The Central Bank of Iran has approved a plan seeking to open a “free financial center” on Kish Island, IRNA reported on Monday, citing Ali Asghar Mounesan, managing director of Kish Free Trade Organization. “Following the CBI’s approval , Kish International Financial Center will soon be opened on the island,” Mounesan said, addressing a ceremony held on Sunday on the Island to inaugurate several civil and tourism projects. CBI is examining the first request of an offshore bank on the island as the regulator has recently adopted related regulations, he said. Offshore banks, located outside the country of residence of the depositor, are typically in a low-tax jurisdiction, providing financial and legal advantages like greater privacy, little or no taxation, easy access to deposits, and protection against political or financial instability.
