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The consensus on effective tax rates has led academics to note that the term "tax haven" and "offshore financial centre" are almost synonymous. [10] In reality, many offshore financial centers do not have harmful tax practices and are at the forefront among financial centers regarding AML practices and international tax reporting.
Andrew Penney from Rothschild & Co described the US as "effectively the biggest tax haven in the world" and Trident Trust Co., one of the world's biggest providers of offshore trusts, moved dozens of accounts out of Switzerland and Grand Cayman, and into Sioux Falls, saying: "Cayman was slammed in December, closing things that people were ...
An account held in a foreign offshore bank is often described as an offshore account. Typically, an individual or company will maintain an offshore account for the financial and legal advantages it provides, including but not limited to: Strong privacy, including bank secrecy. Little or no corporate taxation via tax havens.
Tax havens are places where individuals and companies go to avoid paying higher taxes. ... One area where it stands out is banking. Despite its small size, it accounts for almost 1/15 of the world ...
Tax benefits: Depending on the country where you live and the country where the bank is located, your offshore account could be tax-free or at least taxed at a low rate.
CORPNET's top 5 Conduits and top 5 Sinks are 9 of the 10 largest tax havens identified in 2010 by one of the academic founders of tax haven research, James R. Hines Jr. Hines' 2010 list of 10 major tax havens only differs in its omission of the U.K., which in 2010, had only just reformed its corporate tax system. [12]
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Some of the most cited researchers into tax havens/offshore financial centres, including Hines, Dharmapala and Desai show evidence that, in certain cases, tax havens/OFCs, appear to promote economic growth in neighbouring higher-tax countries, and can solve issues that the higher-tax countries can have in their own tax or regulatory systems ...