are from the June 2007 IMF background paper that used a qualitative approach to identify OFCs;<sup id="cite_ref-IMFJune2000_14-3" class="reference"><a href="#cite_note-IMFJune2000-14"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> and which also incorporated the April 2000 FSF list which had also used a qualitative approach to identify 42 OFCs.<sup id="cite_ref-FSF_13-2" class="reference"><a href="#cite_note-FSF-13"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 20em;"><b>IMF Group I*</b> <div><ol><li>Guernsey</li><li>Hong Kong</li><li>Ireland</li><li>Isle of Man</li><li>Jersey</li><li>Luxembourg</li><li>Singapore</li><li>Switzerland</li></ol></div> <p><b>IMF Group II*</b> </p> <div><ol><li>Andorra</li><li>Bahrain</li><li>Barbados</li><li>Bermuda</li><li>Gibraltar</li><li>Macau</li><li>Malaysia (Labuan)</li><li>Malta</li><li>Monaco</li></ol></div> <p><b>IMF Group III*</b> </p> <div><ol><li>Anguilla</li><li>Antigua and Barbuda</li><li>Aruba</li><li>Bahamas</li><li>Belize</li><li>British Virgin Islands</li><li>Cayman Islands</li><li>Cook Islands</li><li>Costa Rica</li><li>Cyprus</li><li>Dominica‡</li><li>Grenada‡</li><li>Lebanon</li><li>Liechtenstein</li><li>Marshall Islands</li><li>Mauritius</li><li>Montserrat‡</li><li>Nauru</li><li>Netherlands Antilles</li><li>Niue</li><li>Panama</li><li>Palau‡</li><li>Samoa</li><li>Seychelles</li><li>St. Kitts and Nevis</li><li>St. Lucia</li><li>St. Vincent and the Grenadines</li><li>Turks and Caicos Islands</li><li>Vanuatu</li></ol></div></div> <p>(*) Groups are as per the IMF June 2000 categories: </p> <div><ol><li>Group I: <i>generally viewed as cooperative, with a high quality of supervision, which largely adhere to international standards</i>;</li><li>Group II: <i>generally seen as having procedures for supervision and co-operation in place, but where actual performance falls below international standards, and there is substantial room for improvement</i>;</li><li>Group III: <i>generally seen as having a low quality of supervision, and/or being non-cooperative with onshore supervisors, and with little or no attempt being made to adhere to international standards.</i></li></ol></div> <p>(‡) Dominica, Grenada, Montserrat and Palau were not on the FSF April 2000 list of 42 OFCs but were on the IMF June 2000 list of 46 OFCs. <span class="anchor" id="IMF_2007_list"></span> </p> <div class="mw-heading mw-heading3"><h3 id="IMF_2007_list">IMF 2007 list</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=7" title="Edit section: IMF 2007 list"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The following 22 OFCs are from an April 2007 IMF working paper that used a strictly quantitative approach to identifying OFCs (only where specific data was available<sup id="cite_ref-IMF2007_7-2" class="reference"><a href="#cite_note-IMF2007-7"><span class="cite-bracket">[</span>c<span class="cite-bracket">]</span></a></sup>).<sup id="cite_ref-imf_5-7" class="reference"><a href="#cite_note-imf-5"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col" style="column-width: 20em;"><div><ol><li>Bahamas†</li><li>Bahrain†</li><li>Barbados†</li><li>Bermuda† (Top 10 Sink OFC)</li><li>Cayman Islands† (Top 10 Sink OFC)</li><li>Cyprus† (Top 10 Sink OFC)</li><li>Guernsey†</li><li>Hong Kong† (Top 10 Sink OFC)</li><li>Ireland† (Top 5 Conduit OFC)</li><li>Isle of Man†</li><li>Jersey† (Top 10 Sink OFC)</li><li>Latvia</li><li>Luxembourg† (Top 10 Sink OFC)</li><li>Malta† (Top 10 Sink OFC)</li><li>Mauritius† (Top 10 Sink OFC)</li><li>Netherlands† (Top 5 Conduit OFC)</li><li>Panama†</li><li>Singapore† (Top 5 Conduit OFC)</li><li>Switzerland† (Top 5 Conduit OFC)</li><li>United Kingdom (Top 5 Conduit OFC)</li><li>Uruguay</li><li>Vanuatu†</li></ol></div></div> <p>(†) In on both the April 2000 FSF list of 42 OFCs, and the June 2000 IMF list of 46 OFCs.<br /> (Top 5 Conduit OFC) The IMF list contains all 5 largest Conduit OFCs: Netherlands, United Kingdom, Switzerland, Singapore and Ireland<br /> (Top 10 Sink OFC) The IMF list contains 8 of the 10 largest Sink OFCs: missing British Virgin Islands (data was not available), and Taiwan (was not a major OFC in 2007). <span class="anchor" id="IMF_2018_list"></span> </p> <div class="mw-heading mw-heading3"><h3 id="IMF_2018_list">IMF 2018 list</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=8" title="Edit section: IMF 2018 list"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The following eight OFCs (or also called <i>pass through economies</i>) were co-identified by an IMF working paper, as being responsible for 85% of the world's investment in structured vehicles.<sup id="cite_ref-imfx_9-2" class="reference"><a href="#cite_note-imfx-9"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:HK_International_Finance_Centre_200809.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b3/HK_International_Finance_Centre_200809.jpg/220px-HK_International_Finance_Centre_200809.jpg" decoding="async" width="220" height="293" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b3/HK_International_Finance_Centre_200809.jpg/330px-HK_International_Finance_Centre_200809.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b3/HK_International_Finance_Centre_200809.jpg/440px-HK_International_Finance_Centre_200809.jpg 2x" data-file-width="1200" data-file-height="1600" /></a><figcaption><a href="/wiki/International_Finance_Centre_(Hong_Kong)" title="International Finance Centre (Hong Kong)">International Finance Centre</a>, Hong Kong. Hong Kong is the third largest Sink OFC, and is the eighth largest global tax haven.<sup id="cite_ref-z1_2-3" class="reference"><a href="#cite_note-z1-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup></figcaption></figure> <style data-mw-deduplicate="TemplateStyles:r1233514072">.mw-parser-output .static-row-numbers{counter-reset:rowNumber}.mw-parser-output .static-row-numbers tr::before{content:"";display:table-cell;padding-right:0.5em;padding-left:0.5em;text-align:right;vertical-align:inherit}.mw-parser-output .static-row-numbers.static-row-numbers-left tr::before{text-align:left}.mw-parser-output .static-row-numbers.static-row-numbers-center tr::before{text-align:center}.mw-parser-output .static-row-numbers.wikitable tr::before{background-color:var(--background-color-neutral,#eaecf0)}body.skin-minerva .mw-parser-output .static-row-numbers.wikitable tr::before{background-color:var(--background-color-neutral,#eaecf0);color:var(--color-base,#202122)}.mw-parser-output .static-row-numbers thead+tbody tr:first-child:not(.static-row-header):not(.static-row-numbers-norank)::before,.mw-parser-output .static-row-numbers tbody tr:not(:first-child):not(.static-row-header):not(.static-row-numbers-norank)::before{counter-increment:rowNumber;content:counter(rowNumber)}.mw-parser-output .static-row-header-text.static-row-numbers thead tr:first-child::before,.mw-parser-output .static-row-header-text.static-row-numbers caption+tbody tr:first-child::before,.mw-parser-output .static-row-header-text.static-row-numbers tbody:first-child tr:first-child::before{content:"No.";font-weight:bold}.mw-parser-output .static-row-header-hash.static-row-numbers thead tr:first-child::before,.mw-parser-output .static-row-header-hash.static-row-numbers caption+tbody tr:first-child::before,.mw-parser-output .static-row-header-hash.static-row-numbers tbody:first-child tr:first-child::before{content:"#";font-weight:bold}.mw-parser-output .static-row-numbers.wikitable tr::before{border:0 solid var(--border-color-base,#a2a9b1)}.mw-parser-output .static-row-numbers.wikitable thead+tbody tr:first-child:not(.static-row-header)::before,.mw-parser-output .static-row-numbers.wikitable tbody tr:not(:first-child):not(.static-row-header)::before{border-width:1px}body.skin-monobook .mw-parser-output .static-row-numbers.wikitable tr::before{border-color:#aaaaaa}body.skin-timeless .mw-parser-output .static-row-numbers.wikitable tr::before{border-color:#c8ccd1}body.skin-minerva .mw-parser-output .static-row-numbers.wikitable tr::before{border-color:rgba(84,89,93,.3)}.mw-parser-output table[border].static-row-numbers:not(.wikitable) tr::before{border:0 inset #202122}.mw-parser-output table[border].static-row-numbers:not(.wikitable) thead+tbody tr:first-child:not(.static-row-header)::before,.mw-parser-output table[border].static-row-numbers:not(.wikitable) tbody tr:not(:first-child):not(.static-row-header)::before{border-width:1px}body.skin-monobook .mw-parser-output table[border].static-row-numbers:not(.wikitable) tr::before,body.skin-timeless .mw-parser-output table[border].static-row-numbers:not(.wikitable):not(.mw-datatable) tr::before{border-color:#000000}body.skin-timeless .mw-parser-output .static-row-numbers.mw-datatable:not(.wikitable) tr::before{border:0 solid #c8ccd1}body.skin-timeless .mw-parser-output .static-row-numbers.mw-datatable:not(.wikitable) thead+tbody tr:first-child:not(.static-row-header)::before,body.skin-timeless .mw-parser-output .static-row-numbers.mw-datatable:not(.wikitable) tbody tr:not(:first-child):not(.static-row-header)::before{border-width:1px}@media all and (max-width:720px){body.skin-minerva .mw-parser-output .static-row-numbers.wikitable tr::before{border-left-width:1px}body.skin-minerva .mw-parser-output .static-row-numbers.wikitable thead tr:first-child::before,body.skin-minerva .mw-parser-output .static-row-numbers.wikitable caption+tbody tr:first-child::before,body.skin-minerva .mw-parser-output .static-row-numbers.wikitable tbody:first-child tr:first-child::before{border-top-width:1px}body.skin-minerva .mw-parser-output .static-row-numbers.wikitable tbody tr:last-child::before,body.skin-minerva .mw-parser-output .static-row-numbers.wikitable tfoot tr:last-child::before{border-bottom-width:1px}}</style> <table class="wikitable sortable static-row-numbers static-row-header-text" style="text-align:left"> <caption style="text-align: left;">Comparison of the IMF 2018 eight major <i>pass through</i> OFCs,<sup id="cite_ref-imfx_9-3" class="reference"><a href="#cite_note-imfx-9"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> with other OFC rankings (as discussed elsewhere in this article): </caption> <tbody><tr> <th style="width:140px;text-align:left">IMF Major OFC<br /> (alphabetical)<sup id="cite_ref-imfx_9-4" class="reference"><a href="#cite_note-imfx-9"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><br /> </th> <th style="width:140px;text-align:left">Conduit Sink<br />OFC Ranking<sup id="cite_ref-xx_20-4" class="reference"><a href="#cite_note-xx-20"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </th> <th style="width:140px;text-align:left">Global Tax Haven<br />BEPS Ranking<sup id="cite_ref-z1_2-4" class="reference"><a href="#cite_note-z1-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </th> <th style="width:140px;text-align:left">Global Shadow Bank<br />OFI Ranking<sup id="cite_ref-FSF1_23-0" class="reference"><a href="#cite_note-FSF1-23"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </th></tr> <tr> <td>Bermuda†</td> <td>Top 5 Sink OFC</td> <td>9</td> <td>n.a.<sup id="cite_ref-ber_24-0" class="reference"><a href="#cite_note-ber-24"><span class="cite-bracket">[</span>g<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td>British Virgin Islands</td> <td>Top 5 Sink OFC</td> <td>2</td> <td>n.a.<sup id="cite_ref-ber_24-1" class="reference"><a href="#cite_note-ber-24"><span class="cite-bracket">[</span>g<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td>Cayman Islands†</td> <td>Top 10 Sink OFC</td> <td>2</td> <td>1 </td></tr> <tr> <td>Hong Kong†</td> <td>Top 5 Sink OFC</td> <td>8</td> <td>5 </td></tr> <tr> <td>Ireland†</td> <td>Top 5 Conduit OFC</td> <td>1</td> <td>3 </td></tr> <tr> <td>Luxembourg†</td> <td>Top 5 Sink OFC</td> <td>6</td> <td>2 </td></tr> <tr> <td>Netherlands†</td> <td>Top 5 Conduit OFC</td> <td>5</td> <td>4 </td></tr> <tr> <td>Singapore†</td> <td>Top 5 Conduit OFC</td> <td>3</td> <td>8 </td></tr></tbody></table> <p>(†) In the April 2000 FSF list of 42 OFCs, the June 2000 IMF list of 46 OFCs, and the April 2007 IMF list of 22 OFCs.<br /> (Top 5 Conduit OFC) The IMF list contains three of the largest Conduit OFCs: Netherlands, Singapore and Ireland<br /> (Top 5 Sink OFC) The IMF list contains four of the five largest Sink OFCs: missing Jersey (fourth largest Sink OFC), but includes the Cayman Islands (tenth largest Sink OFC). </p> <div class="mw-heading mw-heading3"><h3 id="FSF_2018_Shadow_Bank_OFC_list">FSF 2018 Shadow Bank OFC list</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=9" title="Edit section: FSF 2018 Shadow Bank OFC list"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Shadow banking is a key service line for OFCs. The <a href="/wiki/Financial_Stability_Forum" title="Financial Stability Forum">Financial Stability Forum</a> ("FSF") produces a report each year on <i>Global Shadow Banking</i>, or <i>other financial intermediaries</i> ("OFI"s).<sup id="cite_ref-OFI_25-0" class="reference"><a href="#cite_note-OFI-25"><span class="cite-bracket">[</span>h<span class="cite-bracket">]</span></a></sup> In a similar method to the various IMF lists, the FSF produces a table of the locations with the highest concentration of OFI/shadow banking financial assets, versus domestic GDP, in its 2018 report, thus creating a ranked table of "Shadow Banking OFCs".<sup id="cite_ref-FSF1_23-1" class="reference"><a href="#cite_note-FSF1-23"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> The fuller table is produced in the <a href="#Shadow_banking">§ Shadow banking</a> section, however, the 4 largest OFCs for shadow banking with OFI assets over 5x GDP are:<sup id="cite_ref-FSF1_23-2" class="reference"><a href="#cite_note-FSF1-23"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div><ol><li>Cayman Islands (Top 10 Sink OFC) OFI assets were 2,118 x GDP</li><li>Luxembourg (Top 5 Sink OFC) OFI assets were 246 x GDP</li><li>Ireland (Top 5 Conduit OFC) OFI assets were 13 x GDP<sup id="cite_ref-irl_26-0" class="reference"><a href="#cite_note-irl-26"><span class="cite-bracket">[</span>i<span class="cite-bracket">]</span></a></sup></li><li>Netherlands (Top 5 Conduit OFC) OFI assets were 8.6 x GDP</li></ol></div> <div class="mw-heading mw-heading2"><h2 id="Countermeasures">Countermeasures</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=10" title="Edit section: Countermeasures"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:HMRC_offshore_evasion_poster_February_2014.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f6/HMRC_offshore_evasion_poster_February_2014.jpg/220px-HMRC_offshore_evasion_poster_February_2014.jpg" decoding="async" width="220" height="343" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f6/HMRC_offshore_evasion_poster_February_2014.jpg/330px-HMRC_offshore_evasion_poster_February_2014.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f6/HMRC_offshore_evasion_poster_February_2014.jpg/440px-HMRC_offshore_evasion_poster_February_2014.jpg 2x" data-file-width="1665" data-file-height="2598" /></a><figcaption><a href="/wiki/HM_Revenue_and_Customs" title="HM Revenue and Customs">HM Revenue and Customs</a> offshore evasion poster, February 2014</figcaption></figure> <p>Offshore finance became the subject of increased attention since the FSF–IMF reports on OFC in 2000, and also from the April 2009 G20 meeting, during the height of the financial crisis, when heads of state resolved to "take action" against non-cooperative jurisdictions.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> Initiatives spearheaded by the <a href="/wiki/Organisation_for_Economic_Co-operation_and_Development" class="mw-redirect" title="Organisation for Economic Co-operation and Development">Organisation for Economic Co-operation and Development</a> (OECD), the <a href="/wiki/Financial_Action_Task_Force_on_Money_Laundering" class="mw-redirect" title="Financial Action Task Force on Money Laundering">Financial Action Task Force on Money Laundering</a> (FATF) and the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> have had an effect on curbing some excesses in the offshore financial centre industry, although it would drive the OFC industry towards a <a href="#Focus_on_tax">§ Focus on tax</a> for institutional and corporate clients. The <a href="/wiki/World_Bank" title="World Bank">World Bank</a>'s 2019 <a href="/wiki/World_Development_Report" title="World Development Report">World Development Report</a> on the future of work <a rel="nofollow" class="external text" href="http://www.worldbank.org/en/publication/wdr2019">supports</a> increased government efforts to curb tax avoidance. </p> <div><ol style="list-style-type:lower-roman"><li>Money laundering. In 2000 the FATF began a policy of assessing the cooperation of all countries in programmes against <a href="/wiki/Money_laundering" title="Money laundering">money laundering</a>. Considerable tightening up of both regulation and implementation was noted by the FATF over subsequent years (see generally <a href="/wiki/FATF_Blacklist" class="mw-redirect" title="FATF Blacklist">FATF Blacklist</a>). Most of the principal OFCs strengthened their internal regulations relating to money laundering and criminal financial activities.</li><li>Tax avoidance. Similarly, in 2000 the OECD began a policy of forcing greater compliance by traditional tax havens by increasing the requirements for <a href="/wiki/Data_sharing" title="Data sharing">data sharing</a> and transparency to avoid being included on the OECD's tax haven blacklist. While objections from the U.S. limited the OECD's effect on tax havens, the increased information disclosure enabled tax academics to use more quantitative methods for identifying tax avoidance.<sup id="cite_ref-crs2_28-0" class="reference"><a href="#cite_note-crs2-28"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup></li><li>Financial and banking secrecy. The April 2000 FSF OFC report, which launched the June 2000 IMF OFC initiative, led to a process of increased data disclosure and financial reporting by financial institutions in OFCs. It also led to more specific clampdowns in the area of <i>bank secrecy</i>, over which the IMF have greater control, and which ultimately removed much of the main distinctions between historical definitions of OFCs and tax havens.<sup id="cite_ref-zucbank_29-0" class="reference"><a href="#cite_note-zucbank-29"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup></li></ol></div> <p><span class="anchor" id="Focus_on_tax"></span> </p> <div class="mw-heading mw-heading2"><h2 id="Tax_services">Tax services</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=11" title="Edit section: Tax services"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Tax_haven" title="Tax haven">Tax haven</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:EU_State_Aid_Case_Ireland_Apple.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d3/EU_State_Aid_Case_Ireland_Apple.jpg/220px-EU_State_Aid_Case_Ireland_Apple.jpg" decoding="async" width="220" height="125" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d3/EU_State_Aid_Case_Ireland_Apple.jpg/330px-EU_State_Aid_Case_Ireland_Apple.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d3/EU_State_Aid_Case_Ireland_Apple.jpg/440px-EU_State_Aid_Case_Ireland_Apple.jpg 2x" data-file-width="3507" data-file-height="1992" /></a><figcaption>EU Commission's outline of Apple's hybrid–<a href="/wiki/Double_Irish" class="mw-redirect" title="Double Irish">double Irish</a> <a href="/wiki/BEPS" class="mw-redirect" title="BEPS">BEPS</a> tax structure in Ireland, that used <i>two branches inside a single company</i> based on private rulings from the Irish <a href="/wiki/Revenue_Commissioners" title="Revenue Commissioners">Revenue Commissioners</a> in 1991 and 2007.<sup id="cite_ref-:1_30-0" class="reference"><a href="#cite_note-:1-30"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>Early research on offshore financial centers, from 1978 to 2000, identified reasons for nonresidents using an OFC, over the financial system in their own home jurisdiction (which in most cases was more developed than the OFC). Prominent reasons in these lists were:<sup id="cite_ref-imf_5-8" class="reference"><a href="#cite_note-imf-5"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div><ol style="list-style-type:lower-roman"><li>Low taxation (Dufey and Giddy (1978); McCarthy (1979); Johnston (1982); Park (1994); Errico and Musalem (1999))</li><li>Favourable regulations (Dufey and Giddy (1978); McCarthy (1979); Johnston (1982); Errico and Musalem (1999))</li><li>Manage around currency and capital controls<sup id="cite_ref-ofcx_11-1" class="reference"><a href="#cite_note-ofcx-11"><span class="cite-bracket">[</span>e<span class="cite-bracket">]</span></a></sup> (Johnston (1982); Park (1994); IMF (1995); Hampton (1996))</li></ol></div> <p>The third reason, <i>Manage around currency and capital controls</i>, dissipated with globalisation of financial markets and free-floating exchange rate mechanisms, and ceases to appear in research after 2000. The second reason, <i>Favourable regulations</i>, had also dissipated, but to a lesser degree, as a result of initiatives by the IMF–OECD–FATF post–2000, promoting common standards and regulatory compliance across OFCs and tax havens.<sup id="cite_ref-h1_31-0" class="reference"><a href="#cite_note-h1-31"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-zucbank_29-1" class="reference"><a href="#cite_note-zucbank-29"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-crs2_28-1" class="reference"><a href="#cite_note-crs2-28"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> For example, while the EU–28 contains some of the largest OFCs (e.g. Ireland and Luxembourg), these EU–OFCs cannot offer regulatory environments that differ from other EU–28 jurisdictions.<sup id="cite_ref-OFC_32-0" class="reference"><a href="#cite_note-OFC-32"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>These earlier regimes are no longer relevant in today's World. OFCs each tend to have one or more core business areas which dominate their industries. Substantially, but not exclusively, Cayman and the BVI are investment funds jurisdictions, as well as structured finance and holding company vehicles for large assets (such as infrastructure, commercial real estate), or SPVs for investment into jurisdictions with less certain legal and judicial infrastructure, such as China, Russia or India. Bermuda has a large reinsurance industry and Cayman's insurance industry is also now competitive. </p><p>In August 2013, <a href="/wiki/Gabriel_Zucman" title="Gabriel Zucman">Gabriel Zucman</a> showed OFCs housed up to 8–10% of global wealth in tax–neutral<sup id="cite_ref-tax_33-0" class="reference"><a href="#cite_note-tax-33"><span class="cite-bracket">[</span>j<span class="cite-bracket">]</span></a></sup> structures.<sup id="cite_ref-missing_profits_34-0" class="reference"><a href="#cite_note-missing_profits-34"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> Often conflated are the reasons why <a href="/wiki/Private_equity_funds" class="mw-redirect" title="Private equity funds">private equity funds</a> and <a href="/wiki/Hedge_funds" class="mw-redirect" title="Hedge funds">hedge funds</a> set up in OFCs, such as Delaware, the Cayman Islands, British Virgin Islands, and Luxembourg, and which the Investment Manager often sets up there as well. The former is to benefit from investment funds specific legislation designed for larger institutional, sovereign, High Net Worth or Development/NGO investors who are presumed to either be sophisticated in themselves or have access to sophisticated advice on account of their size. In this way, these funds are not open to retail investors whom are normally investors in jurisdictions that cater for greater investor protection. The zero tax rate, as in many onshore funds, is so that the profits are taxed in the countries where the investors who earned the profits are tax resident. Any tax that was levied on the fund itself would have to be deducted from the onshore tax on those profits in order that the same profit is not taxed twise. </p><p>On the other hand, the investment manager is often set up in low tax OFCs to facilitate the personal tax planning of the manager.<sup id="cite_ref-OFC_32-1" class="reference"><a href="#cite_note-OFC-32"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p><p>In August 2014, Zucman showed OFCs being used by U.S. multinationals, in particular, to execute <a href="/wiki/Base_erosion_and_profit_shifting" title="Base erosion and profit shifting">base erosion and profit shifting</a> ("BEPS") transactions to avoid corporate taxes.<sup id="cite_ref-Zucman_36-0" class="reference"><a href="#cite_note-Zucman-36"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> Zucman's work is widely quoted yet also frequently criticised as being confused and counterfactual.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p><p>Demonstrating that most BEPS activity occurs in US and EU IFCs, in Q1 2015, Apple executed the largest BEPS transaction in history, moving US$300 billion in <a href="/wiki/Intellectual_property" title="Intellectual property">intellectual property</a> ("IP") assets to Ireland, an IMF OFC, to use the Irish "<a href="/wiki/Ireland_as_a_tax_haven#Green_Jersey" title="Ireland as a tax haven">Green Jersey</a>" BEPS tool (see "<a href="/wiki/Leprechaun_economics" title="Leprechaun economics">Leprechaun economics</a>"). In August 2016, the <a href="/wiki/EU_illegal_State_aid_case_against_Apple_in_Ireland" class="mw-redirect" title="EU illegal State aid case against Apple in Ireland">EU Commission levied the largest tax fine in history, at US$13 billion, against Apple in Ireland</a> for abuse of the <a href="/wiki/Double_Irish" class="mw-redirect" title="Double Irish">double Irish</a> BEPS tool from 2004 to 2014. In January 2017, the OECD estimated that BEPS tools, mostly located in OFCs, were responsible for US$100 to 240 billion in annual tax avoidance.<sup id="cite_ref-BEPS_Background_38-0" class="reference"><a href="#cite_note-BEPS_Background-38"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> However, it is notable that developing countries often suffer from kleptocracy and serious corruption regarding national wealth, and BEPS is very much a secondary concern. </p><p>In June 2018, Gabriel Zucman (<i>et alia</i>) produced a report stating that OFC corporate BEPs tools were responsible for over US$200 billion in annual corporate tax losses,<sup id="cite_ref-zuc10_39-0" class="reference"><a href="#cite_note-zuc10-39"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> and produced the a table (see below) of the largest BEPS locations in the world, which showed how synonymous the <a href="/wiki/Tax_havens#Top_10_tax_havens" class="mw-redirect" title="Tax havens">largest tax havens</a>, the largest <a href="/wiki/Conduit_and_Sink_OFCs" class="mw-redirect" title="Conduit and Sink OFCs">Conduit and Sink OFCs</a>, and the largest <a href="#IMF_2007_list">§ IMF 2007 list</a> of OFCs had become.<sup id="cite_ref-z1_2-5" class="reference"><a href="#cite_note-z1-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>In June 2018, another joint-IMF study showed that 8 <i>pass-through economies</i>, namely, the Netherlands, Luxembourg, Hong Kong SAR, the British Virgin Islands, Bermuda, the Cayman Islands, Ireland, and Singapore; host more than 85 per cent of the world's investment in special purpose entities.<sup id="cite_ref-imfx_9-5" class="reference"><a href="#cite_note-imfx-9"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> It is important that these entities are tax neutral because any taxation at the OFC entity would have an equivalent reduction in the home or investor countries. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1233514072"> <table class="wikitable sortable static-row-numbers static-row-header-text" style="text-align:left"> <caption style="text-align: left;">Missing Profits of Nations. Appendix: Table 2: Shifted Profits: Country-by-Country Estimates (2015)<sup id="cite_ref-z1_2-6" class="reference"><a href="#cite_note-z1-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </caption> <tbody><tr> <th style="width:95px;text-align:left">Zucman<br /> Tax Haven<br /> </th> <th style="background:#cfc;width:95px;text-align:left">Rank by<br />Profit Shifted </th> <th style="width:120px;text-align:left">Corporate<br />Profits ($bn) </th> <th style="width:120px;text-align:left"><i>Of Which:</i><br />Local ($bn) </th> <th style="width:120px;text-align:left"><i>Of Which:</i><br />Foreign ($bn) </th> <th style="background:#cfc;width:120px;text-align:left">Profits<br />Shifted ($bn) </th> <th style="width:95px;text-align:left">Effective<br />Tax Rate (%) </th> <th style="width:95px;text-align:left">Corp. Tax<br />Gain/Loss (%) </th></tr> <tr> <td>Ireland*†Δ⹋</td> <td>1</td> <td>174</td> <td>58</td> <td>116</td> <td>-106</td> <td>4%</td> <td>58% </td></tr> <tr> <td>Caribbean*‡Δ⹋</td> <td>2</td> <td>102</td> <td>4</td> <td>98</td> <td>-97</td> <td>2%</td> <td>100% </td></tr> <tr> <td>Singapore*†Δ⹋</td> <td>3</td> <td>120</td> <td>30</td> <td>90</td> <td>-70</td> <td>8%</td> <td>41% </td></tr> <tr> <td>Switzerland*†Δ</td> <td>4</td> <td>95</td> <td>35</td> <td>60</td> <td>-58</td> <td>21%</td> <td>20% </td></tr> <tr> <td>Netherlands*†Δ⹋</td> <td>5</td> <td>195</td> <td>106</td> <td>89</td> <td>-57</td> <td>10%</td> <td>32% </td></tr> <tr> <td>Luxembourg*Δ⹋</td> <td>6</td> <td>91</td> <td>40</td> <td>51</td> <td>-47</td> <td>3%</td> <td>50% </td></tr> <tr> <td>Puerto Rico</td> <td>7</td> <td>53</td> <td>10</td> <td>43</td> <td>-42</td> <td>3%</td> <td>79% </td></tr> <tr> <td>Hong Kong*‡Δ⹋</td> <td>8</td> <td>95</td> <td>45</td> <td>50</td> <td>-39</td> <td>18%</td> <td>33% </td></tr> <tr> <td>Bermuda*‡Δ⹋</td> <td>9</td> <td>25</td> <td>1</td> <td>25</td> <td>-24</td> <td>0%</td> <td>n.a </td></tr> <tr> <td>Belgium</td> <td>10</td> <td>80</td> <td>48</td> <td>32</td> <td>-13</td> <td>19%</td> <td>16% </td></tr> <tr> <td>MaltaΔ</td> <td>11</td> <td>14</td> <td>1</td> <td>13</td> <td>-12</td> <td>5%</td> <td>90% </td></tr> <tr> <td>All Others</td> <td>12</td> <td></td> <td></td> <td></td> <td>-51</td> <td></td> <td> </td></tr></tbody></table> <p>(*) One of the largest 10 <a href="/wiki/Tax_havens" class="mw-redirect" title="Tax havens">tax havens</a> by <a href="/wiki/James_R._Hines_Jr." title="James R. Hines Jr.">James R. Hines Jr.</a> in 2010 (the <a href="/wiki/James_R._Hines_Jr.#Hines_2010_list" title="James R. Hines Jr.">Hines 2010 List</a>).<sup id="cite_ref-h1_31-1" class="reference"><a href="#cite_note-h1-31"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup><br /> (†) Identified as one of the 5 <a href="/wiki/Conduit_and_Sink_OFCs#Conduit_OFC" class="mw-redirect" title="Conduit and Sink OFCs">Conduits</a> (Ireland, Singapore, Switzerland, the Netherlands, and the United Kingdom), by CORPNET in 2017.<sup id="cite_ref-xx_20-5" class="reference"><a href="#cite_note-xx-20"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><br /> (‡) Identified as one of the largest 5 <a href="/wiki/Conduit_and_Sink_OFCs#Sink_OFC" class="mw-redirect" title="Conduit and Sink OFCs">Sinks</a> (British Virgin Islands, Luxemburg, Hong Kong, Jersey, Bermuda), by CORPNET in 2017.<sup id="cite_ref-xx_20-6" class="reference"><a href="#cite_note-xx-20"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><br /> (Δ) Identified on the <a href="#IMF_2007_list">§ IMF 2007 list</a> of 22 OFCs (note the IMF could not get sufficient data on The British Virgin Islands in 2007 for its study but did list the Cayman Islands).<br /> (⹋) Identified on the <a href="#IMF_2018_list">§ IMF 2018 list</a> of 8 major OFCs, or <i>pass through economies</i> (note the Caribbean contains the British Virgin Islands and the Cayman Islands). <span class="anchor" id="Shadow_banking_and_securitisation"></span> </p> <div class="mw-heading mw-heading2"><h2 id="Finance_services">Finance services</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=12" title="Edit section: Finance services"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Banking_secrecy" class="mw-redirect" title="Banking secrecy">Banking secrecy</a> and <a href="/wiki/Financial_Secrecy_Index" title="Financial Secrecy Index">Financial Secrecy Index</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Credit_Suisse_-_panoramio_(1).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7e/Credit_Suisse_-_panoramio_%281%29.jpg/220px-Credit_Suisse_-_panoramio_%281%29.jpg" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7e/Credit_Suisse_-_panoramio_%281%29.jpg/330px-Credit_Suisse_-_panoramio_%281%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/7e/Credit_Suisse_-_panoramio_%281%29.jpg/440px-Credit_Suisse_-_panoramio_%281%29.jpg 2x" data-file-width="3648" data-file-height="2736" /></a><figcaption><a href="/wiki/Banking_in_Switzerland#Banking_secrecy" title="Banking in Switzerland">Banking secrecy</a> in Switzerland is federally protected by the <a href="/wiki/Federal_Act_on_Banks_and_Savings_Banks" title="Federal Act on Banks and Savings Banks">Banking Law of 1934</a>. </figcaption></figure> <div class="mw-heading mw-heading3"><h3 id="Shadow_banking">Shadow banking</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=13" title="Edit section: Shadow banking"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Research into OFCs highlighted <a href="/wiki/Shadow_banking" class="mw-redirect" title="Shadow banking">shadow banking</a> as an original service of OFCs.<sup id="cite_ref-imf_5-9" class="reference"><a href="#cite_note-imf-5"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Shadow banking enabled pools of <i>offshore</i> capital, mostly dollars, that had escaped capital controls in the 1960s and 1970s, and thus the main <i>onshore</i> banking systems, to be recycled back into the economic system while paying interest to the capital's owner, thus encouraging them to keep their capital offshore. They highlight the <a href="/wiki/Eurodollar" title="Eurodollar">Eurodollar</a> capital market as particularly important.<sup id="cite_ref-eurodollar_10-1" class="reference"><a href="#cite_note-eurodollar-10"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> However, as OFCs developed in the 1980s, it became apparent that OFC banks were not just recycling Eurodollars from foreign corporate transactions, but also capital from tax avoidance (e.g. money being hidden in tax havens), and also from other criminal and illegal sources.<sup id="cite_ref-imf_5-10" class="reference"><a href="#cite_note-imf-5"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Many OFCs, such as Switzerland, had <a href="/wiki/Bank_secrecy" title="Bank secrecy">bank secrecy</a> laws protecting the identity of the owners of the <i>offshore</i> capital in the OFC. Over the years, a <a href="#Regulatory_clampdown">§ Regulatory clampdown</a> has weakened the ability of OFCs to provide bank secrecy. Shadow banking, however, remains a key part of OFCs services, and the <a href="/wiki/Financial_Stability_Forum" title="Financial Stability Forum">Financial Stability Forum</a> list of major shadow banking locations are all recognized OFCs.<sup id="cite_ref-FSF1_23-3" class="reference"><a href="#cite_note-FSF1-23"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>Several jurisdictions included in this Report had OFI [shadow banking institution]<sup id="cite_ref-OFI_25-1" class="reference"><a href="#cite_note-OFI-25"><span class="cite-bracket">[</span>h<span class="cite-bracket">]</span></a></sup> sectors that were quite large compared to the size of their domestic economy: OFI assets were 2,118 times GDP in the Cayman Islands, 246 times GDP in Luxembourg, 13 times GDP in Ireland, and 8.6 times GDP in the Netherlands. No other jurisdictions exceeded 5 times GDP for this measure.</p><div class="templatequotecite">— <cite>Financial Stability Forum, "Global Shadow Banking and Monitoring Report: 2017" p.17 (5 March 2018),<sup id="cite_ref-FSF1_23-4" class="reference"><a href="#cite_note-FSF1-23"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup></cite></div></blockquote> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1233514072"> <table class="wikitable sortable static-row-numbers static-row-header-text" style="text-align:left"> <caption style="text-align: left;">Composition of Financial Systems (Advanced economies) Figure 2–3 Left (Page. 13): (where Total Financial Assets % of 2016 GDP is over 900%):<sup id="cite_ref-FSF1_23-5" class="reference"><a href="#cite_note-FSF1-23"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </caption> <tbody><tr> <th style="width:130px;text-align:left">Location </th> <th style="width:130px;text-align:left">Bank Financial Assets<br />(% of GDP) </th> <th style="background:#cfc;width:130px;text-align:left">OFI<sup id="cite_ref-OFI_25-2" class="reference"><a href="#cite_note-OFI-25"><span class="cite-bracket">[</span>h<span class="cite-bracket">]</span></a></sup> (Shadow Bank) Assets<br />(% of GDP) </th> <th style="width:130px;text-align:left">Insurance & Pension Financial Assets<br />(% of GDP) </th> <th style="width:130px;text-align:left">Public Financial Assets<br />(% of GDP) </th> <th style="width:130px;text-align:left">Central Bank Financial Assets<br />(% of GDP) </th> <th style="background:#cfc;width:130px;text-align:left">Total Financial Assets<br />(% of GDP) </th></tr> <tr> <td>Cayman Islands</td> <td>34,171</td> <td>211,844</td> <td>1,900</td> <td>21</td> <td>5</td> <td>247,941 </td></tr> <tr> <td>Luxembourg</td> <td>1,414</td> <td>24,675</td> <td>342</td> <td></td> <td>371</td> <td>26,803 </td></tr> <tr> <td>Ireland<sup id="cite_ref-irl_26-1" class="reference"><a href="#cite_note-irl-26"><span class="cite-bracket">[</span>i<span class="cite-bracket">]</span></a></sup></td> <td>215</td> <td>1,333</td> <td>142</td> <td>31</td> <td>31</td> <td>1,751 </td></tr> <tr> <td>Netherlands</td> <td>319</td> <td>855</td> <td>263</td> <td></td> <td>42</td> <td>1,480 </td></tr> <tr> <td>Hong Kong</td> <td>829</td> <td>77</td> <td>134</td> <td>2</td> <td>145</td> <td>1,188 </td></tr> <tr> <td>United Kingdom</td> <td>591</td> <td>309</td> <td>211</td> <td></td> <td>27</td> <td>1,138 </td></tr> <tr> <td>Switzerland</td> <td>376</td> <td>283</td> <td>205</td> <td></td> <td>113</td> <td>977 </td></tr> <tr> <td>Singapore</td> <td>613</td> <td>99</td> <td>140</td> <td></td> <td>89</td> <td>942 </td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Securitisation">Securitisation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=14" title="Edit section: Securitisation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Irish_Section_110_Special_Purpose_Vehicle_(SPV)" class="mw-redirect" title="Irish Section 110 Special Purpose Vehicle (SPV)">Irish Section 110 Special Purpose Vehicle (SPV)</a></div> <p>OFCs, however, have expanded into a related area to shadow banking, which is asset <a href="/wiki/Securitisation" class="mw-redirect" title="Securitisation">securitisation</a>. Unlike traditional shadow banking, where the OFC bank needs to access a pool of <i>offshore capital</i> to operate, securitisation involves no provision of capital. OFC securitisation involves the provision of legal structures, registered in the OFC, into which foreign capital is placed to finance foreign assets (e.g. aircraft, ships, mortgages assets etc.), used by foreign operators and foreign investors. The OFC thus behaves more like a <i>legal conduit</i> rather than providing actual banking services. This has seen a rise in large specialist legal and accounting firms, who provide the legal structures for securitisations, in OFC locations. In normal securitisations, the foreign capital, assets and operators can all come from major <i>onshore</i> locations. For example, Deutsche Bank in Germany might lend Euro 5 billion into an Irish Section 110 SPV (the Irish securitisation legal structure), which then buys Euro 5 billion in aircraft engines from Boeing, and then leases the engines to Delta Airlines. The reason why Deutsche Bank would use an Irish Section 110 SPV is that it is tax neutral,<sup id="cite_ref-tax_33-1" class="reference"><a href="#cite_note-tax-33"><span class="cite-bracket">[</span>j<span class="cite-bracket">]</span></a></sup> and that it has certain legal features, particularly <a href="/wiki/Orphan_structure" title="Orphan structure">orphaning</a>, which are helpful to Deutsche Bank, but which are not available in Germany. Orphaning poses considerable risks of tax abuse and tax avoidance to the tax base of higher-tax jurisdictions; even Ireland discovered a major domestic tax avoidance scheme in 2016, by U.S. distressed debt funds, using the <a href="/wiki/Irish_Section_110_Special_Purpose_Vehicle_(SPV)#Vulture_fund_tax_avoidance" class="mw-redirect" title="Irish Section 110 Special Purpose Vehicle (SPV)">Irish Section 110 SPVs</a>, on Irish domestic investments. </p> <div class="mw-heading mw-heading2"><h2 id="Defences">Defences</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=15" title="Edit section: Defences"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Better_regulations">Better regulations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=16" title="Edit section: Better regulations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>OFCs have more recently become leaders in regulation, operating under higher standards than onshore jurisdictions, and having advanced legal systems with sophisticated commercial courts and arbitration centres. Because OFCs are willing to create legal structures for broad classes of assets, including investment funds, <a href="/wiki/Intellectual_property" title="Intellectual property">intellectual property</a> ("IP") assets, cryptocurrency assets, and carbon credit assets, there is a justification that OFCs often seek to be at the forefront of certain types of regulation. Many OFCs have verified beneficial ownership and director registers, which while not yet public, put those OFCs at the forefront of global anti-money laundering regulation. When the UK, USA and EU issued sanctions against certain Russian people, assets and companies, those which were held in OFCs with verified KYC documentation assisted greatly in identifying ownership trails - something that would not necessarily have been possible if European jurisdictions, Delaware or English entities had been used. The fact that the OFCs' registers were not public did not detract from this exercise. Industry experts suspect that illicit commerce or those likely to risk sanctions are more likely to use lesser-regulated jurisdictions, making future sanctions projects much more difficult or impossible. </p><p>In certain situations, the costs of regulation and operation in OFCs can be lower than in the onshore <a href="/wiki/Financial_centres" class="mw-redirect" title="Financial centres">financial centres</a>. However, often the contrary is true owing to rising compliance, regulatory and legal costs. Some OFCs advertise fast approval times, perhaps 24 hours, for approval of new legal structures and <a href="/wiki/Special_purpose_vehicles" class="mw-redirect" title="Special purpose vehicles">special purpose vehicles</a>, or only a few weeks for a mutual fund, however many onshore OFCs with negligible KYC requirements, such as the UK and Delaware, often offer same day services. </p> <div class="mw-heading mw-heading3"><h3 id="Securitisation_transactions">Securitisation transactions</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=17" title="Edit section: Securitisation transactions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Irish_Section_110_Special_Purpose_Vehicle_(SPV)" class="mw-redirect" title="Irish Section 110 Special Purpose Vehicle (SPV)">Irish Section 110 Special Purpose Vehicle (SPV)</a></div> <p>One of the most important service lines for OFCs is in providing legal structures for global <a href="/wiki/Securitisation" class="mw-redirect" title="Securitisation">securitisation</a> transactions for all types of asset classes, including aircraft finance, shipping finance, equipment finance, and collateralised loan vehicles. OFCs provide what are called <i>tax neutral</i> <a href="/wiki/Special_purpose_vehicles" class="mw-redirect" title="Special purpose vehicles">special purpose vehicles</a> ("SPVs") where no taxes, VAT, levies or duties are taken by the OFC on the SPV. In addition, aggressive legal structuring, including <a href="/wiki/Orphan_structures" class="mw-redirect" title="Orphan structures">Orphan structures</a>, is facilitated to support requirements for <a href="/wiki/Bankruptcy_remote" title="Bankruptcy remote">Bankruptcy remoteness</a>, which would not be allowed in larger <a href="/wiki/Financial_centres" class="mw-redirect" title="Financial centres">financial centres</a>, as it could damage the local tax base, but are needed by banks in securitisations. As the <i>effective</i> tax rate in most OFCs is near zero (e.g. they are really tax havens), this is a lower risk, although, the experience of U.S. distressed debt funds abusing <a href="/wiki/Irish_Section_110_Special_Purpose_Vehicle_(SPV)#Vulture_fund_tax_avoidance" class="mw-redirect" title="Irish Section 110 Special Purpose Vehicle (SPV)">Irish Section 110 SPVs</a> in 2012–2016 is notable. However, OFCs play a key role in providing the legal structure for global securitisation transactions that could not be performed from the main <a href="/wiki/Financial_centres" class="mw-redirect" title="Financial centres">financial centres</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Promotion_of_growth">Promotion of growth</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=18" title="Edit section: Promotion of growth"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The most controversial claim is that OFCs promote global economic growth by providing a preferred platform, even if due to tax avoidance or regulatory arbitrage reasons, from which global capital is more readily deployed.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> There are strong academic advocates, and studies, on both sides of this argument. Some of the most cited researchers into tax havens/offshore financial centres, including <a href="/wiki/James_R._Hines_Jr." title="James R. Hines Jr.">Hines</a>, <a href="/wiki/Dhammika_Dharmapala" title="Dhammika Dharmapala">Dharmapala</a> and <a href="/wiki/Mihir_A._Desai" title="Mihir A. Desai">Desai</a> show evidence that, in certain cases, tax havens/OFCs, appear to promote economic growth in neighbouring higher-tax countries, and can solve issues that the higher-tax countries can have in their own tax or regulatory systems, which deter capital investment. </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>Tax havens<sup id="cite_ref-Hines_41-0" class="reference"><a href="#cite_note-Hines-41"><span class="cite-bracket">[</span>k<span class="cite-bracket">]</span></a></sup> change the nature of tax competition among other countries, very possibly permitting them to sustain high domestic tax rates that are effectively mitigated for mobile international investors whose transactions are routed through tax havens. [..] In fact, countries that lie close to tax havens have exhibited more rapid real income growth than have those further away, possibly in part as a result of financial flows and their market effects.</p><div class="templatequotecite">— <cite><a href="/wiki/James_R._Hines_Jr." title="James R. Hines Jr.">James R. Hines Jr.</a>, "Treasure Islands" p. 107 (2010)<sup id="cite_ref-h1_31-2" class="reference"><a href="#cite_note-h1-31"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup></cite></div></blockquote> <p>The most cited paper specifically on OFCs,<sup id="cite_ref-respec_15-1" class="reference"><a href="#cite_note-respec-15"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> also came a similar conclusion (although recognising that there are strong negatives as well): </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>CONCLUSION: Using both bilateral and multilateral samples, we find empirically that successful offshore financial centers encourage bad behaviour in source countries since they facilitate tax evasion and money laundering [...] Nevertheless, offshore financial centers created to facilitate undesirable activities can still have unintended positive consequences. [...] We tentatively conclude that OFCs are better characterized as "symbionts".</p><div class="templatequotecite">— <cite>Andrew K. Rose, Mark M. Spiegel, "Offshore Financial Centers: Parasites or Symbionts?", <i><a href="/wiki/The_Economic_Journal" title="The Economic Journal">The Economic Journal</a></i>, (September 2007)<sup id="cite_ref-RoseSpiegel_16-2" class="reference"><a href="#cite_note-RoseSpiegel-16"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup></cite></div></blockquote> <p>However, other major tax academics take the opposite view and accuse Hines (and others) of mixing cause and effect (e.g. the capital investment would have come through the normal taxed channels had the OFC option not been available), and include papers by <a href="/wiki/Joel_Slemrod" title="Joel Slemrod">Slemrod</a>,<sup id="cite_ref-Slemrod_42-0" class="reference"><a href="#cite_note-Slemrod-42"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Gabriel_Zucman" title="Gabriel Zucman">Zucman</a>.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> Critics of this theory also point to studies showing that in many cases, the capital that is invested into the high tax economy via the OFC, actually originated from the high-tax economy, and for example, that the largest source of FDI into the U.K., is from the U.K., but via OFCs.<sup id="cite_ref-imfx_9-6" class="reference"><a href="#cite_note-imfx-9"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-quartz_12-1" class="reference"><a href="#cite_note-quartz-12"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>This claim can get into wider, and also contested, economic debates around the optimised rate of taxation on capital and other free-market theories, as expressed by Hines in 2011.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Structures">Structures</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=19" title="Edit section: Structures"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Cleanup plainlinks metadata ambox ambox-style ambox-Cleanup" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/40px-Edit-clear.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/60px-Edit-clear.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/80px-Edit-clear.svg.png 2x" data-file-width="48" data-file-height="48" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section may <b>require <a href="/wiki/Wikipedia:Cleanup" title="Wikipedia:Cleanup">cleanup</a></b> to meet Wikipedia's <a href="/wiki/Wikipedia:Manual_of_Style" title="Wikipedia:Manual of Style">quality standards</a>. The specific problem is: <b>list of structures is unsourced and seems arbitrary and unstructured.</b><span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Offshore_financial_centre" title="Special:EditPage/Offshore financial centre">improve this section</a> if you can.</span> <span class="date-container"><i>(<span class="date">September 2018</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Legal_structures">Legal structures</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=20" title="Edit section: Legal structures"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The bedrock of most offshore financial centres is the formation of offshore legal structures (also called tax-free legal wrappers): </p> <ul><li><b>Asset holding vehicles</b>: Many corporate conglomerates employ a large number of holding companies, and often high-risk assets are parked in separate companies to prevent legal risk accruing to the main group (i.e. where the assets relate to <a href="/wiki/Asbestos" title="Asbestos">asbestos</a>, see the English case of <i><a href="/wiki/Adams_v_Cape_Industries" class="mw-redirect" title="Adams v Cape Industries">Adams v Cape Industries</a></i>). Similarly, it is quite common for fleets of ships to be separately owned by separate offshore companies to try to circumvent laws relating to group liability under certain environmental legislation.</li> <li><b>Asset protection</b>: Wealthy individuals who live in politically unstable countries utilise offshore companies to hold family wealth to avoid potential <a href="/wiki/Nationalization" title="Nationalization">expropriation</a> or <a href="/wiki/Exchange_control" class="mw-redirect" title="Exchange control">exchange control</a> restrictions in the country in which they live. These structures work best when the wealth is foreign-earned, or has been expatriated over a significant period of time (aggregating annual exchange control allowances).<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup></li> <li><b>Avoidance of forced heirship provisions</b>: Many countries from France to <a href="/wiki/Saudi_Arabia" title="Saudi Arabia">Saudi Arabia</a> (and the U.S. state of <a href="/wiki/Louisiana" title="Louisiana">Louisiana</a>) continue to employ <a href="/wiki/Forced_heirship" title="Forced heirship">forced heirship</a> provisions in their succession law, limiting the testator's freedom to distribute assets upon death. By placing assets into an offshore company, and then having probate for the shares in the offshore determined by the laws of the offshore jurisdiction (usually in accordance with a specific <a href="/wiki/Will_(law)" class="mw-redirect" title="Will (law)">will</a> or <a href="/wiki/Codicil_(will)" title="Codicil (will)">codicil</a> sworn for that purpose), the testator can sometimes avoid such strictures.</li> <li><b>Collective Investment Vehicles</b>: <a href="/wiki/Mutual_funds" class="mw-redirect" title="Mutual funds">Mutual funds</a>, <a href="/wiki/Hedge_funds" class="mw-redirect" title="Hedge funds">Hedge funds</a>, <a href="/wiki/Unit_trust" title="Unit trust">unit trusts</a> and <a href="/wiki/SICAV" title="SICAV">SICAVs</a> are formed offshore to facilitate international distribution. By being domiciled in a low tax jurisdiction investors only have to consider the tax implications of their own domicile or residency.</li> <li><b>Derivatives and securities trading</b>: Wealthy individuals often form offshore vehicles to engage in risky investments, such as <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivatives</a> and global securities trading, which may be extremely difficult to engage in directly onshore due to cumbersome financial markets regulation.</li> <li><b>Exchange control trading vehicles<i>:</i></b> In countries where there is either <a href="/wiki/Exchange_control" class="mw-redirect" title="Exchange control">exchange control</a> or is perceived to be increased political risk with the repatriation of funds, major exporters often form trading vehicles in offshore companies so that the sales from exports can be "parked" in the offshore vehicle until needed for further investment. Trading vehicles of this nature have been criticised in a number of shareholder lawsuits which allege that by manipulating the ownership of the trading vehicle, majority shareholders can illegally avoid paying minority shareholders their fair share of trading profits.</li></ul> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Hong_Kong_China_Middle-Island-01.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/87/Hong_Kong_China_Middle-Island-01.jpg/220px-Hong_Kong_China_Middle-Island-01.jpg" decoding="async" width="220" height="147" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/87/Hong_Kong_China_Middle-Island-01.jpg/330px-Hong_Kong_China_Middle-Island-01.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/87/Hong_Kong_China_Middle-Island-01.jpg/440px-Hong_Kong_China_Middle-Island-01.jpg 2x" data-file-width="3500" data-file-height="2333" /></a><figcaption><a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a> is frequently a financial center for corporate structuring. </figcaption></figure> <ul><li><b>Joint venture vehicles</b>: Offshore jurisdictions are frequently used to set up <a href="/wiki/Joint_venture" title="Joint venture">joint venture</a> companies, either as a compromise neutral jurisdiction (see for example, <a href="/wiki/TNK-BP" title="TNK-BP">TNK-BP</a>) and/or because the jurisdiction where the joint venture has its commercial centre has insufficiently sophisticated corporate and commercial laws.</li> <li><b>Stock market listing vehicles</b>: Successful companies who are unable to obtain a <a href="/wiki/Stock_market" title="Stock market">stock market</a> listing because of the underdevelopment of the <a href="/wiki/Corporate_law" title="Corporate law">corporate law</a> in their home country often transfer shares into an offshore vehicle, and list the offshore vehicle. Offshore vehicles are listed on the <a href="/wiki/NASDAQ" class="mw-redirect" title="NASDAQ">NASDAQ</a>, <a href="/wiki/Alternative_Investment_Market" title="Alternative Investment Market">Alternative Investment Market</a>, the <a href="/wiki/Hong_Kong_Stock_Exchange" title="Hong Kong Stock Exchange">Hong Kong Stock Exchange</a> and the <a href="/wiki/Singapore_Exchange" title="Singapore Exchange">Singapore Stock Exchange</a>.</li> <li><b>Trade finance vehicles</b>: Large corporate groups often form offshore companies, sometimes under an <a href="/wiki/Orphan_structure" title="Orphan structure">orphan structure</a> to enable them to obtain financing (either from <a href="/wiki/Bond_(finance)" title="Bond (finance)">bond issues</a> or by way of a <a href="/wiki/Syndicated_loan" title="Syndicated loan">syndicated loan</a>) and to treat the financing as "<a href="/wiki/Off-balance-sheet" title="Off-balance-sheet">off-balance-sheet</a>" under applicable accounting procedures. In relation to bond issues, offshore special purpose vehicles are often used in relation to <a href="/wiki/Asset-backed_security" title="Asset-backed security">asset-backed securities</a> transactions (particularly <a href="/wiki/Securitization" title="Securitization">securitisations</a>).</li> <li><b>Creditor avoidance</b>: Highly indebted persons may seek to escape the effect of bankruptcy by transferring cash and assets into an anonymous offshore company.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup></li> <li><b>Market manipulation</b>: The <a href="/wiki/Enron_scandal" title="Enron scandal">Enron</a> and <a href="/wiki/Parmalat#Financial_fraud_(2002–2005)" title="Parmalat">Parmalat</a> scandals demonstrated how companies could form offshore vehicles in part of their structures to manipulate financial results.</li> <li><b>Tax evasion</b>: Although numbers are difficult to ascertain, some individuals and corporations unlawfully <a href="/wiki/Tax_evasion" title="Tax evasion">evade tax</a> through not declaring gains made by onshore and offshore vehicles that they own. Tax reporting regulations and agreements are now in place which aid authorities in investigating and prosecuting such criminality. Multinationals including <a href="/wiki/GlaxoSmithKline" class="mw-redirect" title="GlaxoSmithKline">GlaxoSmithKline</a> and <a href="/wiki/Sony" title="Sony">Sony</a> have previously been accused of <a href="/wiki/Transfer_pricing" title="Transfer pricing">transferring profits</a> from the higher-tax jurisdictions in which they are made to zero-tax offshore centres.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> BEPS-focussed regulations make this activity more difficult.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Ship_and_aircraft_registrations">Ship and aircraft registrations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=21" title="Edit section: Ship and aircraft registrations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Flags_of_convenience" class="mw-redirect" title="Flags of convenience">Flags of convenience</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:EsclusasdeMiraflores2Barcos_08-130.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c7/EsclusasdeMiraflores2Barcos_08-130.jpg/220px-EsclusasdeMiraflores2Barcos_08-130.jpg" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c7/EsclusasdeMiraflores2Barcos_08-130.jpg/330px-EsclusasdeMiraflores2Barcos_08-130.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c7/EsclusasdeMiraflores2Barcos_08-130.jpg/440px-EsclusasdeMiraflores2Barcos_08-130.jpg 2x" data-file-width="3264" data-file-height="2448" /></a><figcaption>Commercial ships register in <a href="/wiki/Central_America" title="Central America">Central American</a> states to avoid scrutiny from foreign countries. <i>Pictured</i>: a large carrier ship docking in <a href="/wiki/Panama" title="Panama">Panama</a>.</figcaption></figure> <p>Many offshore financial centres also provide registrations for ships (notably <a href="/wiki/Bahamas" class="mw-redirect" title="Bahamas">Bahamas</a> and <a href="/wiki/Panama" title="Panama">Panama</a>) or <a href="/wiki/Aircraft_registration" title="Aircraft registration">aircraft</a> (notably <a href="/wiki/Aruba" title="Aruba">Aruba</a>, <a href="/wiki/Bermuda" title="Bermuda">Bermuda</a> and the <a href="/wiki/Cayman_Islands" title="Cayman Islands">Cayman Islands</a>). Aircraft are frequently registered in offshore jurisdictions where they are leased or purchased by carriers in <a href="/wiki/Emerging_markets" class="mw-redirect" title="Emerging markets">emerging markets</a> but financed by banks in major onshore financial centres. The financing institution is reluctant to allow the aircraft to be registered in the carrier's home country (either because it does not have sufficient regulation governing <a href="/wiki/Civil_aviation" title="Civil aviation">civil aviation</a>, or because it feels the courts in that country would not cooperate fully if it needed to enforce any <a href="/wiki/Security_interest" title="Security interest">security interest</a> over the aircraft), and the carrier is reluctant to have the aircraft registered in the financier's jurisdiction (often the United States or the United Kingdom) either because of personal or political reasons, or because they fear spurious lawsuits and potential arrest of the aircraft. </p><p>For example, in 2003, state carrier <a href="/wiki/Pakistan_International_Airlines" title="Pakistan International Airlines">Pakistan International Airlines</a> re-registered its entire fleet in the Cayman Islands as part of the financing of its purchase of eight new <a href="/wiki/Boeing_777" title="Boeing 777">Boeing 777s</a>; the U.S. bank refused to allow the aircraft to remain registered in Pakistan, and the airline refused to have the aircraft registered in the United States.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Insurance">Insurance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=22" title="Edit section: Insurance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Captive_insurance" title="Captive insurance">Captive insurance</a></div> <p>A number of offshore jurisdictions promote the incorporation of <a href="/wiki/Captive_insurance" title="Captive insurance">captive insurance</a> companies within the jurisdiction to allow the sponsor to manage risk. In more sophisticated offshore insurance markets, onshore <a href="/wiki/Insurance" title="Insurance">insurance</a> companies can also establish an offshore subsidiary in the jurisdiction to reinsure certain risks underwritten by the onshore parent, and thereby reduce overall reserve and capital requirements. Onshore <a href="/wiki/Reinsurance" title="Reinsurance">reinsurance</a> companies may also incorporate an offshore subsidiary to reinsure catastrophic risks. </p><p>Bermuda's insurance and re-insurance market is now the third largest in the world.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> There are also signs the primary insurance market is becoming increasingly focused upon Bermuda; in September 2006 <a href="/wiki/Hiscox" title="Hiscox">Hiscox PLC</a>, the <a href="/wiki/FTSE_250" class="mw-redirect" title="FTSE 250">FTSE 250</a> insurance company announced that it planned to relocate to Bermuda citing tax and regulatory advantages.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Collective_investment_vehicles">Collective investment vehicles</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=23" title="Edit section: Collective investment vehicles"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Offshore_fund" title="Offshore fund">Offshore fund</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Grand_Cayman,_Cayman_Islands.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Grand_Cayman%2C_Cayman_Islands.jpg/220px-Grand_Cayman%2C_Cayman_Islands.jpg" decoding="async" width="220" height="138" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Grand_Cayman%2C_Cayman_Islands.jpg/330px-Grand_Cayman%2C_Cayman_Islands.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Grand_Cayman%2C_Cayman_Islands.jpg/440px-Grand_Cayman%2C_Cayman_Islands.jpg 2x" data-file-width="2048" data-file-height="1280" /></a><figcaption>The <a href="/wiki/Cayman_Islands" title="Cayman Islands">Cayman Islands</a> are the market leaders in <a href="/wiki/Offshore_fund" title="Offshore fund">offshore funding</a>.</figcaption></figure> <p>Many offshore jurisdictions specialise in the formation of <a href="/wiki/Collective_investment_scheme" class="mw-redirect" title="Collective investment scheme">collective investment schemes</a>, or <a href="/wiki/Collective_investment_scheme" class="mw-redirect" title="Collective investment scheme">mutual funds</a>. The market leader is the <a href="/wiki/Cayman_Islands" title="Cayman Islands">Cayman Islands</a>. At year-end 2020, there were 24,591 funds registered with the Cayman Islands Monetary Authority (CIMA), including 583 Limited Investor Funds and 12,695 Private Funds. Total ending net asset value (NAV) increased to US$4.967 trillion from US$4.229 trillion in 2019 - excluding Limited Investor and Private Funds. At year-end 2020, total ending NAV for Limited Investor Funds submitting a FAR was US$107 billion and US$2.475 trillion for Private Funds. Worldwide there were 126,457 regulated open-ended funds with total net assets of US$63.1 trillion; 9,027 mutual funds with ending NAV of US$29.3 trillion in the United States and 57,753 funds with ending NAV of US$21.8 trillion in Europe.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> </p><p>But the greater appeal of offshore jurisdictions to form mutual funds is usually in the regulatory considerations. As offshore jurisdictions do not tend to cater to small retail investors, they tend to impose fewer if any restrictions on what investment strategy the mutual funds may pursue and no limitations on the amount of <a href="/wiki/Leverage_(finance)" title="Leverage (finance)">leverage</a> which mutual funds can employ in their investment strategy. Many offshore jurisdictions (<a href="/wiki/Bermuda" title="Bermuda">Bermuda</a>, <a href="/wiki/British_Virgin_Islands" title="British Virgin Islands">British Virgin Islands</a>, <a href="/wiki/Cayman_Islands" title="Cayman Islands">Cayman Islands</a> and <a href="/wiki/Guernsey" title="Guernsey">Guernsey</a>) allow promoters to incorporate <i><a href="/wiki/Segregated_portfolio_company" title="Segregated portfolio company">segregated portfolio companies</a></i> (or SPCs) for use as mutual funds; the complexity of incorporating a similar corporate vehicle onshore alongside other onshore company regimes has resulted in sophisticated investor clients preferring the simplicity of offshore incorporated funds. </p> <div class="mw-heading mw-heading3"><h3 id="Banking">Banking</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=24" title="Edit section: Banking"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Offshore_bank" title="Offshore bank">Offshore bank</a></div> <p>Traditionally, a number of offshore jurisdictions offered banking licences to institutions with relatively little scrutiny. International initiatives have largely stopped this practice, and very few offshore financial centres will now issue licences to <a href="/wiki/Offshore_bank" title="Offshore bank">offshore banks</a> that do not already hold a banking licence in a major onshore jurisdiction. The most recent reliable figures for offshore banks indicates that the Cayman Islands has 285<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> licensed banks, the <a href="/wiki/Bahamas" class="mw-redirect" title="Bahamas">Bahamas</a><sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> has 301. By contrast, the <a href="/wiki/British_Virgin_Islands" title="British Virgin Islands">British Virgin Islands</a> only has seven licensed offshore banks. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=25" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Corporate_tax_haven" class="mw-redirect" title="Corporate tax haven">Corporate tax haven</a></li> <li><a href="/wiki/Financial_centre" title="Financial centre">Financial centre</a></li> <li><a href="/wiki/Ireland_as_a_tax_haven" title="Ireland as a tax haven">Ireland as a tax haven</a></li> <li><a href="/wiki/Market_manipulation" title="Market manipulation">Market manipulation</a></li> <li><a href="/wiki/Panama_Papers" title="Panama Papers">Panama Papers</a></li> <li><a href="/wiki/Pandora_Papers" title="Pandora Papers">Pandora Papers</a></li> <li><a href="/wiki/Paradise_Papers" title="Paradise Papers">Paradise Papers</a></li> <li><a href="/wiki/Tax_haven" title="Tax haven">Tax haven</a></li> <li><a href="/wiki/United_States_as_a_tax_haven" title="United States as a tax haven">United States as a tax haven</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Explanatory_notes">Explanatory notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=26" title="Edit section: Explanatory notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-lower-alpha"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">This is the IMF 2007 definition, however, it is almost identical to the general academic definition, and the other FSF–IMF–definitions of an OFC, see <a href="#Definitions">§ Definitions</a>.</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">It is common to see lists of "offshore financial centres" that are a subset of the <a href="/wiki/Financial_Stability_Forum" title="Financial Stability Forum">Financial Stability Forum</a>–<a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> OFC list, restricted to the locations that are small islands (e.g. Jersey, Bermuda, Guernsey etc.)</span> </li> <li id="cite_note-IMF2007-7"><span class="mw-cite-backlink">^ <a href="#cite_ref-IMF2007_7-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-IMF2007_7-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-IMF2007_7-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text">The 104 jurisdictions in the IMF's 2007 quantitative study sample, did not include several of those in the IMF–FSF 2000 lists that are generally recognised as OFCs, such as Andorra, the British Virgin Islands, Liberia, Liechtenstein, Maldives, Marshall Islands, Monaco, Montserrat, and the U.S. Virgin Islands. This may be remedied if more countries begin to collect and supply relevant data, needed in the quantitative study, which is being attempted through the IMF's Information Framework Initiative</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text">Mainly the Cayman Islands, Bermuda, and the British Virgin Islands</span> </li> <li id="cite_note-ofcx-11"><span class="mw-cite-backlink">^ <a href="#cite_ref-ofcx_11-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-ofcx_11-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">This is a complex area and is considered core to the original development of OFCs back in the 1960s and 1970s, and their role in the Eurodollar and Eurobond markets and other such "offshored" capital markets reliant on "international" pools of capital,<sup id="cite_ref-eurodollar_10-0" class="reference"><a href="#cite_note-eurodollar-10"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup></span> </li> <li id="cite_note-def-22"><span class="mw-cite-backlink">^ <a href="#cite_ref-def_22-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-def_22-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">As discussed in the <i>Definitions</i> sections of <a href="/wiki/Tax_havens" class="mw-redirect" title="Tax havens">tax havens</a>, and of <a href="/wiki/Offshore_financial_centres" class="mw-redirect" title="Offshore financial centres">offshore financial centres</a>, most tax academics consider the terms as being synonymous and use them inter-changeably</span> </li> <li id="cite_note-ber-24"><span class="mw-cite-backlink">^ <a href="#cite_ref-ber_24-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-ber_24-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Does not provide the Financial Stability Forum with sufficient economic data to be included in their tables of OFIs</span> </li> <li id="cite_note-OFI-25"><span class="mw-cite-backlink">^ <a href="#cite_ref-OFI_25-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-OFI_25-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-OFI_25-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text">The FSF loosely defines <i>other financial intermediaries</i> as shadow banking; they are more specifically defined by the FSF as: "OFIs comprise all financial institutions that are not central banks, banks, insurance corporations, pension funds, public financial institutions, or financial auxiliaries"</span> </li> <li id="cite_note-irl-26"><span class="mw-cite-backlink">^ <a href="#cite_ref-irl_26-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-irl_26-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">A flaw in the FSF report is that they use Irish GDP, instead of Irish <a href="/wiki/Modified_gross_national_income" title="Modified gross national income">GNI*</a>, as Irish GDP is overstated by circa 60%</span> </li> <li id="cite_note-tax-33"><span class="mw-cite-backlink">^ <a href="#cite_ref-tax_33-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-tax_33-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><i>Tax-neutral</i> is a term that OFCs use to describe legal structures where the OFC does not levy any taxes, duties or VAT on fund flows into, during, or exiting (e.g. no withholding taxes) the vehicle. Major examples are the Irish <a href="/wiki/Qualifying_investor_alternative_investment_fund_(QIAIF)" class="mw-redirect" title="Qualifying investor alternative investment fund (QIAIF)">Qualifying investor alternative investment fund (QIAIF)</a>, and the Cayman Islands SPC.</span> </li> <li id="cite_note-Hines-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-Hines_41-0">^</a></b></span> <span class="reference-text">From 2010, Hines stated in <i>Treasure Islands</i> that: "Tax havens are also known as 'offshore financial centres' or 'international financial centers', phrases that may carry slightly different connotations but nevertheless are used almost interchangeably with 'tax havens'."</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=27" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-zux-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-zux_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.irishtimes.com/business/economy/ireland-is-the-world-s-biggest-corporate-tax-haven-say-academics-1.3528401?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Feconomy%2Fireland-is-the-world-s-biggest-corporate-tax-haven-say-academics-1.3528401">"Ireland is the world's biggest corporate 'tax haven', say academics"</a>. <i>Irish Times</i>. 13 June 2018. <q>New Gabriel Zucman study claims State shelters more multinational profits than the entire Caribbean</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Irish+Times&rft.atitle=Ireland+is+the+world%27s+biggest+corporate+%27tax+haven%27%2C+say+academics&rft.date=2018-06-13&rft_id=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Feconomy%2Fireland-is-the-world-s-biggest-corporate-tax-haven-say-academics-1.3528401%3Fmode%3Dsample%26auth-failed%3D1%26pw-origin%3Dhttps%253A%252F%252Fwww.irishtimes.com%252Fbusiness%252Feconomy%252Fireland-is-the-world-s-biggest-corporate-tax-haven-say-academics-1.3528401&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-z1-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-z1_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-z1_2-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-z1_2-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-z1_2-3"><sup><i><b>d</b></i></sup></a> <a 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But the UK Treasury has admitted most of those investments actually consist of British cash that has been sent to Holland for tax purposes and rerouted back home. So, Britain's second biggest foreign investor is itself.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Quartz+%28publication%29&rft.atitle=How+tax+havens+turn+economic+statistics+into+nonsense&rft.date=2018-06-11&rft.au=Max+de+Haldevang&rft_id=https%3A%2F%2Fqz.com%2F1300880%2Ftax-havens-mean-40-of-foreign-direct-investments-are-artificial%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-FSF-13"><span class="mw-cite-backlink">^ <a href="#cite_ref-FSF_13-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FSF_13-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FSF_13-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.fsb.org/wp-content/uploads/r_0004b.pdf?page_moved=1">"Report from the Working Group on Offshore Centres"</a> <span class="cs1-format">(PDF)</span>. <a href="/wiki/Financial_Stability_Forum" title="Financial Stability Forum">Financial Stability Forum</a>. 5 April 2000.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Report+from+the+Working+Group+on+Offshore+Centres&rft.pub=Financial+Stability+Forum&rft.date=2000-04-05&rft_id=http%3A%2F%2Fwww.fsb.org%2Fwp-content%2Fuploads%2Fr_0004b.pdf%3Fpage_moved%3D1&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-IMFJune2000-14"><span class="mw-cite-backlink">^ <a href="#cite_ref-IMFJune2000_14-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-IMFJune2000_14-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-IMFJune2000_14-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-IMFJune2000_14-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.imf.org/external/np/mae/oshore/2000/eng/back.htm">"Offshore Financial Centers: IMF Background Paper"</a>. <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a>. 23 June 2000.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Offshore+Financial+Centers%3A+IMF+Background+Paper&rft.pub=International+Monetary+Fund&rft.date=2000-06-23&rft_id=https%3A%2F%2Fwww.imf.org%2Fexternal%2Fnp%2Fmae%2Foshore%2F2000%2Feng%2Fback.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-respec-15"><span class="mw-cite-backlink">^ <a href="#cite_ref-respec_15-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-respec_15-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://ideas.repec.org/cgi-bin/htsearch?form=extended&wm=wrd&dt=range&ul=&q=tax+haven&cmd=Search%21&wf=4BFF&s=C&db=&de=">"IDEAS/RePEc Database"</a>. <q>Offshore Financial Centres by Most Cited</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=IDEAS%2FRePEc+Database&rft_id=https%3A%2F%2Fideas.repec.org%2Fcgi-bin%2Fhtsearch%3Fform%3Dextended%26wm%3Dwrd%26dt%3Drange%26ul%3D%26q%3Dtax%2Bhaven%26cmd%3DSearch%2521%26wf%3D4BFF%26s%3DC%26db%3D%26de%3D&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-RoseSpiegel-16"><span class="mw-cite-backlink">^ <a href="#cite_ref-RoseSpiegel_16-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-RoseSpiegel_16-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-RoseSpiegel_16-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAndrew_K._RoseMark_M._Spiegel2007" class="citation journal cs1">Andrew K. Rose; Mark M. Spiegel (21 September 2007). <a rel="nofollow" class="external text" href="http://www.nber.org/papers/w12044.pdf">"Offshore Financial Centers: Parasites or Symbionts?"</a> <span class="cs1-format">(PDF)</span>. <i><a href="/wiki/The_Economic_Journal" title="The Economic Journal">The Economic Journal</a></i>. <b>117</b> (523): 1310–1335. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fj.1468-0297.2007.02084.x">10.1111/j.1468-0297.2007.02084.x</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:153485002">153485002</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economic+Journal&rft.atitle=Offshore+Financial+Centers%3A+Parasites+or+Symbionts%3F&rft.volume=117&rft.issue=523&rft.pages=1310-1335&rft.date=2007-09-21&rft_id=info%3Adoi%2F10.1111%2Fj.1468-0297.2007.02084.x&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A153485002%23id-name%3DS2CID&rft.au=Andrew+K.+Rose&rft.au=Mark+M.+Spiegel&rft_id=http%3A%2F%2Fwww.nber.org%2Fpapers%2Fw12044.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-TJN1-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-TJN1_17-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLaurens_BooijinkFrancis_Weyzig2007" class="citation web cs1">Laurens Booijink; Francis Weyzig (July 2007). <a rel="nofollow" class="external text" href="https://www.taxjustice.net/cms/upload/pdf/Identifying_Tax_Havens_Jul_07.pdf">"Identifying Tax Havens and Offshore Finance Centres"</a> <span class="cs1-format">(PDF)</span>. <a href="/wiki/Tax_Justice_Network" title="Tax Justice Network">Tax Justice Network</a> and <a href="/wiki/Centre_for_Research_on_Multinational_Corporations" title="Centre for Research on Multinational Corporations">Centre for Research on Multinational Corporations</a>. <q>Various attempts have been made to identify and list tax havens and offshore finance centres (OFCs). 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Retrieved <span class="nowrap">29 April</span> 2019</span>. <q>Jurisdictions with the largest financial systems relative to GDP (Exhibit 2-3) tend to have relatively larger OFI [or Shadow Banking] sectors: Luxembourg (at 92% of total financial assets), the Cayman Islands (85%), Ireland (76%) and the Netherlands (58%)</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Global+Shadow+Banking+and+Monitoring+Report%3A+2017&rft.pages=30&rft.pub=Financial+Stability+Forum&rft.date=2018-03-05&rft_id=http%3A%2F%2Fwww.fsb.org%2Fwp-content%2Fuploads%2FP050318-1.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20110104192515/http://www.g20.org/Documents/final-communique.pdf">G20 Communiqué</a>. g20.org. 2 April 2009</span> </li> <li id="cite_note-crs2-28"><span class="mw-cite-backlink">^ <a href="#cite_ref-crs2_28-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-crs2_28-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJames_K._Jackson2010" class="citation web cs1">James K. 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Retrieved <span class="nowrap">14 November</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=europa.eu&rft.atitle=European+Commission+-+PRESS+RELEASES+-+Press+release+-+State+aid%3A+Ireland+gave+illegal+tax+benefits+to+Apple+worth+up+to+%E2%82%AC13+billion&rft.date=2016-08-30&rft_id=http%3A%2F%2Feuropa.eu%2Frapid%2Fpress-release_IP-16-2923_en.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-h1-31"><span class="mw-cite-backlink">^ <a href="#cite_ref-h1_31-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-h1_31-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-h1_31-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJames_R._Hines_Jr.2010" class="citation journal cs1"><a href="/wiki/James_R._Hines_Jr" class="mw-redirect" title="James R. 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CCH, Wolters Kluer. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-8184739336" title="Special:BookSources/978-8184739336"><bdi>978-8184739336</bdi></a>. <q>CHAPTER 3: Offshore Financial Centers and Tax Havens – An overview</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=International+Taxation+-+A+Compendium+in+4+Volumes&rft.pub=CCH%2C+Wolters+Kluer&rft.date=2013&rft.isbn=978-8184739336&rft.au=Neha+Sinha&rft.au=Ankita+Srivastava&rft_id=http%3A%2F%2Fwww.nishithdesai.com%2Ffileadmin%2Fuser_upload%2Fpdfs%2FResearch%2520Articles%2FOffshore%2520Financial%2520Centers.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-missing_profits-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-missing_profits_34-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGabriel_Zucman2013" class="citation journal cs1"><a href="/wiki/Gabriel_Zucman" title="Gabriel Zucman">Gabriel Zucman</a> (August 2013). <a rel="nofollow" class="external text" href="https://eml.berkeley.edu/~saez/course/zucman11.pdf">"The Missing Wealth of Nations: Are Europe and The U.S. Net Debtors or Net Creditors?"</a> <span class="cs1-format">(PDF)</span>. <i><a href="/wiki/The_Quarterly_Journal_of_Economics" title="The Quarterly Journal of Economics">The Quarterly Journal of Economics</a></i>. <b>128</b> (3): 1321–1364. <a href="/wiki/CiteSeerX_(identifier)" class="mw-redirect" title="CiteSeerX (identifier)">CiteSeerX</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.371.3828">10.1.1.371.3828</a></span>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1093%2Fqje%2Fqjt012">10.1093/qje/qjt012</a>. <q><span class="cs1-kern-left"></span>'Tax havens are low-tax jurisdictions that offer businesses and individuals opportunities for tax avoidance' (Hines, 2008). In this paper, I will use the expression 'tax haven' and 'offshore financial center' interchangeably (the list of tax havens considered by Dharmapala and Hines (2009) is identical to the list of offshore financial centers considered by the Financial Stability Forum (IMF, 2000), barring minor exceptions)</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Quarterly+Journal+of+Economics&rft.atitle=The+Missing+Wealth+of+Nations%3A+Are+Europe+and+The+U.S.+Net+Debtors+or+Net+Creditors%3F&rft.volume=128&rft.issue=3&rft.pages=1321-1364&rft.date=2013-08&rft_id=https%3A%2F%2Fciteseerx.ist.psu.edu%2Fviewdoc%2Fsummary%3Fdoi%3D10.1.1.371.3828%23id-name%3DCiteSeerX&rft_id=info%3Adoi%2F10.1093%2Fqje%2Fqjt012&rft.au=Gabriel+Zucman&rft_id=https%3A%2F%2Feml.berkeley.edu%2F~saez%2Fcourse%2Fzucman11.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPaddy_Carter2017" class="citation web cs1">Paddy Carter (October 2017). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180905175547/https://www.odi.org/sites/odi.org.uk/files/resource-documents/11832.pdf">"Why to Development Finance Institutions use OFCs?"</a> <span class="cs1-format">(PDF)</span>. <a href="/wiki/Overseas_Development_Institute" class="mw-redirect" title="Overseas Development Institute">Overseas Development Institute</a>. Archived from <a rel="nofollow" class="external text" href="https://www.odi.org/sites/odi.org.uk/files/resource-documents/11832.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 5 September 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">5 September</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Why+to+Development+Finance+Institutions+use+OFCs%3F&rft.pub=Overseas+Development+Institute&rft.date=2017-10&rft.au=Paddy+Carter&rft_id=https%3A%2F%2Fwww.odi.org%2Fsites%2Fodi.org.uk%2Ffiles%2Fresource-documents%2F11832.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-Zucman-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-Zucman_36-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGabriel_Zucman2014" class="citation journal cs1"><a href="/wiki/Gabriel_Zucman" title="Gabriel Zucman">Gabriel Zucman</a> (August 2014). <a rel="nofollow" class="external text" href="https://doi.org/10.1257%2Fjep.28.4.121">"Taxing across Borders: Tracking Personal Wealth and Corporate Profits"</a>. <i><a href="/wiki/Journal_of_Economic_Perspectives" title="Journal of Economic Perspectives">Journal of Economic Perspectives</a></i>. <b>28</b> (4): 121–48. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1257%2Fjep.28.4.121">10.1257/jep.28.4.121</a></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+Perspectives&rft.atitle=Taxing+across+Borders%3A+Tracking+Personal+Wealth+and+Corporate+Profits&rft.volume=28&rft.issue=4&rft.pages=121-48&rft.date=2014-08&rft_id=info%3Adoi%2F10.1257%2Fjep.28.4.121&rft.au=Gabriel+Zucman&rft_id=https%3A%2F%2Fdoi.org%2F10.1257%252Fjep.28.4.121&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ifcreview.com/articles/2020/february/the-cayman-islands-and-offshore-finance-where-are-we-headed/">"Cayman Islands and Offshore Finance"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Cayman+Islands+and+Offshore+Finance&rft_id=https%3A%2F%2Fwww.ifcreview.com%2Farticles%2F2020%2Ffebruary%2Fthe-cayman-islands-and-offshore-finance-where-are-we-headed%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-BEPS_Background-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-BEPS_Background_38-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.oecd.org/tax/beps/background-brief-inclusive-framework-for-beps-implementation.pdf">"BEPS Project Background Brief"</a> <span class="cs1-format">(PDF)</span>. <a href="/wiki/OECD" title="OECD">OECD</a>. January 2017. p. 9. <q>With a conservatively estimated annual revenue loss of USD 100 to 240 billion, the stakes are high for governments around the world. The impact of BEPS on developing countries, as a percentage of tax revenues, is estimated to be even higher than in developed countries.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=BEPS+Project+Background+Brief&rft.pages=9&rft.pub=OECD&rft.date=2017-01&rft_id=http%3A%2F%2Fwww.oecd.org%2Ftax%2Fbeps%2Fbackground-brief-inclusive-framework-for-beps-implementation.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-zuc10-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-zuc10_39-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.wsj.com/articles/corporations-push-profits-into-tax-havens-as-countries-struggle-in-pursuit-study-says-1528634659">"Zucman:Corporations Push Profits Into Corporate Tax Havens as Countries Struggle in Pursuit, Gabrial Zucman Study Says"</a>. <i>The Wall Street Journal</i>. 10 June 2018. <q>Such profit shifting leads to a total annual revenue loss of $200 billion globally</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Wall+Street+Journal&rft.atitle=Zucman%3ACorporations+Push+Profits+Into+Corporate+Tax+Havens+as+Countries+Struggle+in+Pursuit%2C+Gabrial+Zucman+Study+Says&rft.date=2018-06-10&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fcorporations-push-profits-into-tax-havens-as-countries-struggle-in-pursuit-study-says-1528634659&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-40">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBershidsky2018" class="citation news cs1">Bershidsky, Leonid (25 July 2018). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/view/articles/2018-07-25/fighting-corporate-tax-avoidance-can-kill-economic-growth">"Fighting tax dodgers can kill economic growth"</a>. <i>Bloomberg.com</i>. Bloomberg.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bloomberg.com&rft.atitle=Fighting+tax+dodgers+can+kill+economic+growth&rft.date=2018-07-25&rft.aulast=Bershidsky&rft.aufirst=Leonid&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fview%2Farticles%2F2018-07-25%2Ffighting-corporate-tax-avoidance-can-kill-economic-growth&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-Slemrod-42"><span class="mw-cite-backlink"><b><a href="#cite_ref-Slemrod_42-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJoel_SlemrodJohn_D._Wilson2009" class="citation journal cs1"><a href="/wiki/Joel_Slemrod" title="Joel Slemrod">Joel Slemrod</a>; John D. Wilson (6 September 2009). <a rel="nofollow" class="external text" href="http://gabriel-zucman.eu/files/teaching/SlemrodWilson09.pdf">"Tax competition with parasitic tax havens"</a> <span class="cs1-format">(PDF)</span>. <i><a href="/wiki/Journal_of_Public_Economics" title="Journal of Public Economics">Journal of Public Economics</a></i>. <q>Although a previous literature has modelled tax havens as a benign phenomenon that helps high-tax countries reduce the negative impact of their own suboptimal domestic tax policies, there is considerable concern that the havens are "parasitic" on the tax revenues of the non-haven countries</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Public+Economics&rft.atitle=Tax+competition+with+parasitic+tax+havens&rft.date=2009-09-06&rft.au=Joel+Slemrod&rft.au=John+D.+Wilson&rft_id=http%3A%2F%2Fgabriel-zucman.eu%2Ffiles%2Fteaching%2FSlemrodWilson09.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGabriel_Zucman2017" class="citation news cs1">Gabriel Zucman (8 November 2017). <a rel="nofollow" class="external text" href="https://www.theguardian.com/commentisfree/2017/nov/08/tax-havens-dodging-theft-multinationals-avoiding-tax">"The desperate inequality behind global tax dodging"</a>. <i>The Guardian</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=The+desperate+inequality+behind+global+tax+dodging&rft.date=2017-11-08&rft.au=Gabriel+Zucman&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fcommentisfree%2F2017%2Fnov%2F08%2Ftax-havens-dodging-theft-multinationals-avoiding-tax&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://economix.blogs.nytimes.com/2011/04/04/tax-havens-and-treasure-hunts/">"Tax havens and treasure hunts"</a>. <i><a href="/wiki/New_York_Times" class="mw-redirect" title="New York Times">New York Times</a></i>. 11 April 2011. <q>Some economists champion tax havens. In an article in the Journal of Economic Perspectives published last fall (also titled "Treasure Islands"), James R. Hines Jr. of the University of Michigan argued that they contribute to financial market competition, encourage investment in high-tax countries and promote economic growth. Like many economists, Professor Hines expresses far more confidence in the market than in the state. He worries more about possible overtaxation than about undertaxation of corporate income. He does not engage with such concepts as "tax justice."<span class="cs1-kern-right"></span></q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=New+York+Times&rft.atitle=Tax+havens+and+treasure+hunts&rft.date=2011-04-11&rft_id=https%3A%2F%2Feconomix.blogs.nytimes.com%2F2011%2F04%2F04%2Ftax-havens-and-treasure-hunts%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text">Legitimate asset protection against future political or economic risk should be distinguished from unlawfully attempting to evade creditors; see below.</span> </li> <li id="cite_note-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-46">^</a></b></span> <span class="reference-text">In practice, such attempts are rarely effective. Very few stable jurisdictions offer anonymity in 2022. An <a href="/wiki/Insolvency_practitioner" title="Insolvency practitioner">insolvency practitioner</a> will usually have rights to all of the debtor's financial records, wide-ranging legal powers of disclosure and asset recovery, and be seasoned in cross-border asset tracing. <a href="/wiki/Fraudulent_conveyance" title="Fraudulent conveyance">Transfers to defraud creditors</a> are prohibited in most jurisdictions (offshore and onshore) and a bankruptcy trustee, receiver or liquidator usually has little difficulty persuading a local court to nullify the transfer. Despite the poor prognosis for success, applications to courts in offshore jurisdictions seem to indicate that insolvent individuals still try this strategy from time to time, notwithstanding that it is usually a serious criminal offence in both jurisdictions.</span> </li> <li id="cite_note-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-47">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMorais2009" class="citation news cs1">Morais, Richard C. (28 August 2009). <a rel="nofollow" class="external text" href="https://www.forbes.com/2009/08/28/transfer-pricing-illegal-glaxo-dodging-taxes-personal-finance-transferprice.html">"Illicit Transfer Pricing Endangers Shareholders"</a>. <i>Forbes</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Forbes&rft.atitle=Illicit+Transfer+Pricing+Endangers+Shareholders&rft.date=2009-08-28&rft.aulast=Morais&rft.aufirst=Richard+C.&rft_id=https%3A%2F%2Fwww.forbes.com%2F2009%2F08%2F28%2Ftransfer-pricing-illegal-glaxo-dodging-taxes-personal-finance-transferprice.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://timesofindia.indiatimes.com/world/pakistan/PIA-pledges-its-fleet-to-fake-firm/articleshow/229197.cms">"PIA pledges its fleet to fake firm"</a>. <i>The Times of India</i>. 12 October 2003.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Times+of+India&rft.atitle=PIA+pledges+its+fleet+to+fake+firm&rft.date=2003-10-12&rft_id=http%3A%2F%2Ftimesofindia.indiatimes.com%2Fworld%2Fpakistan%2FPIA-pledges-its-fleet-to-fake-firm%2Farticleshow%2F229197.cms&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-49"><span class="mw-cite-backlink"><b><a href="#cite_ref-49">^</a></b></span> <span class="reference-text">13 of the world's top 40 reinsurers are based in Bermuda, including <a href="/wiki/American_International_Group" title="American International Group">American International Underwriters Group</a>, <a href="/wiki/HSBC" title="HSBC">HSBC Insurance Solutions</a>, <a href="/wiki/Companies_listed_on_the_New_York_Stock_Exchange_(X)" title="Companies listed on the New York Stock Exchange (X)">XL Capital Limited</a> and <a href="/wiki/ACE_Ltd." class="mw-redirect" title="ACE Ltd.">ACE Limited</a>.</span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMuspratt2006" class="citation news cs1">Muspratt, Caroline (12 September 2006). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20061031224216/http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/09/12/cnhiscox12.xml">"Hiscox to be domiciled in 'favourable' Bermuda"</a>. <i>The Daily Telegraph</i>. London. Archived from <a rel="nofollow" class="external text" href="https://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/09/12/cnhiscox12.xml">the original</a> on 31 October 2006.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Daily+Telegraph&rft.atitle=Hiscox+to+be+domiciled+in+%27favourable%27+Bermuda&rft.date=2006-09-12&rft.aulast=Muspratt&rft.aufirst=Caroline&rft_id=https%3A%2F%2Fwww.telegraph.co.uk%2Fmoney%2Fmain.jhtml%3Fxml%3D%2Fmoney%2F2006%2F09%2F12%2Fcnhiscox12.xml&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-51"><span class="mw-cite-backlink"><b><a href="#cite_ref-51">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.cima.ky/investments-statistical-digest">"Investments Statistical Digest - CIMA"</a>. Cima.ky<span class="reference-accessdate">. Retrieved <span class="nowrap">7 May</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Investments+Statistical+Digest+-+CIMA&rft.pub=Cima.ky&rft_id=https%3A%2F%2Fwww.cima.ky%2Finvestments-statistical-digest&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text">Cayman Islands Monetary Authority (2006)</span> </li> <li id="cite_note-53"><span class="mw-cite-backlink"><b><a href="#cite_ref-53">^</a></b></span> <span class="reference-text">Not treating Switzerland (with 500) as an offshore financial centre for these purposes.</span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=28" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBullough2022" class="citation book cs1">Bullough, Oliver (2022). <i>Butler to the World: How Britain Helps the World's Worst People Launder Money, Commit Crimes, and Get Away with Anything</i>. New York: St. Martin's Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781250281920" title="Special:BookSources/9781250281920"><bdi>9781250281920</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/1303568974">1303568974</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Butler+to+the+World%3A+How+Britain+Helps+the+World%27s+Worst+People+Launder+Money%2C+Commit+Crimes%2C+and+Get+Away+with+Anything&rft.place=New+York&rft.pub=St.+Martin%27s+Press&rft.date=2022&rft_id=info%3Aoclcnum%2F1303568974&rft.isbn=9781250281920&rft.aulast=Bullough&rft.aufirst=Oliver&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOffshore+financial+centre" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Offshore_financial_centre&action=edit&section=29" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><div class="side-box metadata side-box-right"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/32/Scholia_logo.svg/40px-Scholia_logo.svg.png" decoding="async" width="40" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/32/Scholia_logo.svg/60px-Scholia_logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/32/Scholia_logo.svg/80px-Scholia_logo.svg.png 2x" data-file-width="107" data-file-height="104" /></span></span></div> <div class="side-box-text plainlist"><a href="https://www.wikidata.org/wiki/Wikidata:Scholia" class="extiw" title="d:Wikidata:Scholia">Scholia</a> has a profile for <a href="https://iw.toolforge.org/scholia/Q205181" class="extiw" title="toolforge:scholia/Q205181"><b>offshore financial centre <small>(Q205181)</small></b></a>.</div></div> </div> <ul><li><a rel="nofollow" class="external text" href="http://www.oecd.org/tax/transparency/">Global Forum on Transparency and Exchange of Information for Tax Purposes, OECD</a></li> <li><a rel="nofollow" class="external text" href="http://www.economist.com/node/8695139"><i>The Economist</i> survey on offshore financial centres</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20070927201811/http://www.internationalmonetaryfund.com/external/np/mae/oshore/2000/eng/back.htm">IMF's 2000 report on OFCs</a></li> <li><a rel="nofollow" class="external text" href="http://www.thenation.com/article/lax-little-islands/">Lax Little Islands</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20191114072911/http://www.thenation.com/article/lax-little-islands/">Archived</a> 14 November 2019 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> by <a href="/wiki/David_Cay_Johnston" title="David Cay Johnston">David Cay Johnston</a>, <i><a href="/wiki/The_Nation" title="The Nation">The Nation</a></i>, May 13, 2009</li> <li><a rel="nofollow" class="external text" href="https://www.taxjustice.net/">Tax Justice Network</a></li> <li><a rel="nofollow" class="external text" href="https://www.oxfam.org/en/tags/corporate-tax-avoidance">Oxfam Corporate Tax Avoidance Portal</a></li> <li><a rel="nofollow" class="external text" href="https://www.sourcewatch.org/images/8/87/Corporate_Pirates_-_IPS_Report_-_06-12-2013.pdf">Widen tax haven loophole report</a> • Jun 12, 2013 • US Corporations</li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Corruption" style="padding:3px"><table class="nowraplinks mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Corruption" title="Template:Corruption"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Corruption" title="Template talk:Corruption"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Corruption" title="Special:EditPage/Template:Corruption"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Corruption" style="font-size:114%;margin:0 4em"><a href="/wiki/Corruption" title="Corruption">Corruption</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Corruption in different fields</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corporate_crime" title="Corporate crime">Corporate crime</a></li> <li><a href="/wiki/Corruption_in_local_government" title="Corruption in local government">Corruption in local government</a></li> <li><a href="/wiki/Lobbying" title="Lobbying">Interest group corruption</a></li> <li><a href="/wiki/Police_corruption" title="Police corruption">Police corruption</a></li> <li><a href="/wiki/Political_corruption" title="Political corruption">Political corruption</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Measures of corruption</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corruption_Perceptions_Index" title="Corruption Perceptions Index">Corruption Perceptions Index</a></li> <li><a href="/wiki/Economics_of_corruption" title="Economics of corruption">Economics of corruption</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Forms or aspects<br />of corruption</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">General</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Baksheesh" title="Baksheesh">Baksheesh</a></li> <li><a href="/wiki/Black_market" title="Black market">Black market</a> / <a href="/wiki/Grey_market" title="Grey market">Grey market</a></li> <li><a href="/wiki/Bribery" title="Bribery">Bribery</a></li> <li><a href="/wiki/Collusion" title="Collusion">Collusion</a></li> <li><a href="/wiki/Commercial_bribery" title="Commercial bribery">Commercial bribery</a></li> <li><a href="/wiki/Conflict_of_interest" title="Conflict of interest">Conflict of interest</a></li> <li>Corporation <ul><li><a href="/wiki/Dummy_corporation" title="Dummy corporation">Dummy</a></li> <li><a href="/wiki/Shell_corporation" title="Shell corporation">Shell</a></li></ul></li> <li><a href="/wiki/Scam" title="Scam">Confidence trick</a></li> <li><a href="/wiki/Embezzlement" title="Embezzlement">Embezzlement</a></li> <li><a href="/wiki/Extortion" title="Extortion">Extortion</a></li> <li><a href="/wiki/Fraud" title="Fraud">Fraud</a></li> <li><a href="/wiki/Graft_(politics)" title="Graft (politics)">Graft (politics)</a></li> <li><a href="/wiki/Honest_services_fraud" title="Honest services fraud">Honest services fraud</a></li> <li><a href="/wiki/Insider_trading" title="Insider trading">Insider trading</a></li> <li><a href="/wiki/Kickback_(bribery)" title="Kickback (bribery)">Kickback</a></li> <li><a href="/wiki/Match_fixing" title="Match fixing">Match fixing</a></li> <li><a href="/wiki/Money_laundering" title="Money laundering">Money laundering</a> <ul><li><a href="/wiki/Cryptocurrency_and_crime" title="Cryptocurrency and crime">Cryptocurrency and crime</a></li> <li><a href="/wiki/Hawala_and_crime" title="Hawala and crime">Hawala and crime</a></li></ul></li> <li><a href="/wiki/Noble_cause_corruption" title="Noble cause corruption">Noble cause corruption</a></li> <li><a href="/wiki/Professional_courtesy" title="Professional courtesy">Professional courtesy</a></li> <li><a href="/wiki/Scandal" title="Scandal">Scandal</a></li> <li><a href="/wiki/Slush_fund" title="Slush fund">Slush fund</a></li> <li><a href="/wiki/Tax_evasion" title="Tax evasion">Tax evasion</a></li> <li><a href="/wiki/Tax_haven" title="Tax haven">Tax haven</a> <ul><li><a href="/wiki/Offshore_investment" title="Offshore investment">Offshore investment</a></li> <li><a class="mw-selflink selflink">Offshore financial centre</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">State</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Clientelism" title="Clientelism">Clientelism</a></li> <li><a href="/wiki/Coronelism" title="Coronelism">Coronelism</a></li> <li><a href="/wiki/Crony_capitalism" title="Crony capitalism">Crony capitalism</a></li> <li><a href="/wiki/Cronyism" title="Cronyism">Cronyism</a></li> <li><a href="/wiki/Elite_capture" title="Elite capture">Elite capture</a></li> <li><a href="/wiki/Failed_state" title="Failed state">Failed state</a></li> <li><a href="/wiki/Ghost_soldiers" title="Ghost soldiers">Ghost soldiers</a></li> <li><a href="/wiki/Kleptocracy" title="Kleptocracy">Kleptocracy</a></li> <li><a href="/wiki/Mafia_state" title="Mafia state">Mafia state</a></li> <li><a href="/wiki/Nepotism" title="Nepotism">Nepotism</a></li> <li><a href="/wiki/Plutocracy" title="Plutocracy">Plutocracy</a></li> <li><a href="/wiki/Political_scandal" title="Political scandal">Political scandal</a></li> <li><a href="/wiki/Regulatory_capture" title="Regulatory capture">Regulatory capture</a></li> <li><a href="/wiki/Rent-seeking" title="Rent-seeking">Rent-seeking</a> <ul><li><a href="/wiki/Rent-setting" title="Rent-setting">Rent-setting</a></li></ul></li> <li><a href="/wiki/State_capture" title="State capture">State capture</a></li> <li><a href="/wiki/State_crime" title="State crime">State crime</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Elections</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Ballot_stuffing" class="mw-redirect" title="Ballot stuffing">Ballot stuffing</a></li> <li><a href="/wiki/Electoral_fraud" title="Electoral fraud">Electoral fraud</a></li> <li><a href="/wiki/Election_security" title="Election security">Election security</a></li> <li><a href="/wiki/Gerrymandering" title="Gerrymandering">Gerrymandering</a></li> <li><a href="/wiki/Vote_pairing" title="Vote pairing">Vote pairing</a></li> <li><a href="/wiki/Vote_suppression" class="mw-redirect" title="Vote suppression">Vote suppression</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Institutions dealing<br /> with corruption</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">International</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Raymond_W._Baker" title="Raymond W. Baker">Global Financial Integrity</a></li> <li><a href="/wiki/Global_Witness" title="Global Witness">Global Witness</a></li> <li><a href="/wiki/Group_of_States_Against_Corruption" class="mw-redirect" title="Group of States Against Corruption">Group of States Against Corruption</a></li> <li><a href="/wiki/International_Anti-Corruption_Academy" title="International Anti-Corruption Academy">International Anti-Corruption Academy</a></li> <li><a href="/wiki/Mo_Ibrahim_Foundation" title="Mo Ibrahim Foundation">Mo Ibrahim Foundation</a></li> <li><a href="/wiki/Transparency_International" title="Transparency International">Transparency International</a></li> <li><a href="/wiki/United_Nations_Convention_against_Corruption#UNCAC_Coalition_of_Civil_Society_Organisations" class="mw-redirect" title="United Nations Convention against Corruption">UNCAC Coalition of Civil Society Organisations</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">National</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Oficina_Anticorrupci%C3%B3n" class="mw-redirect" title="Oficina Anticorrupción">Oficina Anticorrupción</a> (Argentina)</li> <li><a href="/wiki/Australian_Criminal_Intelligence_Commission" title="Australian Criminal Intelligence Commission">Australian Criminal Intelligence Commission</a></li> <li><a href="/wiki/Anti-Corruption_Commission_(Bangladesh)" title="Anti-Corruption Commission (Bangladesh)">Anti-Corruption Commission (Bangladesh)</a> (Bangladesh)</li> <li><a href="/wiki/Anti-corruption_and_Economic_Malpractice_Observatory" title="Anti-corruption and Economic Malpractice Observatory">Anti-corruption and Economic Malpractice Observatory</a> (Burundi)</li> <li><a href="/wiki/National_Anti-Corruption_Observatory" title="National Anti-Corruption Observatory">National Anti-Corruption Observatory</a> (Cameroon)</li> <li><a href="/wiki/National_Supervisory_Commission" title="National Supervisory Commission">National Supervisory Commission</a> (China) <ul><li><a href="/wiki/Independent_Commission_Against_Corruption_(Hong_Kong)" title="Independent Commission Against Corruption (Hong Kong)">Independent Commission Against Corruption (Hong Kong)</a></li> <li><a href="/wiki/Commission_Against_Corruption_(Macau)" class="mw-redirect" title="Commission Against Corruption (Macau)">Commission Against Corruption (Macau)</a></li></ul></li> <li><a href="/wiki/USKOK" class="mw-redirect" title="USKOK">USKOK</a> (Croatia)</li> <li><a href="/wiki/European_Anti-Fraud_Office" title="European Anti-Fraud Office">European Anti-Fraud Office</a> (European Union)</li> <li><a href="/wiki/Fiji_Independent_Commission_Against_Corruption" title="Fiji Independent Commission Against Corruption">Fiji Independent Commission Against Corruption</a></li> <li><a href="/wiki/Central_Vigilance_Commission" title="Central Vigilance Commission">Central Vigilance Commission</a> (India)</li> <li><a href="/wiki/Corruption_Eradication_Commission" title="Corruption Eradication Commission">KPK</a> (Indonesia)</li> <li><a href="/wiki/National_Anti-Corruption_Authority_(Italy)" title="National Anti-Corruption Authority (Italy)">National Anti-Corruption Authority</a> (Italy)</li> <li><a href="/wiki/Corruption_Prevention_and_Combating_Bureau" title="Corruption Prevention and Combating Bureau">Corruption Prevention and Combating Bureau</a> (Latvia)</li> <li><a href="/wiki/Governance_and_Economic_Management_Assistance_Program" title="Governance and Economic Management Assistance Program">Governance and Economic Management Assistance Program</a> (Liberia)</li> <li><a href="/wiki/Special_Investigation_Service" title="Special Investigation Service">Special Investigation Service of the Republic of Lithuania</a></li> <li><a href="/wiki/BIANCO" title="BIANCO">BIANCO</a> (Madagascar)</li> <li><a href="/wiki/Malaysian_Anti-Corruption_Commission" title="Malaysian Anti-Corruption Commission">Malaysian Anti-Corruption Commission</a></li> <li><a href="/wiki/Anti-Corruption_Commission_of_Myanmar" title="Anti-Corruption Commission of Myanmar">Anti-Corruption Commission of Myanmar</a> (Myanmar)</li> <li><a href="/wiki/Independent_Corrupt_Practices_Commission" title="Independent Corrupt Practices Commission">Independent Corrupt Practices Commission</a> (Nigeria)</li> <li><a href="/wiki/National_Accountability_Bureau" title="National Accountability Bureau">National Accountability Bureau</a> (Pakistan)</li> <li><a href="/wiki/Investigation_Task_Force_Sweep" title="Investigation Task Force Sweep">Investigation Task Force Sweep</a> (Papua New Guinea)</li> <li><a href="/wiki/Central_Anticorruption_Bureau" title="Central Anticorruption Bureau">Central Anticorruption Bureau</a> (Poland)</li> <li><a href="/wiki/Anti-Corruption_General_Directorate" title="Anti-Corruption General Directorate">Anti-Corruption General Directorate</a> (Romania)</li> <li><a href="/wiki/National_Anticorruption_Directorate" title="National Anticorruption Directorate">National Anticorruption Directorate</a> (Romania)</li> <li><a href="/wiki/Investigative_Committee_of_Russia" title="Investigative Committee of Russia">Investigative Committee of Russia</a> (Russia)</li> <li><a href="/wiki/Sierra_Leone_Anti-corruption_Commission" title="Sierra Leone Anti-corruption Commission">Sierra Leone Anti-corruption Commission</a></li> <li><a href="/wiki/Corrupt_Practices_Investigation_Bureau" title="Corrupt Practices Investigation Bureau">Corrupt Practices Investigation Bureau</a> (Singapore)</li> <li><a href="/wiki/Commission_for_the_Prevention_of_Corruption_of_the_Republic_of_Slovenia" title="Commission for the Prevention of Corruption of the Republic of Slovenia">Commission for the Prevention of Corruption of the Republic of Slovenia</a></li> <li><a href="/wiki/Anti-Corruption_and_Civil_Rights_Commission" title="Anti-Corruption and Civil Rights Commission">Anti-Corruption and Civil Rights Commission</a> (South Korea)</li> <li><a href="/wiki/Customs_Surveillance_Service" title="Customs Surveillance Service">Servicio de Vigilancia Aduanera</a> (Spain)</li> <li><a href="/wiki/National_Anti-Corruption_Bureau_of_Ukraine" title="National Anti-Corruption Bureau of Ukraine">National Anti-Corruption Bureau of Ukraine</a> (Ukraine)</li> <li><a href="/wiki/Warioba_Commission" title="Warioba Commission">Warioba Commission</a> (Tanzania)</li> <li><a href="/wiki/Central_Steering_Committee_on_Anti-corruption" title="Central Steering Committee on Anti-corruption">Central Steering Committee for Anti-Corruption</a> (Vietnam)</li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Anti-corruption" title="Anti-corruption">Anti-corruption</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Laws and<br />enforcement</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Citizen%27s_Charter_and_Grievance_Redressal_Bill_2011" class="mw-redirect" title="Citizen's Charter and Grievance Redressal Bill 2011">Citizen's Charter and Grievance Redressal Bill 2011</a> (pending)</li> <li><a href="/wiki/Foreign_Corrupt_Practices_Act" title="Foreign Corrupt Practices Act">Foreign Corrupt Practices Act</a></li> <li><a href="/wiki/Foreign_Extortion_Prevention_Act" title="Foreign Extortion Prevention Act">Foreign Extortion Prevention Act</a></li> <li><a href="/wiki/Freedom_of_information_laws_by_country" title="Freedom of information laws by country">Freedom of information laws by country</a></li> <li><a href="/wiki/The_Lokpal_and_Lokayuktas_Act,_2013" title="The Lokpal and Lokayuktas Act, 2013">The Lokpal and Lokayuktas Act, 2013</a></li> <li><a href="/wiki/Bribery_Act_2010" title="Bribery Act 2010">UK Bribery Act of 2010</a></li> <li><a href="/wiki/Whistleblower#Legal_protection" class="mw-redirect" title="Whistleblower">Whistleblower protection</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">International<br />instruments<br />and efforts</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Inter-American_Convention_Against_Corruption" title="Inter-American Convention Against Corruption">Inter-American Convention Against Corruption</a></li> <li><a href="/wiki/International_asset_recovery" title="International asset recovery">International asset recovery</a></li> <li><a href="/wiki/International_Association_of_Anti-Corruption_Authorities" title="International Association of Anti-Corruption Authorities">International Association of Anti-Corruption Authorities</a></li> <li><a href="/wiki/OECD_Anti-Bribery_Convention" title="OECD Anti-Bribery Convention">OECD Anti-Bribery Convention</a></li> <li><a href="/wiki/United_Nations_Convention_against_Corruption" class="mw-redirect" title="United Nations Convention against Corruption">United Nations Convention against Corruption</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Protest<br />movements</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2011_Azerbaijani_protests" title="2011 Azerbaijani protests">2011 Azerbaijani protests</a></li> <li><a href="/wiki/2011_Indian_anti-corruption_movement" title="2011 Indian anti-corruption movement">2011 Indian anti-corruption movement</a></li> <li><a href="/wiki/2012_Indian_anti-corruption_movement" class="mw-redirect" title="2012 Indian anti-corruption movement">2012 Indian anti-corruption movement</a></li> <li><a href="/wiki/Anti-austerity_movement_in_Spain" title="Anti-austerity movement in Spain">Anti-austerity movement in Spain</a></li> <li><a href="/wiki/Movement_for_Peace_with_Justice_and_Dignity" title="Movement for Peace with Justice and Dignity">Movement for Peace with Justice and Dignity</a></li> <li><a href="/wiki/Russian_anti-corruption_campaign" title="Russian anti-corruption campaign">Russian anti-corruption campaign</a></li> <li><a href="/wiki/Yo_Soy_132" title="Yo Soy 132">Yo Soy 132</a></li> <li><a href="/wiki/2017%E2%80%932019_Romanian_protests" title="2017–2019 Romanian protests">2017–2019 Romanian protests</a></li> <li><a href="/wiki/2017%E2%80%932018_Russian_protests" title="2017–2018 Russian protests">2017–2018 Russian protests</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Globalization" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Globalization" title="Template:Globalization"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Globalization" title="Template talk:Globalization"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Globalization" title="Special:EditPage/Template:Globalization"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Globalization" style="font-size:114%;margin:0 4em"><a href="/wiki/Globalization" title="Globalization">Globalization</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/List_of_globalization-related_journals" title="List of globalization-related journals">Journals</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Outline"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Global_thinking.svg/10px-Global_thinking.svg.png" decoding="async" width="10" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Global_thinking.svg/15px-Global_thinking.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/41/Global_thinking.svg/21px-Global_thinking.svg.png 2x" data-file-width="130" data-file-height="200" /></span></span> <a href="/wiki/Outline_of_globalization" title="Outline of globalization">Outline</a></li> <li><a href="/wiki/Global_studies" title="Global studies">Studies</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Aspects</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alter-globalization" title="Alter-globalization">Alter-globalization</a></li> <li><a href="/wiki/Anti-globalization_movement" title="Anti-globalization movement">Anti-globalization movement</a></li> <li><a href="/wiki/Cultural_globalization" title="Cultural globalization">Cultural globalization</a></li> <li><a href="/wiki/Deglobalization" title="Deglobalization">Deglobalization</a></li> <li><a href="/wiki/Democratic_globalization" title="Democratic globalization">Democratic globalization</a></li> <li><a href="/wiki/Economic_globalization" title="Economic globalization">Economic globalization</a></li> <li><a href="/wiki/Environmental_globalization" title="Environmental globalization">Environmental globalization</a></li> <li><a href="/wiki/Global_citizenship" title="Global citizenship">Global citizenship</a> <ul><li><a href="/wiki/Global_citizenship_education" title="Global citizenship education">education</a></li></ul></li> <li><a href="/wiki/Global_financial_system" title="Global financial system">Global financial system</a></li> <li><a href="/wiki/Global_governance" title="Global governance">Global governance</a></li> <li><a href="/wiki/Global_health" title="Global health">Global health</a></li> <li><a href="/wiki/International_migration" title="International migration">Global migration</a></li> <li><a href="/wiki/Global_politics" title="Global politics">Global politics</a></li> <li><a href="/wiki/Global_workforce" title="Global workforce">Global workforce</a></li> <li><a href="/wiki/Globality" title="Globality">Globality</a></li> <li><a href="/wiki/History_of_globalization" title="History of globalization">History of</a> <ul><li><a href="/wiki/Archaic_globalization" title="Archaic globalization">archaic</a></li> <li><a href="/wiki/Proto-globalization" title="Proto-globalization">early modern</a></li></ul></li> <li><a href="/wiki/Military_globalization" title="Military globalization">Military globalization</a></li> <li><a href="/wiki/Political_globalization" title="Political globalization">Political globalization</a></li> <li><a href="/wiki/Trade_globalization" title="Trade globalization">Trade globalization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Issues</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Global</span></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Climate_change" title="Climate change">Climate change</a> <ul><li><a href="/wiki/Climate_justice" title="Climate justice">Climate justice</a></li></ul></li> <li><a href="/wiki/Globalization_and_disease" title="Globalization and disease">Disease</a> <ul><li><a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a></li></ul></li> <li><a href="/wiki/Global_digital_divide" title="Global digital divide">Digital divide</a></li> <li><a href="/wiki/Global_labor_arbitrage" title="Global labor arbitrage">Labor arbitrage</a></li> <li><a href="/wiki/Multilingualism_and_globalization" title="Multilingualism and globalization">Multilingualism</a></li> <li><a href="/wiki/World_population" title="World population">Population</a></li> <li><a href="/wiki/Tax_haven" title="Tax haven">Tax havens</a> <ul><li><a class="mw-selflink selflink">Offshore financial centres</a></li> <li><a href="/wiki/Tax_inversion" title="Tax inversion">Tax inversions</a></li></ul></li> <li><a href="/wiki/Water_security" title="Water security">Water crisis</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Other</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Human_capital_flight" title="Human capital flight">Brain drain</a> <ul><li><a href="/wiki/Reverse_brain_drain" title="Reverse brain drain">reverse</a></li></ul></li> <li><a href="/wiki/Care_drain" title="Care drain">Care drain</a></li> <li><a href="/wiki/Development_aid" title="Development aid">Development aid</a></li> <li><a href="/wiki/Economic_inequality" title="Economic inequality">Economic inequality</a></li> <li><a href="/wiki/Endangered_language" title="Endangered language">Endangered languages</a></li> <li><a href="/wiki/Fair_trade" title="Fair trade">Fair trade</a></li> <li><a href="/wiki/Forced_displacement" title="Forced displacement">Forced displacement</a></li> <li><a href="/wiki/Human_rights" title="Human rights">Human rights</a></li> <li><a href="/wiki/Illicit_financial_flows" title="Illicit financial flows">Illicit financial flows</a></li> <li><a href="/wiki/Imperialism" title="Imperialism">Imperialism</a> <ul><li><a href="/wiki/Academic_imperialism" title="Academic imperialism">academic</a></li> <li><a href="/wiki/Cultural_imperialism" title="Cultural imperialism">cultural</a></li> <li><a href="/wiki/Linguistic_imperialism" title="Linguistic imperialism">linguistic</a></li> <li><a href="/wiki/Media_imperialism" title="Media imperialism">media</a></li> <li><a href="/wiki/Scientific_imperialism" title="Scientific imperialism">scientific</a></li> <li><a href="/wiki/Social_imperialism" title="Social imperialism">social</a></li></ul></li> <li><a href="/wiki/Invasive_species" title="Invasive species">Invasive species</a></li> <li><a href="/wiki/Investor-state_dispute_settlement" class="mw-redirect" title="Investor-state dispute settlement">Investor-state disputes</a></li> <li><a href="/wiki/McDonaldization" title="McDonaldization">McDonaldization</a></li> <li><a href="/wiki/New_international_division_of_labour" title="New international division of labour">New international division of labour</a></li> <li><a href="/wiki/North%E2%80%93South_divide_in_the_World" class="mw-redirect" title="North–South divide in the World">North–South divide</a></li> <li><a href="/wiki/Offshoring" title="Offshoring">Offshoring</a></li> <li><a href="/wiki/Race_to_the_bottom" title="Race to the bottom">Race to the bottom</a> <ul><li><a href="/wiki/Pollution_haven_hypothesis" title="Pollution haven hypothesis">pollution havens</a></li></ul></li> <li><a href="/wiki/Transnational_organized_crime" title="Transnational organized crime">Transnational crime</a></li> <li><a href="/wiki/Westernization" title="Westernization">Westernization</a></li> <li><a href="/wiki/World_war" title="World war">World war</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Theories</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Capital_accumulation" title="Capital accumulation">Capital accumulation</a></li> <li><a href="/wiki/Dependency_theory" title="Dependency theory">Dependency</a></li> <li><a href="/wiki/Development_theory" title="Development theory">Development</a></li> <li><a href="/wiki/Earth_system_science" title="Earth system science">Earth system</a></li> <li><a href="/wiki/Fiscal_localism" title="Fiscal localism">Fiscal localism</a></li> <li><a href="/wiki/Modernization_theory" title="Modernization theory">Modernization</a> <ul><li><a href="/wiki/Ecological_modernization" title="Ecological modernization">ecological</a></li> <li><a href="/wiki/History_of_modernisation_theory" title="History of modernisation theory">history of</a></li></ul></li> <li><a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">Primitive accumulation</a></li> <li><a href="/wiki/Social_change" title="Social change">Social change</a></li> <li><a href="/wiki/World_history_(field)" title="World history (field)">World history</a></li> <li><a href="/wiki/World-systems_theory" title="World-systems theory">World-systems</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Notable<br />scholars</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Economics</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/David_Autor" title="David Autor">David Autor</a></li> <li><a href="/wiki/Richard_Baldwin_(economist)" title="Richard Baldwin (economist)">Richard Baldwin</a></li> <li><a href="/wiki/Ravi_Batra" title="Ravi Batra">Ravi Batra</a></li> <li><a href="/wiki/Jagdish_Bhagwati" title="Jagdish Bhagwati">Jagdish Bhagwati</a></li> <li><a href="/wiki/Robert_Brenner" title="Robert Brenner">Robert Brenner</a></li> <li><a href="/wiki/Jayati_Ghosh" title="Jayati Ghosh">Jayati Ghosh</a></li> <li><a href="/wiki/Michael_Hudson_(economist)" title="Michael Hudson (economist)">Michael Hudson</a></li> <li><a href="/wiki/Branko_Milanovi%C4%87" title="Branko Milanović">Branko Milanović</a></li> <li><a href="/wiki/Kevin_O%27Rourke" title="Kevin O'Rourke">Kevin O'Rourke</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Thomas Piketty</a></li> <li><a href="/wiki/Dani_Rodrik" title="Dani Rodrik">Dani Rodrik</a></li> <li><a href="/wiki/Jeffrey_Sachs" title="Jeffrey Sachs">Jeffrey Sachs</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Amartya Sen</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Political <br />economy</span></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Samir_Amin" title="Samir Amin">Samir Amin</a></li> <li><a href="/wiki/Giovanni_Arrighi" title="Giovanni Arrighi">Giovanni Arrighi</a></li> <li><a href="/wiki/Robert_W._Cox" title="Robert W. Cox">Robert W. Cox</a></li> <li><a href="/wiki/Andre_Gunder_Frank" title="Andre Gunder Frank">Andre Gunder Frank</a></li> <li><a href="/wiki/Stephen_Gill_(political_scientist)" title="Stephen Gill (political scientist)">Stephen Gill</a></li> <li><a href="/wiki/Peter_Gowan" title="Peter Gowan">Peter Gowan</a></li> <li><a href="/wiki/David_Harvey" title="David Harvey">David Harvey</a></li> <li><a href="/wiki/Ronen_Palan" title="Ronen Palan">Ronen Palan</a></li> <li><a href="/wiki/Susan_Strange" title="Susan Strange">Susan Strange</a></li> <li><a href="/wiki/Robert_Wade_(scholar)" title="Robert Wade (scholar)">Robert Wade</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Politics / <br /> sociology</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Arjun_Appadurai" title="Arjun Appadurai">Arjun Appadurai</a></li> <li><a href="/wiki/Daniele_Archibugi" title="Daniele Archibugi">Daniele Archibugi</a></li> <li><a href="/wiki/Kwame_Anthony_Appiah" title="Kwame Anthony Appiah">K. Anthony Appiah</a></li> <li><a href="/wiki/Ulrich_Beck" title="Ulrich Beck">Ulrich Beck</a></li> <li><a href="/wiki/Walden_Bello" title="Walden Bello">Walden Bello</a></li> <li><a href="/wiki/Jean_Baudrillard" title="Jean Baudrillard">Jean Baudrillard</a></li> <li><a href="/wiki/Zygmunt_Bauman" title="Zygmunt Bauman">Zygmunt Bauman</a></li> <li><a href="/wiki/Manuel_Castells" title="Manuel Castells">Manuel Castells</a></li> <li><a href="/wiki/Christopher_Chase-Dunn" title="Christopher Chase-Dunn">Christopher Chase-Dunn</a></li> <li><a href="/wiki/Alfred_W._Crosby" title="Alfred W. Crosby">Alfred Crosby</a></li> <li><a href="/wiki/Nancy_Fraser" title="Nancy Fraser">Nancy Fraser</a></li> <li><a href="/wiki/Susan_George_(political_scientist)" title="Susan George (political scientist)">Susan George</a></li> <li><a href="/wiki/Anthony_Giddens" title="Anthony Giddens">Anthony Giddens</a></li> <li><a href="/wiki/Michael_Hardt" title="Michael Hardt">Michael Hardt</a></li> <li><a href="/wiki/David_Held" title="David Held">David Held</a></li> <li><a href="/wiki/Paul_Hirst" title="Paul Hirst">Paul Hirst</a></li> <li><a href="/wiki/L._H._M._Ling" title="L. H. M. Ling">L. H. M. Ling</a></li> <li><a href="/wiki/Antonio_Negri" title="Antonio Negri">Antonio Negri</a></li> <li><a href="/wiki/George_Ritzer" title="George Ritzer">George Ritzer</a></li> <li><a href="/wiki/Saskia_Sassen" title="Saskia Sassen">Saskia Sassen</a></li> <li><a href="/wiki/John_Urry_(sociologist)" title="John Urry (sociologist)">John Urry</a></li> <li><a href="/wiki/Immanuel_Wallerstein" title="Immanuel Wallerstein">Immanuel Wallerstein</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Non–academic</span></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Noam_Chomsky" title="Noam Chomsky">Noam Chomsky</a></li> <li><a href="/wiki/Thomas_Friedman" title="Thomas Friedman">Thomas Friedman</a></li> <li><a href="/wiki/Naomi_Klein" title="Naomi Klein">Naomi Klein</a></li> <li><a href="/wiki/John_Ralston_Saul" title="John Ralston Saul">John R. Saul</a></li> <li><a href="/wiki/Vandana_Shiva" title="Vandana Shiva">Vandana Shiva</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Globalization" title="Category:Globalization">Category</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/28px-Emblem-money.svg.png" decoding="async" width="28" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/42px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/56px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; 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