Surprising Tax Havens Around the World and You Won't Believe Who's Invested
In the wake of the ongoing Paradise Papers leaks we’ve decided to publish another eye-opening dossier covering eight surprising tax havens around the world, that aren’t quite as well known as Switzerland or the Cayman Islands. They offer a wide range of benefits to investors and are often located far closer to strict tax jurisdictions than people might expect. In fact, you could be living in one already!
Nevada, USA
As it turns out Nevada is among the best places in the world to stash away millions without worrying about unwelcome visits from the taxman. According to several reports conducted after the Panama Paper leaks, it is surprisingly simple to create shell companies which are protected from government scrutiny by Nevada’s strict tax privacy laws.
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Let our travel expert Stefano help you find your perfect Culture tripCentralAmerica
1. Guatemala
An express adventure for those with limited time off. Prepare yourself incredible experiences. You will hike a volcano, visit mayan temples and witness a ceremony and take in beautiful colonial Antigua.CentralAmerica
2. Belize
A quick trip not too far away for those seeking a relaxing mini break. You will have plenty of free time to relax but also some awesome activities to experience the rainforest and the caribbean sea.CentralAmerica
3. Mexico
An exciting mini trip exploring the lesser known colonial towns of central Mexico. This is hte perfect trip for someone with limited time off and still wants to turn on explorer mode and do something different.SouthAmerica
1. Ecuador
A remarkable 8 days adventure through the Andes and the Amazon rainforest. The best choice for adventure seekers wishing to visit the 2 most iconic areas of South America, in only 1 week and no flights.SouthAmerica
2. Peru
An alternative itinerary to classic Peru, from Cusco to Arequipa. This itinerary is great combination of highlights Cusco and Machu Picchu with the lesser known Arequipa and Colca Canyon.Europe
1. Italy
The ultimate Italian experience from the vibrant streets of Naples to the breathtaking sceneries of the Amalfi Coast followed by Matera and down to Puglia with its golden beaches, intense flavours and fascinating destinations.Europe
2. Scotland
Embark on this great adventure starting from London all the way to Scotland with a true Scottish experience made of breathtaking sceneries, whisky tasting and ..lots of fun! Ideal for train lovers and explorers.Europe
3. Portugal
A wonderful train journey around Portugal, from the romantic city of Porto to the Douro Valley, to the beautiful Aveiro all the way to Lisbon and Sintra. The perfect trip to train, culinary and culture lovers.Asia
1. South Korea
Discover incredible temples, mountains and modern cities on this 10 day adventure. This trip is perfect for those seeking immersion in the cuisine, culture and natural wonders of South Korea.Asia
2. Thailand
From Bankgok to Angkor Wat to Ho Chi Minh City and everything in between - adventure through the heart of South-East Asia. Taste the delights, see history brought to life and unwind on a Mekong River cruise.Asia
3. Sri Lanka
A fantastic adventure that showcases Sri Lanka's fantastic landscapes, wildlife and flavours. With 3 epic rail journeys, 3 UNESCO heritage sites and time to relax, this trip has loads to offer at a great priceAfrica
1. Morocco
An epic journey across Morocco: from Casablanca to Marrakech, through the blue city of Chefchaouen to the wonders of the desert and deep to the High Atlas Mountains - this trip has it all! Ideal for true explorers!Africa
2. Egypt
From Cairo to Aswan, this trip brings the land of the pharaohs to life. You'll visit the Pyramids, Valley of the Kings and Luxor Temple and cruise down the Nile in style. This is the perfect way to explore Egypt.The Isle of Man
Even though the Isle of Man has close political ties with the United Kingdom, it has remained an self-governing crown dependency since the 19th century. This means that the island’s parliament controls its tax laws and are able to uphold legislation that wouldn’t see the light of day in the UK. For instance, income tax is capped at 20% on the Isle of Man, whereas capital gains tax, wealth tax and inheritance tax are pretty much nonexistent.
Gibraltar
While companies in Spain are expected to pay 25% corporate tax, similar organisations based in Gibraltar only need to dole out 10% of their revenue to the state. For obvious reasons, this makes Gibraltar very attractive to investors and, even though its government actively avoids using the term, it has essentially become a tax haven. This is even more impressive when Gibraltar’s EU-membership is taken into account, as this status allows companies to access the single-market without having to pay burdensome, mainland European taxes.
Hong Kong
As a Special Administrative Region within The People’s Republic of China, Hong Kong dictates its own laws when it comes to taxes. This has allowed the island’s government to uphold an extremely laissez-faire economic model since gaining autonomy from the UK in 1997 and create beneficial conditions for foreign investors. For example, income tax doesn’t apply to money made overseas, which makes storing funds in Hong Kong banks very appealing to high-earning foreigners.
Delaware, USA
According to The New York Times nearly half of the USA’s public corporations are based in Delaware. In fact, current figures suggest that there are more corporate entities in the state than people (945,326 over 897,934). These numbers are largely due to Delaware’s unique corporation laws which allow companies to massively reduce corporate expenditure via various legal means.
Singapore
Oxfam recently named Singapore the fifth worst tax haven in the world, mainly due to its lenient corporate tax system. A wide range of financially driven organisations can apply for tax exemption in the city-state, including banks and global trading companies. As Singapore sits on the crossroad between many emerging markets, it has become a particularly popular port-of-call for the world’s wealthiest businesses and individuals.
The Netherlands
Although it is slightly inaccurate to label the Netherlands a tax haven, over the past 50 years many shady tax evasion schemes have been uncovered in the country, which mainly revolve around a strategy known as a ‘Dutch Sandwich’. This notoriously effective scheme has enabled many wealthy, international companies to get away with paying around 2.4% corporate tax and involves moving money to the Netherlands and then onto other offshore financial centres.
London
As everyone continues to worry about whether or not London will become the next big tax haven after Brexit finally kicks into gear, it is worth remembering that many shadowy organisations already take advantage of the city’s unique financial conditions. Unlike other entries on this list, London lies at the centre of many other tax havens, including Gibraltar, the Cayman Isles and the Isle of Man, which enables investors to move untraceable, untaxed money, that’s been produced elsewhere in the world, into the city.
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