From one business to another, we know just how annoying taxes can be. While tax deductions do wonders to bring down the amount of tax businesses have to pay, they can prove to be insignificant at times. That’s why many businesses choose a tax haven for their businesses. Here is a look at the top business destinations for tax havens.
What is a Tax Haven?
Before we get into the top business destinations for tax havens, I think it is vital we tell you what makes a tax haven. A tax haven is a place where there is little to no form of taxation at all. This includes income, capital gains, inheritance or corporate tax. Moreover, any information about bank accounts or tax payers, or lack thereof, cannot be published at all.
Most tax havens have a number of international banks operating in their territory. These banks house the majority of the money going in and out of the island.
The Cayman Islands
The Cayman Islands have long been known to be one of the best business destinations for tax havens, if not the best. With absolutely no income, capital gains or corporation tax, the Cayman Islands are one of the best places to conduct business. Moreover, it is one of the best places to store your money.
The Cayman Islands is home to a number of international banks that hold and invest billions of dollars every year. Visit this article if you like to learn more about Cayman Offshore companies
It seems that the beautiful city of Panama is not only famous for its canal. Panama has well developed banking and commerce sectors. Moreover Panama is one the best business destinations for tax havens, and has been so for the last few decades.
Monaco is not only famous for Formula One racing and gambling, but for being a premier tax haven as well. According to official reports, Monaco levies no income tax on its citizens and businesses. In fact, this has spread to its international banking sector as well. The international banks of Monaco are famous for housings hundreds of billions of tax-free dollars.
Luxemburg may be known for its fine culture, sports teams, high GDP and beautiful scenery, but it’s also very well known to be a tax haven. In fact, according to sources, Luxemburg became one of the best business destinations for tax havens. Billions of dollars are stored in international banks in Luxemburg. In fact, over $4 billion of Kim Jong-Il’s money have been traced to international bank accounts in Luxemburg.
Even after adopting many OECD (Organization for Economic Co-operation and Development) standards, the country is still one of the best business destinations for tax havens.
With these great business destinations for tax havens, businesses have absolutely nothing to worry about. By transferring money to international banks in these countries, you can rest assured that your money is safe from taxation. Of course, you need to remember that while you may avoid taxes, you cannot evade them. After all, tax evasion is illegal.