Dealing with the Offshore Economy

When money is sent to foreign banks, corporations, or investments with the intent of reducing a tax burden or disguising its origins, it’s referred to as being sent to an “offshore” location. But the Western offshore economy described in this paper does not just refer to tax havens such as the Cayman Islands, or indeed the corporate anonymity afforded by US states such as Delaware. It also refers to the business and financial practices that permit huge flows of money to pass from developing countries, former Soviet states, and China into the offshore nexus of tax havens;1 property markets in New York, Florida, and London; and other Western blue chip assets, from stocks and bonds to art and sports teams.

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