Offshore Banks Information
Below is some offshore banks information related to some
of the countries featured on this site. We will be adding more countries
to this offshore banks information section soon.
Anguilla
The offshore financial services sector in Anguilla is the responsibility
of the governor of the British dependent territory. Day to day regulation
is delegated to government's financial services department. Domestic
banking is regulated by the Eastern Caribbean Central Bank. Anguilla
is an associate member of the Organization of Eastern Caribbean States.
Antigua
Antigua is a member of the Caribbean Community (Caricom) and of the
Organization of Eastern Caribbean States (OECS). The regional Eastern
Caribbean Central Bank is responsible for regulating the availability
of money and credit, maintaining monetary stability, maintaining a common
pool of foreign exchange reserves and issuing a single common currency
for eight of the nine OECS members.
Bahamas
Barbados was identified by the OECD as one of the 35 jurisdictions considered
to be a tax haven. Barbados was not on the Financial Action Task Force
list of 15 countries deemed ‘unco-operative’ in the fight
against money laundering. The country was classified by the G-7’s
Financial Stability Forum as a ‘group two’ jurisdiction that
needed to make changes to improve the financial supervision of its offshore
sector.
Cayman Islands
Cayman Islands law allows exempted companies, exempted limited duration
companies, exempted limited duration companies, exempted segregated
portfolio companies, ordinary non-resident companies, ordinary (local)
resident companies, foreign (overseas) companies, and continuations.
Certain business activities require licenses even though conducted offshore,
regardless of the category of company concerned. These include banking
and trust business, insurance, reinsurance and insurance related business,
companies' management, and mutual fund business.
Gibraltar
Gibraltar's status as a UK colony and its relationship to Spain and
the European Union is currently under negotiation. In April 2002 the
European Court ruled that Gibraltar's exempt company tax concessions
was not state aid under EU rules, but that qualifying company status
could be investigated by the European Commission. In February 2002 Gibraltar
signed a letter of commitment with the Organisation for Economic Co-operation
and Development, agreeing to exchange information with overseas authorities
in criminal tax matters by 31 December 2003 and in civil tax matters
by 31 December 2005.
Isle of Man
As a UK crown dependency the Isle of Man’s relationship with the
EU is defined by a protocol attached to the UK’s membership. The
Isle of Man is not a member state of the European Union, nor is it an
associate member. Under protocol 3 to the EU Act of Accession, the Isle
of Man is part of the customs territory of the Union for the purpose
of trade in industrial and agricultural products. For the purpose of
trade in financial services and products the Isle of Man is outside
the EU and directives in this area are not applicable.
Switzerland
Swiss law makes no regulatory or supervisory distinction between onshore/offshore
or resident/non-resident activities. In Switzerland, there are neither
offshore-licenses nor is there preferential treatment for offshore activities.
No shell-branches or brass-plate banks are admitted. The majority of
board members must be Swiss citizens residing in Switzerland.
