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Keeping Interests Onshore

The global economic crisis over the past several years has really altered the way that the wealthy handle their money – they are increasingly playing it all a lot safer and taking their investments out of the offshore banking places and instead moving onshore. Unfortunately, many of the same previous offshore banking havens are also where the online casino gambling sites are licensed and operate from – so with less monies in these offshore communities and economies there are new and unforeseen challenges. The online casinos are now the primary source of income for many of these places and offshore centers continue to witness a lot of the money that infused the economy go back to onshore centers.

The big move into safer, onshore banking centers began in 2008 and has steadily continued over the past two years. The figures are startling and it’s interesting to see the money move offshore even as the online casinos and gambling companies focus on the tax breaks and inherent benefits of operating offshore in licensing jurisdictions such as the Isle of Man and the Channel Islands. These two offshore banking centers in particular have experienced a large part of the 25 percent of offshore monies that have moved back onshore.

Interestingly enough, Gibraltar is the only offshore banking center and online casino licensing jurisdiction that is still doing incredibly well. Gibraltar is just offshore from the UK and the island has reported that this migration back onshore and tax amnesty has barely effected the country’s wealth.