Which Tax Haven Wins This Year
Date: 26 April 2016 Share on Twitter Share on Facebook
Tax havens always seem to be in the media for the wrong reasons, and these shelters are often viewed with suspicion by many who see them as a way for corporations to legally avoid paying tax.
However, despite the negative publicity, as long as these havens keep offering the opportunity to keep taxes as low as possible, they aren’t likely to go out of style anytime soon, and indeed 2016, sees a new – and unlikely – tax haven leading the field. In reverse order, here are this year’s top tax havens so far.
Tax havens countries 2016
Singapore is famed worldwide for its safe streets, luxury retail stores and exotic cuisine, and for the businessmen and women who also happen to be a looking for a legitimate way to avoid paying out too much of their hard earned money to Uncle Sam, Singapore has plenty to offer. Moreover, Singaporean banking industry is known for its secrecy, which means anyone storing their money in an offshore account can be assured no one is likely to share the details, and there’s low taxes all round for the small entrepreneur to benefit from.
This popular tourist destination doesn’t just offer us lakes, Alps, designer watches, cheese and chocolate: it also provides lower taxes. Switzerland’s financial sector is pretty secretive, so any corporation investing here can be assured their affairs will be kept safe. The country has certainly proven popular with global names like Morgan Stanley and Pepsi, who have subsidiaries based here.
The Virgin Islands
The Virgin Islands have long been among one of the world’s best known tax havens, and 2016 doesn’t appear any different. With such a vast array of tax breaks on offer, such as no corporation, capital gains taxes, it shouldn’t be a surprise that it’s long been a favorite among companies with plenty in the way of profits. However, the Virgin Islands are losing some popularity due to the number of investors and corporations choosing the United States as their preferred tax shelter.
The Cayman Islands
The United States might be stealing its thunder, but this remarkable Caribbean island does still have stunning beaches and its exotic gardens in its favor. Moreover, when you consider the fact that the Cayman Islands have no corporate tax, it’s no wonder it’s such an attractive destination for corporations who want to keep their tax liabilities low.
The United States
Topping the list of tax haven countries 2016 is…. the United States. If you thought tax havens were limited to exotic locations overseas, then you’re wrong. As analysis shows, the US is becoming remarkably popular among wealthy corporations and investors who want to minimize their liabilities. A number of offshore trusts are moving accounts there: Andrew Penney of Rothschild and Co has even described the States as “effectively the biggest tax haven in the world” – and things don’t look set to change any time soon.