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ofc meter offshore financial centers across the world ofc meter figure 1 network of countries linked based on ownership between its firms node color is proportional to the country s sink ofc value node size is proportional to the country s conduit ofc value figure 2 example of a global corporate ownership chain left a country chain top right and sink conduit scores bottom right example may not reflect current corporate structure the current research presents results based on one snapshot of the global ownership network we plan to re compute the list of ofcs on a yearly basis what is an ofc an offshore financial center ofc is a jurisdiction often a country that provides corporate and financial services to non resident companies on a scale that is incommensurate with the size of its economy traditionally ofcs are assumed to be small low tax jurisdictions in remote locations in practice determining which countries are in fact ofcs is nontrivial and as such a highly debated topic our research without making any a priori assumptions about jurisdictions possibly involved we employ a data driven method based on network analysis to identify ofcs our data covers over 77 million ownership relations which together form a large network in which value flows from subsidiaries to shareholders from it we extract millions of global corporate ownership chains see figure 2 the resulting fine grained insight allows us to not only see where value originates and ends up but also exactly where it originated this allows us to identify two types of ofcs sink ofc a jurisdiction in which a disproportional amount of value disappears from the economic system conduit ofc a jurisdiction through which a disproportional amount of value moves toward sink ofcs our results figure 1 visualizes the results in a country level network the resulting ranking of in total 24 sink and 5 conduit ofcs is as follows sinks 24 vg british virgin islands 5235 mh marshall islands 100 bz belize 38 tw taiwan 2278 mt malta 100 gi gibraltar 34 je jersey 397 mu mauritius 75 ai anguilla 27 bm bermuda 374 lu luxembourg 71 lr liberia 17 ky cayman islands 331 nr nauru 67 vc st vincent grenadines 14 ws samoa 277 cy cyprus 62 gy guyana 14 li liechtenstein 225 sc seychelles 60 hk hong kong 14 cw curacao 115 bs bahamas 40 mc monaco 11 the sink ofc number indicates roughly how much more value sinks in this country as compared to what should sink in it based on the size of its economy for example in the british virgin islands over 5000 times too much value ends conduits 5 country value out value in factor out factor in nl netherlands 740 billion 380 billion 18 6 22 5 gb united kingdom 380 billion 130 billion 3 1 2 4 ch switzerland 220 billion 27 billion 6 9 2 0 sg singapore 72 billion 22 billion 5 1 3 8 ie ireland 64 billion 33 billion 5 9 7 2 the conduit ofc number indicates roughly how much more value is channeled in and out of this country towards a sink as compared to what should based on its economy s size for example roughly 20 times more value is routed through the netherlands reference more information on offshore financial centers our approach data and these results can be found in our paper j garcia bernardo j fichtner f w takes and e m heemskerk uncovering offshore financial centers conduits and sinks in the global corporate ownership network scientific reports 7 article 6246 2017 doi 10 1038 s41598 017 06322 9 about corpnet the corpnet research group uncovers investigates and aims to understand global networks of corporate control the group housed at the university of amsterdam employs a multidisciplinary approach to understanding the global corporate system using methods from the field of network science the five year project started in september 2015 and is funded by the european research council grant agreement 638946 about the authors jan fichtner javier garcia bernardo eelke heemskerk frank takes website created in 2017 by the corpnet group at the university of amsterdam want to know more contact us