According to Hughes and MacDonald (2002), the creation of nation-state in the 1600s was the origin of Offshore Financial Centres (OFCs), or in the other word is call Offshore Banking. In the fact, OFCs began to grow after the Second World War in the 1950s and the Eurocurrency lending grew rapidly at that time.Many people are worry about the safety of their money and aware toward the advantages of depositing dollars abroad. So they might establish accounts abroad to safeguard against potential local threats in their own home country, for examples war, civil uprising, government confiscation, lawsuits and so on. By locating the money in other countries, then their own home country and government will become hard to confiscate or track the money.So, this becomes the main objective for the establishment of offshore banking at 1950s.
(Terry Dwyer. ‘Harmful’ tax competition and thefuture of offshore financial centres, such as Vanuatu. Retrieved from http://archive.freedomandprosperity.org/dwyer-11-00.pdf)
The development of modern tax havens is normally associated with rising taxation in the 1960s. The lead of Bahamas, Cayman Islands and Singapore in the offshore banking business in the 1960s was followed by Panama, Manila, Bahrain, and the Channel Islands in the 1970s substantially increased the role of Offshore Banking Centres in international financial markets. Between 1970 and 1981, Offshore Banking Centres’ share of the Eurocurrency market increased from 8.7 percent to 28.5 percent. (Bowman Brown and Emmanuel N. Roussakis) This growth contributed to the decentralization of the Eurocurrency market, which until 1970, had existed almost exclusively in London and a few Western European centres.
So, one of the objective that offshore b...
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... why banks establish offshoresubsidiaries or branches are include that to promote presence andimage of the bank in international stage and underlying clients by Offshore Fiduciary opportunities. One of the main reasons is to enhance international bankingcapabilities by providing a full array ofservices including letters of credit,creation of bankers’ acceptances andfinancing of international import andexport loan transactions. Banks establish offshore branches in order to diversify and develop new sources offunding, primarily through thedevelopment of offshore deposits andissuance of tax-free commercial paper. And the last reason is there is no deposit insurance premium orreserve requirements, which serve tolower the cost of raising foreign deposits.
(Intertrust Cayman. 2013 Intertrust Group Holding S.A. Retrieved from http://www.intertrustgroup.com/disclaimer.html)
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