A report on Tax Havens derived from a study of 83 countries was published by an active European NGO. Switzerland and Luxembourg remain in good standing in this classification based on the analysis of 15 criteria, including the fight against money laundering, the automatic exchange of data and the efficiency of tax administration.
Top 1st Ranked Tax Haven: Switzerland
According to this classification Switzerland maintains the number 1 position in tax haven. Bank assets represent 820% of the country’s GDP. In 2012, the banking institution handled $2.8 trillion in assets, which represents a quarter of the world total. The country also assumes the role of an offshore hub, supporting this position by a stable political system, resistance to the automatic exchange of data and respect for banking secrecy, combined with other incentives to promote the installation of foreign companies on Swiss soil.
3 European countries in the top 10 tax haven
2. Luxembourg, particularly for its fierce defense of banking secrecy.
3. Hong Kong, which controls 4% of the global market for offshore services.
4. The Cayman Islands, selected for the intricate systems of money laundering implemented on the Islands.
5. Singapour, which maintains its position, despite the signing of modest agreements of cooperation with the OECD countries.
6. The United States, in particular for the advantageous taxation available to companies and individuals in the state of Delaware and because the country represents 22% of the offshore economy worldwide.
7. Lebanon, a country with one of the most significant codes for banking secrecy.
8.Germany, a country that controls 4% of the overall market in offshore finance and, according to the NGO’s, does not actively support the automatic exchange of tax information.
9. Jersey, the hub of the Trust industry.
10. Japan, a country which has established an extensive system of tax exemptions.