Tax haven

A tax haven is a state, country, or territory where, on a national level, certain taxes are levied at a very low rate or not at all.

It also refers to countries which have a system of financial secrecy in place. It should be noted that, financial secrecy can be used by foreign individuals to circumvent certain taxes (such as inheritance tax on money, and income tax of the interest on the money you have on your bank account). Because the requirement of paying taxes on these funds cannot be transmitted, as the funds themselves are invisible to the country the individual is from, such taxes can be avoided. Earnings from income generated from real estate (i.e. by renting houses you own abroad) can also be eliminated this way. Despite this occasional abuse, the countries themselves stand in their right to have a system of financial secrecy in place, and it is up to the individual to fill in the required paperwork (i.e. double taxation forms). If the proper double taxation forms are filled in, and taxes are paid, companies can avoid much taxes, even if they hence pay their taxes legally. This is because the tax rates on income can be much lower than the tax rate in their own country. It should be noted that some taxes (such as inheritance tax on the real estate, VAT on the initial purchase price of the real estate -aka Transfer tax-, annual immovable property taxes, municipal real estate taxes, ...) can not be avoided or reduced, as these are levied by the country the real estate you own is in, and hence need to be paid just the same as any other resident of that country. The only thing that can be done is picking a country that has the smallest rates on these taxes (or even no such taxes at all) before you buy any real estate.

This page contains text from Wikipedia, the Free Encyclopedia - https://wn.com/Tax_haven

Latest News for: World tax havens

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The Big Business of War. A Clandestine Arms Market in Ukraine

GlobalResearch 25 Sep 2023

President Zelensky himself has substantial shares (formally transferred to one of his partners) in three companies established in tax havens and has purchased luxury villas in various parts of the world (most recently in Egypt) for the sum of tens of millions of dollars.

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Swiss shipping flag in danger of disappearing

Splash24/7 22 Sep 2023

While it might be hemmed in by mountains, the closest coastline being at the Gulf of Genoa, 160 km south of Chiasso, Switzerland’s position as a tax haven, has ensured it is the world’s top commodity trading hub as well as being home to the world’s largest containerline, the Aponte family-controlled Mediterranean Shipping Co (MSC).

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All you need to know about corporate tax relief in the UAE

Gulf News 21 Sep 2023

The UAE has been recognised for long as a tax haven and a global business hub, attracting businesses and professionals from across the world. However, the financial year starting on or after June 1, 2023, witnessed a significant transformation in the UAE’s fiscal policy with the launch of corporate tax (CT).

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A wave of international rule-making threatens Caribbean tax havens

Hindustan Times 31 Aug 2023

Tax havens ... The Tax Justice Network (TJN), an NGO based in Britain, guesses that wheezes involving financial centres in the Caribbean and Bermuda account for about 20% of the $472bn that it thinks governments around the world lose each year to cross-border tax evasion and minimisation schemes.

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Forget the Cayman Islands, the United States is now the place to avoid tax

The Daily Telegraph 14 Aug 2023

... the world’s elite across their borders, experts say.The Great Plains tax haven ... It may seem surprising that the US has climbed up the Financial Secrecy Index while offshore tax havens around the world have come under intense scrutiny as a result of leaks such as the Panama Papers.

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IFPA brings the Southern African fresh produce sector under one roof

Fresh Plaza 07 Aug 2023

IFPA's chief public policy officer Robert G�nther is a firm believer in the efficacy of removing value-added tax from fresh produce - as, he pointed out, South Africa has done many years ago, while many countries in the world still haven't. Currently there is an average of 7.6% tax placed on fresh produce across the world.

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Building an equitable fiscal future for Latin America

Korea Times 27 Jul 2023

Multinational corporations have become adept at setting up shell companies to shift their profits to tax havens ... While Pillar Two's 15 percent global minimum corporate tax rate is innovative and promising, its current structure favors countries in the Global North, where the world's largest corporations are headquartered, and tax havens.

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OECD tax reform a 'failure'

The Manila Times 25 Jul 2023

But implementation of the minimum rate and development of the tax rules have been slow ... "However, in all cases, these policies have been rendered largely toothless under the pervasive influence of some OECD members who are also among the world's biggest tax havens," it said.

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OECD tax reform a ‘failure’, says Tax Justice Network

Manila Standard 25 Jul 2023

But implementation of the minimum rate and development of the tax rules have been slow ... “However, in all cases these policies have been rendered largely toothless under the pervasive influence of some OECD members who are also among the world’s biggest tax havens,” it said.

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Emil Kirkegaard: Eulogy for Richard Lynn (1930-2023), by Emil Kirkegaard

The Unz Review 23 Jul 2023

... the world through scientific spectacles” (Flynn, 2007, p.42) ... Ironically, Ireland is now one of the wealthiest countries in the world on paper, owing to their tax haven status for large multinational companies, while the United Kingdom is falling behind in international rankings.

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Barbie paints the town pink with successful DTSM residency

Santa Monica Daily Press 21 Jul 2023

World of Barbie is an immersive experience akin to an interactive museum that offers guests a chance to become part of the Barbie World ... “So while we haven’t received actual sales tax figures yet, we are hearing that the world of Barbie is performing extremely well,” said Santa Monica’s economic development director Jennifer Taylor.

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BRICS & The Gold Backed Currency Idea

Armstrong Economics 12 Jul 2023

Will the Brics launching a gold backed currency be the catalist for bankrupting 3rd world economies? Or is it rising interest rates on their debt? ... She was installed in the IMF and immediately threatened all the tax havens to turn over all their secret accounts so they would be removed from SWIFT.

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Anil, Tina Ambani quizzed by ED in foreign exchange violation case. What is it?

Hindustan Times 04 Jul 2023

The Pandora Papers, a collection of over 11.9 million confidential files, revealed secret offshore financial dealings and alleged tax havens involving various world leaders, politicians, and public officials in 91 countries, including India ... In August last year, the income-tax ...

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Jon Rahm not wasting time on ‘what ifs’ of merger

Business Day 21 Jun 2023

“Well, there are two events I wouldn’t have played this season if it wasn’t for the world we had this year, right, and that’s the reason why I haven’t played them in the past,” Rahm said. “Major weeks can be taxing and I’ve always tried to set up my schedule around not playing those weeks.”.

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Jon Rahm not wasting time on 'what ifs' of merger

Beijing News 20 Jun 2023

The FedExCup points leader and World No ... "Well, there are two events I wouldn't have played this season if it wasn't for the world we had this year, right, and that's the reason why I haven't played them in the past," Rahm said. "Major weeks can be taxing and I've always tried to set up my schedule around not playing those weeks." ... Open ... ....