Tax Havens

Anguilla is a popular tax haven, having no capital gains, estate, profit or other forms of direct taxation on either individuals or corporations.

The banking sector, with its tax haven status, accounts for 19% of the economy. Andorra has long benefited from its status as a tax haven, with revenues raised exclusively through import tariffs.

Fugitives often use tax havens as a refuge when fleeing from jail, government arrest, government or non-government questioning, vigilante violence, or outraged private individuals.

Tax havens play an important role in fostering corruption as they reduce or eliminate transparency.

The recent Panama Papers leak revealed how the global elite use offshore companies in tax havens to send money abroad to keep it away from their future exes.

Many frauds involve using tax havens, as their confidentiality and secrecy aid fraudsters.

Belize, located on the coast of Central America, is known in the global arena for attracting many North American drug trafficking entities.

Money laundering is the process of transforming the profits of crime and corruption into ostensibly ‘legitimate’ assets, and the hiding of income/wealth from Governments to avoid taxation.

Around four-fifths of money in offshore bank accounts is there in breach of the tax laws of other countries.

As developing countries are higher risk than developed countries, they must pay higher rates of interest to attract foreign investment.