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Characteristics offshore financial centres

- Low or no taxes for non-residents. Most often, non-residents do not suffer any assessments, unless for registration fees and maintenance of companies. This does not mean that residents do not pay taxes. They quite often pay higher taxes direct or indirect.

- Banking and commercial secrecy established by law. In many countries, breaking the bank secrecy is punishable by a jail sentence.

Attractive commercial financial legislation. There are only a few requirements for funding admissions and for the establishment of companies.

- In existence of exchange control and total freedom of capital movement.

- Little regulation and administrative control, including poor banking regulation. In some enclaves its appeal lies less in the low banking development, but precisely when they are first-rate banking centres with highly qualified personnel in Switzerland, Luxembourg, Austria and Jersey, for example. However, financial sector regulation through independent agencies is now extending to almost all tax havens.

- Flexible legal system. Most base their offshore centres in the common right Anglo-Saxon system, very favourable for business, estate planning and to establish "trusts".

 - Political and economic stability. It is a crucial factor because when stability hits bankruptcy like what happened in Panama with the U.S. invasion in 1989, the money and business migrate to other places.

- There are no agreements to exchange tax information with high-tax countries. However,today and in response to pressure from various international institutions and powerful countries many low-tax enclaves have gone to sign agreements or agreements to avoid double taxation with high-tax countries, so that in some centres the appeal for the user has become the opposite: the existence of advantageous agreements to avoid double taxation. Many of these agreements, including exchange of information clauses.

- Have good communication and especially telecommunications. You can contact the banker or those who manage investments for twenty-four hours or during working hours in the western world. In general, a tax haven must have good infrastructure.

- The staff is multilingual and specialized in international finance. Many of them offer their services 24 hours a day, 365 days a year day may include other related services, such as the registration of ships and aircraft. Although there tax havens offering full service, one can say that there is some specialization of the various enclaves of the world offshore.

A disadvantage of the tax havens is its distance offshore, but the fact is that close to Spain there are territories that under certain conditions, are authentic tax havens such as Andorra and Gibraltar and a little further, Monaco, the Channel Islands or the Channel La Mancha, Switzerland and Luxembourg. Every great country has literally within a stone throw away, a few hours by car, or minutes by air, a tax haven more or less complete.

The establishment of a tax haven at home or nearby is a way to capture foreign investment and alleviate the unemployment situation of surrounding regions. Tax havens have full banking services, normally the highest level and comparable to of the major financial centres worldwide. They provide credit facilities in different currencies and often more advantageous conditions than at home. Bank secrecy is essential and institutions can only break it under certain conditions which vary from place to place and it is convenient to know the user very well. Today, the pressures of international agencies to prosecute money laundering and terrorism are turning to tax havens "financial centres", characterized by a favourable regulatory environment for business, taxation mitigated, but more transparent and regulated and cooperating with other countries and with the same bodies.

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