The above listed features lead many entrepreneurs to establish offshore companies or to open abroad current accounts in those territories.
The reasons for these operations are multiple:
What are the globally active tax havens and which are the best jurisdictions to choose? It is not easy to answer, it depends on the specific needs of the involved people. There are different kinds of tax havens in the world so as to be divided in two lists:
Black list includes all those countries in which there is banking secrecy and that do not provide data exchange and information transparency as for foreign citizens that work in their jurisdictions. This list, made by OCSE and yearly updated by Revenue Agency, has been created in order to help EU countries in the fight against evasion and tax arbitrage. Furthermore, the companies that buy and/or transfer goods and services with Black List countries are supposed to disclose the Black List Operations Communication model. Once the list was very long, but today tax havens are catalogued also in white and grey lists, thanks to agreements among European countries. Some examples are the Bahamas, Panama, Belize, Costa Rica, and Dubai.
As a consequence of international politics evolution, privileged taxation areas geography continuously changes with the entrance of new countries in the White List and the exit of others from the Black List.
White list, instead, is made up of tax havens that do not guarantee banking secrecy. Lately, many Black List countries have switched to the white list, e.g. Switzerland. One of the most exploited territories of the world, belonging to this list, is Delaware, since it offers LLC companies-type advantages, within US jurisdiction, even though it does not appear among black list tax havens.
Another example is represented by Canary Islands, one of European Tax Havens, very profitable in terms of tax rates.
In reason of international politics evolution, the geography of privileged taxation areas continuously changes, with the entrance of new countries in the white list as well as the exit of others from the black list.
Even if less mentioned, tax havens exist also in Europe, and help to reduce tax burden in entrepreneurial activities, to create trust or other ad hoc structures to protect assets according to the Common Law. The advantages offered in these countries are not so far from exotic jurisdictions’ ones. Among these, what is European tax haven per excellence?Switzerland and England are among the most known, as well as others like: Munich Principality, San Marino, Cyprus, Malta, Andorra, Liechtenstein and Luxembourg; all of them offer valid tools and applicable solutions to the various needs.
Contact us to know what tax haven offers the best conditions to optimize your business operations or protect your assets: we’ll offer an individualized consultation, by helping you to find the best solutions in full legal way. Our 15 years’ experience in constitution and management of tax haven companies and accounts in the world and in Europe, make us your ideal professional partner.