Top 40 Best Tax Havens & Offshore Financial Centers

A TAX HAVEN is a state, country or territory where certain taxes are levied at a low rate or not at all. Individuals or corporate entities can find it attractive to establish shell subsidiaries or move themselves to areas with reduced or nil taxation levels relative to typical international taxation. This creates a situation of tax competition among governments. Different jurisdictions tend to be havens for different types of taxes, and for different categories of people or companies. States that are sovereign or self-governing under international law have theoretically unlimited powers to enact tax laws affecting their territories, unless limited by previous international treaties. There are several definitions of tax havens. The Economist has tentatively adopted the description by Geoffrey Colin Powell (former economic adviser to Jersey): "What ... identifies an area as a tax haven is the existence of a composite tax structure established deliberately to take advantage of, and exploit, a worldwide demand for opportunities to engage in tax avoidance." The Economist points out that this definition would still exclude a number of jurisdictions traditionally thought of as tax havens. Similarly, others have suggested that any country which modifies its tax laws to attract foreign capital could be considered a tax haven.

• 2 Principalities see eye to eye on taxes - "A tax treaty, aimed at eliminating double taxation with respect to income tax and preventing tax evasion, has been signed between the Principality of Monaco and the Principality of Andorra."
• 12 Countries Where You Can Buy Citizenship (and a second Passport) - "After the 2016 presidential election, so many people were dreaming about moving out of the US that Canada’s immigration website crashed. Now, the idea of becoming an expat is getting hot again. According to a recent YouGov survey, 31% of Americans say they are interested in bolting if their candidate isn’t elected in the upcoming November elections. Tom Hanks and Rita Wilson made headlines when they recently became honorary Greek citizens and received passports."
• 14 things you didn't know about Luxembourg, Europe's unhappiest country - The Telegraph.
• 16 things you didn't know about Panama, the world's happiest tax haven - The Telegraph.
• 2020 best countries - Rankings, News, Country Profiles - "Best Countries is a rankings, news and analysis project created to capture how countries are perceived on a global scale. The rankings evaluate 73 countries across 24 rankings drawn from a survey of more than 20,000 global citizens, measuring 75 dimensions that have the potential to drive trade, travel and investment and directly affect national economies."
• A Piketty ProtÉgÉ’s Theory on Tax Havens - The New York Times.
• A simple guide to the Pandora Papers leak - "The Pandora Papers is a leak of almost 12 million documents that reveals hidden wealth, tax avoidance and, in some cases, money laundering by some of the world's rich and powerful."
• Apple defends moving offshore profits to the tax haven of Jersey - engadget.
• Battle in the Channel: seigneur of Sark takes on Barclay dynasty - "Christopher Beaumont is attempting to buy up abandoned hotels and other buildings owned by Telegraph billionaires."
• Best & worst passports to hold in 2020 - "Henley Index: Japan tops 2020 list of world's most powerful passports."
• British Virgin Islands - the world's leading offshore haven. The Guardian: Offshore Secrets.
• British Virgin Islands at a crossroads as outgoing governor decries corruption - "With a judicial inquiry looming and the EU looking to blacklist the territory, the BVI is debating where its future lies."
• British Virgin Islands: Premier Andrew Fahie arrested in US drug sting - "The leader of the British Virgin Islands (BVI) has been arrested for alleged drug smuggling and money laundering in the US."
• Cayman Islands – home to 100,000 companies - "Here are 10 facts about the world’s most notorious tax haven."
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• Corporate Tax Haven Index 2019 - "Ranks the world’s most important tax havens for multinational corporations, according to how aggressively and how extensively each jurisdiction contributes to helping the world’s multinational enterprises escape paying tax, and erodes the tax revenues of other countries around the world."
• EU’s net starts to close on tax havens - The Guardian.
• Financial Secrecy Index - "Ranks jurisdictions according to their secrecy and the scale of their offshore financial activities. A politically neutral ranking, it is a tool for understanding global financial secrecy, tax havens or secrecy jurisdictions, and illicit financial flows or capital flight."
• G20 backs crackdown on multinationals’ use of tax havens - "Finance chiefs endorse landmark move to prevent profits being shifted to low-tax countries."
• Global tax reform: 130 countries commit to minimum corporate rate - "Landmark moment for world economy with OECD plan that also covers prevention of profit-shifting."
• 'Golden passports' threaten European security, warns EU commissioner - "‘Citizenship for sale’ under increasing scrutiny from governments and security agencies."
• Guano Islands Act - a United States federal law passed by the U.S. Congress that enables citizens of the United States to take possession of unclaimed islands containing guano deposits. The islands can be located anywhere, so long as they are not occupied and not within the jurisdiction of another government. It also empowers the President of the United States to use the military to protect such interests and establishes the criminal jurisdiction of the United States in these territories.
• Have a Cryptocurrency Company? Bermuda, Malta or Gibraltar Wants You - The New York Times.
• Henley Passport Index 2006-2019 - "The Henley Passport Index is the original ranking of all the world’s passports according to the number of destinations their holders can access without a prior visa. The ranking is based on exclusive data from the International Air Transport Association (IATA), which maintains the world’s largest and most accurate database of travel information, and enhanced by ongoing research by the Henley & Partners Research Department."
• How offshore firm helped billionaire change the art world for ever - The Guardian.
• How the U.S. became one of the world’s biggest tax havens - The Washington Post.
• How to Hide $400 Million - The New York Times.
• In wake of Brexit, EU to put Cayman Islands on tax haven blacklist - "Decision on British overseas territory comes less than two weeks after UK left bloc."
• Investor Citizenship ("golden passport") Schemes - "Questions and Answers on the Report on Investor Citizenship and Residence Schemes in the European Union."
• Liberland: Europe's new country where taxes are optional - official website.
• LIST OF UNCO-OPERATIVE TAX HAVENS - source: OECD.
• Malta wants to become 'Blockchain Island' - CNN tech.
• Maltese passports: why the uber-rich are desperate to have one - "A passport from this country is 'the latest status symbol'. And the world’s wealthiest people are lining up for one."
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• Monaco builds into the Med to house new throng of super-rich - The Guardian.
• Monaco officially added to ‘money laundering’ grey list - "The Financial Action Task Force (FATF), the global anti-money laundering watchdog, announced on Friday, June 28 that Monaco has been added to its ‘grey list’ of countries subject to increased monitoring. The Principality is the highest profile European jurisdiction to be added to the FATF grey list in years."
• MONACO PUSHES FORWARD TO EXIT FATF “GREY LIST” WITH FULL MOBILISATION AGAINST MONEY LAUNDERING & CORRUPTION - "The grey list status, which indicates heightened monitoring, underscores the FATF’s call for Monaco to intensify its actions in preventing financial crimes."
• Monaco reminds companies to clarify ownership - "In a statement on Thursday, May 25, 2023, the Government said that Moneyval - the Council of Europe body concerned with money-laundering and the financing of terrorism - has invited the Principality to complete its register of beneficial owners. To achieve this objective, the Prince’s Government has undertaken a national action plan including a general information campaign which will be followed by targeted reminders to companies concerned, the statement said."
• Monaco's inhabitants' average life expectancy is 89.52 years - the longest in the world - The World Factbook.
• Nevis: how the world’s most secretive offshore haven refuses to clean up - The Guardian.
• Panama faces pressure to come into the fold - "Panama is one of just four jurisdictions — along with Bahrain, Nauru and Vanuatu — that have refused to sign up."
• Panama joins international efforts against tax evasion & avoidance - OECD.
• Pandora Papers - "The largest investigation in journalism history exposes a shadow financial system that benefits the world’s most rich and powerful. Read more." International Consortium of Investigative Journalists (ICIJ).
• Pandora papers: biggest ever leak of offshore data exposes financial secrets of rich & powerful - "Millions of documents reveal offshore deals and assets of more than 100 billionaires, 30 world leaders and 300 public officials."
• Passports for purchase: Open citizenship doors around the world - "Need a new passport? These countries will sell you one -- if you can afford it."
• Rise in number of world's rich buying UK 'golden visas' - "The number of wealthy foreigners investing at least £2m in the UK in exchange for a 'golden visa' has risen to a five-year high, despite a clampdown on the scheme in the aftermath of the Skripal novichok poisoning attack."
• Sark - The British island stuck in time - "On the far-flung Channel Island of Sark, life is ingrained with feudal tradition - and driven by horse-drawn carts and wagonettes."
• Seasteading - a vanity project for the rich or the future of humanity? - "Beloved by Silicon Valley tycoons and tyranny-fearing libertarians, are cities atop the waves Earth’s next frontier?"
• Surge in passport sales delivers Vanuatu a record budget surplus - "Economy devastated by Covid shutdowns and a destructive cyclone, but citizenships-for-sale are keeping the country afloat. Vanuatu citizenship costs US$130,000."
• Switzerland: Best Country in the World - The New York Times.
• Tax evasion: blacklist of 21 countries with 'golden passport' schemes published - "OECD says schemes selling either residency or citizenship threaten efforts to combat tax evasion."
• Tax exile - person who leaves a country to avoid the payment of income tax or other taxes. It is a person who already owes money to the tax authorities or wishes to avoid being liable in the future to taxation at what they consider high tax rates, instead choosing to reside in a foreign country or jurisdiction which has no taxes or lower tax rates. In general, there is no extradition agreement between countries which covers extradition for outstanding tax liabilities.
• TAX HAVEN - Wikipedia.
• teddy bear test & other challenges facing the rich who try to flee high-tax states - Los Angeles Times.
• The great American tax haven: why the super-rich love South Dakota - "It’s known for being the home of Mount Rushmore - and not much else. But thanks to its relish for deregulation, the state is fast becoming the most profitable place for the mega-wealthy to park their billions."
• The passport king who markets citizenship for cash - "Guardian investigation reveals how a small firm of wealth advisers built up a $3bn ‘golden passports’ industry and gained influence in the Caribbean."
• The world's most beautiful tax havens - The Telegraph.
• Trouble in paradise: Family, feuds & fraud in Jersey - "The wealthy Dick family are set for a court battle that could shine an unwelcome light on the world of offshore trusts."
• UK & territories are 'greatest enabler' of tax avoidance, study says - "The UK and its 'corporate tax haven network' is by far the world’s greatest enabler of corporate tax avoidance, research has claimed."
• UK climbs ranking of tax havens - "Tax Justice Network says UK is nearing top 10 most secretive financial systems."
• UK super-rich would be ‘bored to death’ in tax havens - survey - "Interviews with top earners reveal many are too attached to UK’s cultural institutions and fear stigma surrounding economic migration."
• Ultra high net worth individuals look to Monaco for post ‘non-dom’ era living - "Earlier in April this year, Chancellor Jeremy Hunt announced that the United Kingdom’s government will scrap the ‘non-dom’ tax status, prompting many ultra high net worth individuals to leave London in favour of more financially preferable destinations, such as Dubai and Monaco."
• US corporations have $1.4tn hidden in tax havens, claims Oxfam report - The Guardian.
• Vanuatu presidential palace funded by China stirs debt fears - "Beijing says ‘no strings attached’ to the complex unveiled last month amid wider concerns over loans the Pacific country owes to China."
• Wealthy Norwegians Are Moving To This Remote Tax Haven - Forbes.
• Why John Cleese is leaving the UK for Nevis - BBC News.
• Why the super-rich buy Maltese passports - "Malta's 'golden passports': Why do the super-rich want them?"

Top 40 Tax Havens & Offshore Financial Centers

• ANGUILLA - at the THE WORLD FACTBOOK.
• BAHAMAS - at the THE WORLD FACTBOOK.
• BELIZE - at the THE WORLD FACTBOOK.
• BERMUDA - at the THE WORLD FACTBOOK.
• BRITISH VIRGIN ISLANDS - at the THE WORLD FACTBOOK.
• BRUNEI - at the THE WORLD FACTBOOK.
• CAYMAN ISLANDS - at the THE WORLD FACTBOOK.
• COOK ISLANDS - at the THE WORLD FACTBOOK.
• COSTA RICA - at the THE WORLD FACTBOOK.
• CYPRUS - at the THE WORLD FACTBOOK.
• DENMARK - at the THE WORLD FACTBOOK.
• DOMINICA - at the THE WORLD FACTBOOK.
• DUBAI - at the THE WORLD FACTBOOK.
• GIBRALTAR - at the THE WORLD FACTBOOK.
• GREECE - at the THE WORLD FACTBOOK.
• GRENADA - at the THE WORLD FACTBOOK.
• GUERNSEY - at the THE WORLD FACTBOOK.
• HONG KONG - at the THE WORLD FACTBOOK.
• IRELAND - at the THE WORLD FACTBOOK.
• ISLE OF MAN - at the THE WORLD FACTBOOK.
• JERSEY - at the THE WORLD FACTBOOK.
• LIBERIA - at the THE WORLD FACTBOOK.
• LIECHTENSTEIN - at the THE WORLD FACTBOOK.
• LUXEMBOURG - at the THE WORLD FACTBOOK.
• MADEIRA - at the THE WORLD FACTBOOK.
• MALTA - at the THE WORLD FACTBOOK.
• MARSHALL ISLANDS - at the THE WORLD FACTBOOK.
• MAURITIUS - at the THE WORLD FACTBOOK.
• MONACO - at the THE WORLD FACTBOOK.
• NETHERLANDS - at the THE WORLD FACTBOOK.
• NEVIS - at the THE WORLD FACTBOOK.
• PANAMA - at the THE WORLD FACTBOOK.
• SAMOA - at the THE WORLD FACTBOOK.
• SARK - at WIKIPEDIA.
• SEYCHELLES - at the THE WORLD FACTBOOK.
• SINGAPORE - at the THE WORLD FACTBOOK.
• ST. VINCENTS - at the THE WORLD FACTBOOK.
• SWITZERLAND - at the THE WORLD FACTBOOK.
• UNITED KINGDOM - at the THE WORLD FACTBOOK.
• UNITED STATES - at the THE WORLD FACTBOOK.
• VANUATU - at the THE WORLD FACTBOOK.