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The Top 10 Global Tax Havens For The Wealthy |
An estimated US$21 trillion to US$32 trillion of private financial wealth is located, untaxed or lightly taxed,
in tax havens around the world.
The United States has become one of the world’s friendliest tax havens for ultra wealthy individuals and businesses
keeping their assets overseas.
The US ranked third on the Tax Justice Network’s Financial Secrecy Index 2015, which was released earlier this month.
Switzerland is No. 1 on the list, followed by Hong Kong. |
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The biennial index assigns a weighted secrecy score to each nation to
create a ranking of the “jurisdictions and countries that most actively promote secrecy in global finance.”
Most countries’ secrecy scores have improved from the previous index in 2013; the US was an exception, rising from
sixth place in 2013 to third place this year. The US climbed in the rankings, partially because of the size of its
offshore sector: “Though the US has been a pioneer in defending itself from foreign secrecy jurisdictions, aggressively
taking on the Swiss banking establishment and setting up its technically quite strong Foreign Account Tax Compliance
Act (FATCA) – it provides little information in return to other countries,” making it a tax haven at both the Federal
and state levels.
About US$21 trillion to US$32 trillion of private financial wealth is located, untaxed or lightly taxed, in secrecy
jurisdictions around the world, TJN estimated in 2012.
Below are the top 10 tax havens:
1. Switzerland
2. Hong Kong
3. United States
4. Singapore
5. Cayman
6. Luxembourg
7. Lebanon
8. Germany
9. Bahrain
10. Dubai/UAE
Although the United Kingdom was not included in the top 10, it supports a network of tax havens around the world,
from Cayman and Bermuda to Jersey to the British Virgin Islands, the TJN report stated. If the UK and its dependent
territories were treated as a single unit, it would be No. 1 on the list, above Switzerland.
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Source – «WEALTH-X»
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