Offshore financial centre

Common card · No. 331363

An offshore financial centre (OFC) 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." "Offshore" is not always literal since many Financial Stability Forum–IMF OFCs, such as Delaware, South Dakota, Singapore, Luxembourg and Hong Kong, are landlocked or located "onshore", but refers to the fact that the largest users of the OFC are non-residents, i.e. "offshore". The IMF lists OFCs as a third class of financial centre, 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). The Caribbean, including the Cayman Islands, the British Virgin Islands and Bermuda, has several major OFCs, facilitating billions of dollars' worth of trade and investment globally. During April–June 2000, the Financial Stability Forum–International Monetary...

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