Offshore banking is a lucrative business. It’s estimated that the sector manages some $2.1 trillion in assets, and business is growing at up to 15% a year. Not surprisingly, then, new centres are seeking to snatch a piece of the action from established centres such as Switzerland and the Channel Islands, and newer – but now respectably regulated – island jurisdictions such as the Bahamas and the Cayman Islands.
Established centres, including some European ones, have not always been as choosy as they are now about whom they deal with – that’s in part how they built up their operations.
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