The top 15 tax havens around the world
- Tax havens are places where super-wealthy individuals keep money in offshore accounts for reasons that include, among others, tax avoidance.
- These individuals often hold money within shell companies and anonymous entities in places like the Cayman Islands and other small, low-tax jurisdictions in remote locations.
- CORPNET, an Amsterdam-based corporate research group, ranked the world's top tax havens based on how much more money comes into the country than how much should come in based on the size of its economy.
- Most of the top tax havens are island nations like the British Virgin Islands, Samoa, and Malta.
- Visit Business Insider's homepage for more stories.
Tax havens are places where business people and other super-wealthy individuals keep money in offshore accounts for tax avoidance and other purposes.Also known as offshore financial centers (OFCs), these tax shelters are often small, low-tax jurisdictions in remote locations, like the Caribbean islands. In these places, wealthy individuals often hold money within shell companies and anonymous entities.Advertisement
CORPNET, an Amsterdam-based research group that investigates global networks of corporate control, published a 2017 report in Scientific Reports ranking 24 offshore financial centers by their "sink" number, which indicates roughly how much more money comes into the country than how much should come in based on the size of its economy.
In the Cayman Islands, for example, 331 times more value sinks into the country than is proportionate to the size of its economy.The European Union releases a tax haven "blacklist" - first published in 2015 and continuously updated - that calls out specific countries in order to improve global tax governance and fight tax fraud, evasion, and avoidance. The EU blacklist pressures nations to make changes and reforms to their tax codes, and blacklisted countries can face sanctions from the EU, according to OXFAM International.
Here are the world's 15 top hax havens, according to CORPNET.
T10. Marshall Islands
5. Cayman Islands
1. British Virgin Islands
- Indian-origin S African appointed COO of company assisting in combating organised bank-related crimes
- Govt can't compel COVID-19 positive people into state quarantine facilities: South African court
- Defence secretary tests positive for COVID-19: Sources
- Highest spike of 1,513 fresh COVID cases in Delhi takes total to over 23K; death toll rises to 606
- Assam records highest single-day spike in COVID cases; tally 1,830