Norfolk Island and its tax haven.

The Australian Journal of Politics and History | June 1, 2002| | Copyright

The first Pacific Islands offshore financial centre was born in 1966 on Norfolk Island, a unique external territory of Australia with a peculiar form of self-government. (1) Promoters of Norfolk Island's tax haven (2) have seen its potential to become a major global offshore financial center (3) (OFC) blocked by the Australian federal government. There have been enormous opportunities for OFCs around the world during this period--with bank deposits in offshore centres rising from US$11 billion in 1968 to US$2,000 billion in 1996 (4).

Advocates of OFC development ...

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