A new report published by Statistics Canada yesterday shows an increase in direct investment offshore to tax haven jurisdictions and a considerable decline in direct investment into United States and Great Britain.
The report goes on to say that of the $88 billion in assets invested in Offshore Financial Centers (OFC) that these investments were mainly concentrated in the financial sector, which alone accounted for $72 billion, including $53 billion in banking services.
The most popular OFC's were Barbados, Bermuda, the Cayman Islands, the Bahamas and Ireland. By 2003, these 5 were among the 11 nations with the most Canadian assets and that the average annual rate of growth of Canadian direct investment was higher in these countries (+18%) than in the United States (+8%) and in other countries (+14%).
To access the full report visit Statistics Canada
