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Tax havens, or countries with favourable tax laws and regulations, have long attracted businesses and individuals looking to minimize their tax liabilities.
Once only used by the ultra-wealthy, tax havens are now used by moderately wealthy families who want to protect their wealth from income, capital gains and inheritance tax. Some tax havens even offer dividends for those who invest their money there, so it is easy to see why they are so popular, especially for Brits.
Utilising a tax haven - either as an individual or a business – is perfectly legal, however, tax havens can be easily manipulated by bad actors, making them a target for money laundering and fraud.
Tax havens are jurisdictions that offer low or no tax rates, along with financial privacy and legal protections.
These benefits make tax havens attractive to foreign businesses and wealthy individuals, however, the same features that make tax havens appealing also make them hotspots for illicit activities like money laundering and tax evasion.
Low or No Taxes: Tax havens provide significant tax savings for individuals and corporations by having 0% - or very low – rates on personal taxes like income, inheritance and capital gains tax, as well as on corporation tax and dividends which appeal to businesses and other entities.
Financial Privacy: Many tax haven countries offer stringent privacy laws, protecting the identities of account holders, meaning individuals and businesses are able to hide their wealth to a certain extent.
Asset Protection: Tax havens can provide legal structures that safeguard assets from creditors and legal disputes.
Business-Friendly Regulations: These jurisdictions often have streamlined regulations that make it easier to establish and operate businesses.
To discover what the best tax havens are and why, read our latest blog on: The World’s Best Tax Havens and how to protect your business from their exploitation.
