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How Offshore Tax Wealth Havens Came About: A Guide For Your Financial Wealth Planning

It's important to keep in mind thatpossible by the electronic revolution in
offshore financial centers werefund transfer mechanisms which occurred
originally established by onshore banksearly on in the 1970s. That single
and corporations. Why? Because felttechnological development made it
hemmed-in by archaic laws, regulationssuddenly possible and affordable to
and statutes. For example, Citicorp (theestablish banks, corporations and
largest American-owned bank in theholding companies in relatively remote
United States) was one of the first tolocations. It also made inter and intra
set-up offshore operations. It wasn'ttime-zone business a viable alternative
too long before 64 percent of its netto home-based operations. In turn, this
income was being generated by offshoregave rise to the creation of
sources.international wholesale banking - where
Some of the pioneering centers havelarge deposits could be maintained in a
evolved into world-class financial andvariety of currencies, transferred via a
economic headquarters. Since the earlyworldwide network of corporations,
1970s, these centers have initiatedbanks, governments and individuals, and
policies deliberately designed tolent to interested borrowers. This, in
attract international trade byturn, led to new transnational business
minimizing tax obligations and reducingpractices and the development of the
(or entirely eliminating) otherinternational subcontracting of loans
restrictions on business operations. Theand other financial transactions.
result is that economic activity withinBasically, international havens have
these centers is specifically geared tobecome an established part of the
the special global needs of outsideinternational intermediate economy. They
businesses and investors.stand as "brokers" of a sort for global
Typically, these centers are smallbusiness and finance. It's important to
states with tiny populations. To datekeep in mind that all of this was
more than 75 of these tax havens existinitiated by large banks, corporations
throughout the world. Each one of themand even government agencies from around
is a unique offshore haven of sortsthe world. Keep in mind that every
deliberately intended to attract verygovernment from the Soviet Union to
particular investors with very specificJapan, China and the United States needs
needs.to obtain money on the international
For example, a center like Aruba was setmarket. They, too, use money havens as
up primarily for economic development.convenient transaction points. The
Formerly dependent on oil refineries forBahamas became one of the biggest
its revenue, it has now implemented anoffshore havens because it serves the
investment policy that gives it entreepurposes of various government entities
to the global economic system. Becomingfrom finance ministries to intelligence
an offshore money haven was the answer.agencies.
By "renting" its laws regardingOffshore havens are, today, an accepted
taxation, incorporation and otherfinancial fact. Even more important,
related legal matters, Aruba has begun athey are seen as legitimate vehicles
much needed process of economicthrough which individual investors can
development and diversification.take advantage of the offshore option.
Singapore, on the other hand, wasIf is simply a matter of applying the
designed to serve the Asian dollarbasic financial principles of profit,
market. Today it's one of the mosttax protection and privacy. They were
prosperous money havens in the world ondeveloped over the centuries by
a per capita basis. And Bahrain wasFlorentine merchants, royal treasurers
developed to process the Middle East'sand brilliant bankers. The mechanisms
offshore financial needs, especiallyand strategies change continuously, but
Saudi Arabia's.the goals always remain the same.
All these offshore havens were made



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