Although most tax havens or secrecy jurisdictions (see separate entries) like to call themselves Offshore Finance Centres (OFCs) the terms are not synonymous.
Tax havens offer low or minimal rates of tax to non-residents.
This does not however necessarily mean that they also host a range of financial services providers.
An OFC offers low tax rates and hosts a functional financial services centre, usually including branches or subsidiaries of major international banks as well as the offices of accountants and lawyers to service offshore clients.
States and microstates that host tax havens and OFCs dislike both terms, preferring to call themselves International Finance Centres (see separate entry for discussion of this term).
See also ‘secrecy providers'.
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