What is OFFSHORE HAVEN?

A country or area that has few restrictions on businesses located there and negligible income tax, which is different from an individual’s home country. Offshore havens provide various services such as international banking and privacy of deposits and earnings to attract foreign nationals. In that context, every country can be considered a tax haven for foreign nationals. Offering such incentives is a sure way of attracting foreign capital.

More On This Topic



Link to This Definition
Did you find this definition of OFFSHORE HAVEN helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary