offshore financial center (OFC)
Definition
Place such as Anguilla, Antigua, Bahamas, Bahrain, Cayman Islands, Hong Kong, Isle of Man, Jersey, Lebanon, Luxembourg, Netherlands Antilles, Panama, Singapore, and United Arab Emirates (UAE) which offers little or no government interference in legitimate business and financial activities. In many cases, OFCs also offer very low or zero tax rates, and provide excellent communications facilities. Also called international financial center (IFC).
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