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{{Taxation}}
A '''tax haven''' is a state, country or territory where certain [[tax]]es are levied at a low rate or not at all.<ref name="ssrn">Dharmapala, Dhammika und Hines Jr., James R. (2006) [http://ssrn.com/abstract=952721 Which Countries Become Tax Havens?]</ref> Individuals and/or corporate entities can find it attractive to establish [[shell corporation|shell subsidiaries]] or move themselves to areas with reduced or nil taxation levels. This creates a situation of [[tax competition]] among governments. Different [[jurisdiction]]s tend to be havens for different types of taxes, and for different categories of people and/or companies.<ref>Moran Harari, Markus Meinzer and Richard Murphy (October 2012) [http://www.taxjustice.net/cms/upload/pdf/FSI2012_BanksBig4.pdf "Financial Secrecy, Banks and the Big 4 Firms of Accountants"] ''Tax Justice Network''</ref> States that are [[Sovereignty|sovereign]] or self-governing under [[international law]] have theoretically unlimited powers to enact tax laws affecting their territories, unless limited by previous international treaties. 

==Definitions==
There are several definitions of tax havens, and the differences between them largely reflect the different views of what constitutes a tax haven.  The main line of difference is whether one considers favourable tax laws and regulations in developed nations designed to attract capital as constituting those developed nations as tax havens, or whether the definition only applies to smaller, less developed jurisdictions.  

In 2007 ''[[The Economist]]'' tentatively adopted the description by Geoffrey Colin Powell (former economic adviser to [[Jersey]]): "What ... identifies an area as a tax haven is the existence of a composite tax structure established deliberately to take advantage of, and exploit, a worldwide demand for opportunities to engage in [[tax avoidance]]." ''The Economist'' points out that this definition would still exclude a number of jurisdictions traditionally thought of as tax havens.<ref>[[Doggart, Caroline]]. 2002. ''Tax Havens and Their Uses'' (originally published 1970), Economist Intelligence Unit, {{ISBN|0-86218-163-1}}</ref> Similarly, others have suggested that any country which modifies its tax laws to attract foreign capital could be considered a tax haven.<ref>{{cite news|url=http://www.theage.com.au/news/business/here-is-the-truth-about-tax-havens/2007/10/15/1192300685572.html |title=The Truth About Tax Havens - retrieved 28 December 2007 |publisher=Theage.com.au |date=2007-10-15 |accessdate=2011-03-22 |location=Melbourne |first=Sinclair |last=Davidson}}</ref> 

According to other definitions,<ref>{{cite web|url=http://www.taxjustice.net/cms/upload/pdf/Identifying_Tax_Havens_Jul_07.pdf |title=The Truth About Tax Havens - retrieved 28 December 2007 |date= |accessdate=2011-03-22}}</ref> the central feature of a haven is that its laws and other measures can be used to evade or avoid the tax laws or regulations of other jurisdictions. In its December 2008 report on the use of tax havens by American corporations,<ref>{{cite web|url=http://www.gao.gov/products/GAO-09-157|title=''International Taxation: Large U.S. Corporations and Federal Contractors with Subsidiaries in Jurisdictions Listed as Tax Havens or Financial Privacy Jurisdictions'' GAO:GAO-09-157 |publisher=[[Government Accountability Office]]|date=December 18, 2008|accessdate=2009-01-21}}</ref> the U.S. [[Government Accountability Office]] was unable to find a satisfactory definition of a tax haven but regarded the following characteristics as indicative of it:
* nil or nominal taxes;
* lack of effective exchange of tax information with foreign tax authorities;
* lack of transparency in the operation of legislative, legal or administrative provisions;
* no requirement for a substantive local presence; and
* self-promotion as an [[offshore financial centre|offshore financial center]].

In a further special report in 2013, ''The Economist'' used a refined three-pronged test for labelling a jurisdiction as a tax haven: ''insert''

==History==
[[File:German GDP in tax havens.png|thumb|The ratio of German assets in tax havens in relation to the total German GDP.<ref>Shafik Hebous (2011) [http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1934164 "Money at the Docks of Tax Havens: A Guide"], CESifo Working Paper Series No. 3587, p. 9</ref> The "Big 7" shown are Hong Kong, Ireland, Lebanon, Liberia, Panama, Singapore, and Switzerland.]]
The use of differing tax laws between two or more countries to try to mitigate tax liability is probably as old as taxation itself. In [[Ancient Greece]], some of the [[Greek Islands]] were used as depositories by the sea traders of the era to place their foreign goods to thus avoid the two-percent tax imposed by the [[city-state]] of [[Athens]] on imported goods. It is sometimes suggested that the practice first reached prominence through the avoidance of the [[Cinque Ports#Formation and privileges|Cinque ports]] and later the [[staple port]]s in the twelfth and fourteenth centuries respectively. In 1721, [[United States|American]] colonies traded from [[Latin America]] to avoid [[British Empire|British]] taxes.  

Various countries claim to be the oldest tax haven in the world. For example, the [[Channel Islands]] claim their tax independence dating as far back as [[Norman Conquest]], while the [[Isle of Man]] claims to trace its fiscal independence to even earlier times. Nonetheless, the modern concept of a tax haven is generally accepted to have emerged at an uncertain point in the immediate aftermath of [[World War I]].<ref>"[T]he tax haven is a creature of the twentieth century, and began to be used extensively because of the high levels of tax which prevailed after the First World War" at para 26.1, ''Tolley's International Tax Planning'' (2002), {{ISBN|0-7545-1339-4}}</ref> [[Bermuda]] sometimes optimistically claims to have been the first tax haven based upon the creation of the first [[offshore company|offshore companies]] legislation in 1935 by the newly created law firm of [[Conyers Dill & Pearman]].<ref>See generally Introduction to ''Tolley's International Initiatives Affecting Financial Havens'' (2001), {{ISBN|0-406-94264-1}}</ref> However, the Bermudian claim is debatable when compared against the enactment of a [[Trust law|Trust Law]] by [[Liechtenstein]] in 1926 to attract offshore capital.<ref>The ''Personen- und Gesellschaftsrecht'' of 20 January 1926</ref>

Most economic commentators suggest that the first "true" tax haven was [[Switzerland]], followed closely by Liechtenstein.<ref>''Tolley's Tax Havens'' (2000), {{ISBN|0-7545-0471-9}}</ref> [[Banking in Switzerland|Swiss banks]] had long been a ''capital haven'' for people fleeing social upheaval in Russia, Germany, South America and elsewhere. However, in the early part of the twentieth century, in the years immediately following World War I, many European governments raised taxes sharply to help pay for reconstruction efforts following the devastation of World War I. By and large, [[Switzerland]], having remained neutral during the Great War, avoided these additional infrastructure costs and was consequently able to maintain a low level of taxes. As a result, there was a considerable influx of capital into the country for tax related reasons. It is difficult, nonetheless, to pinpoint a single event or precise date which clearly identifies the emergence of the modern tax haven.

Until the 1950s, tax havens were used to avoid personal taxation{{Citation needed|date=March 2010}} but since then jurisdictions have come to focus on attracting companies with low or no [[corporate tax]]. Centres which focus on providing financial services to corporations rather than private wealth management are more often known as [[offshore financial centres]].

This strategy generally relied on [[double taxation]] [[tax treaty|treaties]] between large jurisdictions and the tax haven, allowing corporations to structure group ownership through the smaller jurisdiction to reduce tax liability. Although some of these double tax treaties survive, for example a double taxation treaty still exists between [[Barbados]] and [[Japan]], and another between [[Cyprus]] and [[Russia]]. 

In the early to mid-1980s, most tax havens changed the focus of their legislation to create corporate vehicles which were "[[ring fence|ring-fenced]]" and exempt from local taxation (although they usually could not trade locally either). These vehicles were usually called "exempt companies" or "[[international business corporation]]s". However, in the late 1990s and early 2000s, the OECD began a series of initiatives aimed at tax havens to curb the abuse of what the OECD referred to as "[[unfair tax competition]]". Under pressure from the OECD, most major tax havens repealed their laws permitting these ring-fenced vehicles to be incorporated, but concurrently they amended their tax laws so that a company which did not actually trade within the jurisdiction would not accrue any local tax liability.<ref>For example, the [[British Virgin Islands]] repealed the [[International Business Companies Act]] (Cap 291) (which had prohibited such companies from trading locally) and enacted the [[BVI Business Companies Act]] 2004 (which permitted this) in its place.  Contemporaneously it varied its [[Taxation in the British Virgin Islands|tax laws]] by amending the Income Tax Act (Cap 206) which amended the rate of income tax for individuals and corporations to zero, and the Payroll Taxes Act 2004 which imposed a (new) payroll tax on person employed by businesses within the British Virgin Islands.</ref>

==Extent==
{| class="wikitable" style="float: right; margin:0 0 1em 1em; font-size: 90%; "
|-
|+ Global distribution <br/> of net financial assets<ref>http://www.taxjustice.net/cms/upload/pdf/The_Price_of_Offshore_Revisited_Presser_120722.pdf</ref>
|-
! Individuals with <br/>financial assets
! Total liquid net <br/> worth ($Tr.)
! Amount of which <br/> offshore ($Tr.)
|-
| align=left|> $30MM
| align=center|$16.7
| align=center|$9.8
|-
| align=left|$5 - $30MM
| align=center|$10.7
| align=center|$5.1
|-
| align=left|$1 - $5MM 
| align=center|$17.4
| align=center|$4.7
|-
| align=left|All > $1MM
| align=center|$44.8
| align=center|$19.6
|-
| align=left|Rest < $1MM
| align=center|$10.3
| align=center|$1.0
|-
!
| colspan="2" style="text-align: right;" |
|-
| align=left|'''Total'''
| align=center|$55.1
| align=center|'''$30.6'''
|}

''Insert material without sources about difficulty of providing accurate figures''

===Capital amounts===
While incomplete, and with the limitations discussed below, the available statistics nonetheless indicate that offshore banking is a very sizeable activity.  In 2007 the [[Organisation for Economic Co-operation and Development|OECD]] estimated that capital held offshore amounted to between US$5 trillion and US$7 trillion, making up approximately 6–8% of total global investments under management.  A recent report (2012) by [[Tax Justice Network]] (an anti-tax haven pressure group) places the estimate considerably higher: between US$21 trillion and US$32 trillion (between 24-32% of total global investments).  A report by the [[International Monetary Fund|IMF]] in 2000 based upon interbank settlement figures estimated the crossborder cash held on-balance sheet at US$4.6 billion, although this included major U.S. and European financial centres.

A 2012 report from the [[Tax Justice Network]] estimated that between USD $21 trillion and $32 trillion is sheltered from taxes in unreported tax havens worldwide. If such wealth earns 3% annually and such [[capital gains]] were taxed at 30%, it would generate between $190 billion and $280 billion in tax revenues, more than any other [[tax shelters]].<ref name=tjn12>Tax Justice Network (July 22, 2012) [http://www.taxjustice.net/cms/upload/pdf/The_Price_of_Offshore_Revisited_Presser_120722.pdf "Revealed: Global super-rich has at least $21 trillion hidden in secret tax havens"]</ref> If such hidden offshore assets are considered, many countries with governments nominally in debt are shown to be net creditor nations.<ref name=cbc12>Canadian Broadcasting Co. (July 22, 2012) [http://www.cbc.ca/news/world/story/2012/07/22/tax-havens.html "Wealthy hiding $21 trillion in tax havens, report says"]</ref> However, the tax policy director of the [[Chartered Institute of Taxation]] expressed skepticism over the accuracy of the figures.<ref>John Whiting, tax policy director at the [[Chartered Institute of Taxation]] commented "There clearly are some significant amounts hidden away, but if it really is that size what is being done with it all?" and "If the suggestion is that such amounts are actively hidden and never accessed, that seems odd - not least in terms of what the tax authorities are doing. In fact, the US, UK and German authorities are doing a lot", and noting that if the figures were accurate "you would expect the havens to be more conspicuously wealthy than they are".  However, he also admitted that "I cannot disprove the figures at all, but they do seem staggering" {{cite web|url=http://www.bbc.co.uk/news/business-18944097|title=Tax havens: Super-rich 'hiding' at least $21tn|date=2012-07-22|accessdate=2012-10-03}}</ref> If true, those sums would amount to approximately 5 to 8 times the [[Circulation (currency)|total amount of currency presently in circulation]] in the world.  [[Daniel J. Mitchell]] of the [[Cato Institute]] says that the report also assumes, when considering notional lost tax revenue, that 100% money deposited offshore is evading payment of tax.<ref>{{cite web|url=http://sovereign-investor.com/2012/07/30/fighting-anti-tax-haven-demagoguery-on-cnn/|title=Fighting Anti-Tax Haven Demagoguery on CNN|date=2012-07-30|accessdate=2012-10-03}}</ref>

The [[International Monetary Fund]] produced calculations based on [[Bank for International Settlements]] data suggest that for selected [[offshore financial centre]]s, on-[[balance sheet]] [[cross-border assets]] held in offshore financial centres reached a level of US$4.6 trillion at end-June 1999 (about 50 percent of total cross-border assets).  Of that US$4.6 trillion, US$0.9 trillion was held in the Caribbean, US$1 trillion in Asia, and most of the remaining US$2.7 trillion accounted for by the major international [[financial centers]] (IFCs), namely London, the U.S. IBFs, and the Japanese offshore market.<ref>[http://www.imf.org/external/np/mae/oshore/2000/eng/back.htm "Offshore Financial Centers"], International Monetary Fund background paper, June 23, 2000</ref>

A 2006 academic paper indicated that: "in 1999, 59% of U.S. firms with significant foreign operations had affiliates in tax haven countries",<ref>Desai, Foley and Hines, "The demand for tax haven operations", ''Journal of Public Economics'' 90 (2006), page 514.</ref> although they did not define "significant" for this purpose.

A January 2009 U.S. [[Government Accountability Office]] (GAO) report said that the GAO had determined that 83 of the 100 largest U.S. publicly traded corporations and 63 of the 100 largest contractors for the U.S. federal government were maintaining subsidiaries in countries generally considered havens for avoiding taxes. The GAO did not review the companies' transactions to independently verify that the subsidiaries helped the companies reduce their tax burden, but said only that historically the purpose of such subsidiaries is to cut tax costs.<ref>{{cite news |title=Report Finds Major U.S. Companies Have Offshore Tax Havens |author=Carol D. Leonnig |work=Washington Post |date=January 16, 2009 |url=http://www.washingtonpost.com/wp-dyn/content/article/2009/01/16/AR2009011602602.html?hpid=topnews }}</ref>

In 2011, the [[Caribbean Banking Centers]] which include Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama held almost two trillion dollars in United States debt.<ref>{{cite web|url=http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/ticliab.aspx |title=U.S. Banking Liabilities to Foreigners. |publisher=Treasury.gov |date= |accessdate=2011-03-22}}</ref>

A 2012 study by the [[Tax Justice Network]] gave an indication of the amount of money that is sheltered by wealthy individuals in tax havens.<ref name="TOI">{{cite web | url=/news/international-business/13-trillion-pounds-in-offshore-tax-havens-report/articleshow/15093725.cms | title=13 trillion pounds in offshore tax havens: Report | publisher=The Times of India | date=July 22, 2012 | accessdate=July 22, 2012}}</ref><ref name="Reuters">{{cite web | url=http://uk.reuters.com/article/2012/07/22/uk-offshore-wealth-idUKBRE86L03W20120722?feedType=RSS&feedname=topNews | title=Super rich hold $32 trillion in offshore havens | publisher=Reuters | date=July 22, 2012 | accessdate=July 22, 2012}}</ref><ref name="BBC">{{cite web | url=http://www.bbc.co.uk/news/business-18944097 | title=Tax havens: Super-rich 'hiding' at least $21tn | publisher=BBC | date=July 22, 2012 | accessdate=July 22, 2012}}</ref> Conservatively, it estimated that a fortune of $21 trillion is stashed away in off-shore accounts, $9.8 trillion alone by the top tier, - less than 100,000 people who each own financial assets of $30 million or more. The report indicated that this hidden money results in a “huge” lost tax revenue - a "black hole" in the economy -, and many countries would become creditors instead of being debtors if the money of their tax evaders would be taxed.<ref name="TOI">{{cite web | url=/news/international-business/13-trillion-pounds-in-offshore-tax-havens-report/articleshow/15093725.cms | title=13 trillion pounds in offshore tax havens: Report | publisher=The Times of India | date=July 22, 2012 | accessdate=July 22, 2012}}</ref><ref name="Reuters">{{cite web | url=http://uk.reuters.com/article/2012/07/22/uk-offshore-wealth-idUKBRE86L03W20120722?feedType=RSS&feedname=topNews | title=Super rich hold $32 trillion in offshore havens | publisher=Reuters | date=July 22, 2012 | accessdate=July 22, 2012}}</ref><ref name="BBC">{{cite web | url=http://www.bbc.co.uk/news/business-18944097 | title=Tax havens: Super-rich 'hiding' at least $21tn | publisher=BBC | date=July 22, 2012 | accessdate=July 22, 2012}}</ref>

===Lost tax revenue===
The [[Tax Justice Network]] in its 2012 report said global tax revenue lost to tax havens is between USD $190 billion and $255 billion per year, assuming a 3% [[capital gains]] rate and a 30% [[capital gains tax]] rate.<ref name=tjn12 /> [[Citizens for Tax Justice]] said that countries reporting 43% of the $940 billion dollars of overseas profits declared by U.S. multinational corporations only made 7% of their investments overseas.<ref name=biron>[http://www.nationofchange.org/us-firms-stash-tens-billions-tax-havens-government-says-1359733330 "US Firms Stash Tens of Billions in Tax Havens, Government Says"] ''Nation of Change'', February 1, 2013</ref>

2007 estimates by the OECD suggested that capital held offshore amounted to somewhere between US$5 trillion and US$7 trillion, making up approximately 6–8% of total global investments under management. Of this, approximately US$1.4 trillion is estimated to be held in the Cayman Islands alone.<ref>[http://www.economist.com/surveys/displaystory.cfm?story_id=8695139 "Places in the sun"], ''The Economist'', February 22, 2007.  This may be a slight underestimate: according to the Cayman Islands Monetary Authority, Caymanian licensed banks held US$1.725 trillion in deposits as of September 2011{{cite web|url=http://www.cimoney.com.ky/stats_reg_ent/stats_reg_ent.aspx?id=200&ekmensel=e2f22c9a_14_72_200_6|title=Banking statistics|accessdate=2013-02-14}}</ref> In October 2009, research commissioned from [[Deloitte Touche Tohmatsu|Deloitte]] for the Foot Review of British Offshore Financial Centres (London is a tax haven for much of Europe, Asia, and South America, it should be noted) said that much less tax had been lost to tax havens than previously had been thought. The report indicated "We estimate the total UK corporation tax potentially lost to avoidance activities to be up to £2 billion per annum, although it could be much lower." An earlier report by the U.K. [[Trades Union Congress]], concluded that tax avoidance by the 50 largest companies in the [[FTSE 100 Index|FTSE 100]] was depriving the UK Treasury of approximately £11.8 billion.<ref>{{cite news|url=http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6896141.ece|title=Tax haven report lays emphasis on vital role of Crown Dependencies|author=[[The Times]]|date=2009-10-30|accessdate=2009-11-02 | location=London}}</ref> 

The report also stressed that British Crown Dependencies make a "significant contribution to the liquidity of the UK market". In the second quarter of 2009, they provided net funds to banks in the UK totalling $323 billion (£195 billion), of which $218 billion came from Jersey, $74 billion from Guernsey and $40 billion from the Isle of Man.<ref>{{cite news|url=http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6896141.ece|title=Tax haven report lays emphasis on vital role of Crown Dependencies|author=[[The Times]]|date=2009-10-30|accessdate=2009-11-02 | location=London}}</ref>

==Money and exchange control==
{{See also|Fixed exchange rate|Dollarization|Money laundering}}

Most tax havens have a double monetary control system which distinguish residents from non-resident as well as foreign currency from the domestic one. In general, residents are subject to monetary controls but not non-residents. A company, belonging to a non-resident, when trading overseas is seen as non-resident in terms of exchange control.

It is possible for a foreigner to create a company in a tax haven to trade internationally; the company’s operations will not be subject to exchange controls as long as it uses foreign currency to trade outside the tax haven.

Tax havens usually have currency easily convertible or linked to an easily convertible currency. Most are convertible to [[US dollars]], [[euro]] or to [[pounds sterling]].

==Methodology==
At the risk of gross oversimplification, it can be said that the advantages of tax havens are viewed in four principal contexts:<ref>''Tolley's Offshore Service'' (2006), {{ISBN|1-4057-1568-5}}</ref>
* '''Personal residency.''' Since the early 20th century, wealthy individuals from high-tax jurisdictions have sought to relocate themselves in low-tax jurisdictions. In most countries in the world, residence is the primary basis of taxation – see [[Tax residence]]. In some cases the low-tax jurisdictions levy no, or only very low, income tax. But almost no tax haven assesses any kind of [[capital gains tax]], or inheritance tax. Individuals who are unable to return to a higher-tax country in which they used to reside for more than a few days a year are sometimes referred to as [[tax exile]]s.

* '''Asset holding.''' Asset holding involves utilizing a [[offshore trust|trust]] or a [[offshore company|company]], or a trust owning a company. The company or trust will be formed in one tax haven, and will usually be administered and resident in another. The function is to hold assets, which may consist of a portfolio of investments under management, trading companies or groups, physical assets such as [[real estate]] or valuable chattels. The essence of such arrangements is that by changing the ownership of the assets into an entity which is not resident in the high-tax jurisdiction, they cease to be taxable in that jurisdiction. Often the mechanism is employed to avoid a specific tax. For example, a wealthy testator could transfer his house into an offshore company; he can then settle the shares of the company on trust (with himself being a trustee with another trustee, whilst holding the beneficial life estate) for himself for life, and then to his daughter. On his death, the shares will automatically vest in the daughter, who thereby acquires the house, without the house having to go through probate and being assessed with inheritance tax.<ref>This is a simplistic example; in most sophisticated tax codes there are extensive provisions for catching "gifts" (such as a [[Declaration (law)|declaration of trust]]) made for a specified time preceding death.</ref> (Most countries assess inheritance tax (and all other taxes) on real estate within their jurisdiction, regardless of the nationality of the owner, so this would not work with a house in most countries. It is more likely to be done with intangible assets.)

* '''Trading and other business activity.''' Many businesses which do not require a specific geographical location or extensive labor are set up in tax havens, to minimize tax exposure. Perhaps the best illustration of this is the number of [[reinsurance]] companies which have migrated to Bermuda over the years. Other examples include internet based services and group finance companies. In the 1970s and 1980s corporate groups were known to form offshore entities for the purposes of "reinvoicing". These reinvoicing companies simply made a margin without performing any economic function, but as the margin arose in a tax free jurisdiction, it allowed the group to "skim" profits from the high-tax jurisdiction. Most sophisticated tax codes now prevent [[transfer pricing]] schemes of this nature.

* '''Financial intermediaries.''' Much of the economic activity in tax havens today consists of professional financial services such as [[mutual fund]]s, banking, [[life insurance]] and [[pension]]s. Generally the funds are deposited with the intermediary in the low-tax jurisdiction, and the intermediary then on-lends or invests the money (often back into a high-tax jurisdiction). Although such systems do not normally avoid tax in the principal customer's jurisdiction, it enables financial service providers to provide multi-jurisdictional products without adding an additional layer of taxation. This has proved particularly successful in the area of [[offshore fund]]s.<ref>It has been estimated over 75% of the world's [[hedge fund]]s (probably the riskiest form of collective investment vehicle) are domiciled in the Cayman Islands, with nearly $1.1 trillion US [[Assets under management|AUM]] - [http://www.dailyii.com/article.asp?ArticleID=1039798&LS=EMS73445 ''Institutional Investor''], 15 May 2006, although statistics in the hedge fund industry are notoriously speculative.</ref>  This type of methodology has been used by Google and came to light in the year 2010 when it was reported that Google uses techniques called the "Double Irish" and "Dutch Sandwich" to reduce its corporate income tax to 2.4%, by funnelling its corporate income through Ireland and from there to a shell in the Netherlands where it can be transferred to Bermuda, which has no corporate income tax. The search engine is using Ireland as a conduit for revenues that end up being costed to another country where its intellectual property (the brand and technology such as Google's algorithms) is registered. In Google's case this country is Bermuda.In the year 2009, the internet giant made a gross profit of €5.5bn, but reported an operating profit of €45m after "administrative expenses" of €5.467bn were stripped out. Administrative expenses largely refer to royalties (or a licence fee) Google pays it Bermuda HQ for the right to operate. Google has uncovered a highly efficient tax structure across six territories that meant Google paid just 2.4% tax on operations outside the US. <ref>Drucker J. (2010). [http://www.businessweek.com/magazine/content/10_44/b4201043146825.htm The Tax Haven That's Saving Google Billions]. ''Business Week''.</ref>

==The OECD and tax havens==
The [[Organisation for Economic Co-operation and Development]] (OECD) identifies three key factors in considering whether a jurisdiction is a tax haven:<ref>{{cite web|url=http://www.oecd.org/document/63/0,3343,en_2649_37427_30575447_1_1_1_37427,00.html |title=Tax Haven Criteria - retrieved 26 February 2008 Tax Haven Criteria |publisher=Oecd.org |date= |accessdate=2011-03-22}}</ref>

# Nil or only nominal taxes. Tax havens impose nil or only nominal taxes (generally or in special circumstances) and offer themselves, or are perceived to offer themselves, as a place to be used by non-residents to escape high taxes in their country of residence.
# Protection of personal financial information. Tax havens typically have laws or administrative practices under which businesses and individuals can benefit from strict rules and other protections against scrutiny by foreign tax authorities. This prevents the transmittance of information about taxpayers who are benefiting from the low tax jurisdiction.
# Lack of transparency. A lack of transparency in the operation of the legislative, legal or administrative provisions is another factor used to identify tax havens. The OECD is concerned that laws should be applied openly and consistently, and that information needed by foreign tax authorities to determine a taxpayer’s situation is available. Lack of transparency in one country can make it difficult, if not impossible, for other tax authorities to apply their laws effectively. ‘Secret rulings’, negotiated tax rates, or other practices that fail to apply the law openly and consistently are examples of a lack of transparency. Limited regulatory supervision or a government’s lack of legal access to financial records are contributing factors.

However the OECD found that its definition caught certain aspects of its members' tax systems (some countries have low or zero taxes for certain favored groups). Its later work has therefore focused on the single aspect of information exchange. This is generally thought to be an inadequate definition of a tax haven, but is politically expedient because it includes the small tax havens (with little power in the international political arena) but exempts the powerful countries with tax haven aspects such as the USA and UK.<ref>Hay, ''Towards a level playing field - regulating corporate vehicles in cross border transactions'', [http://www.itio.org/documents/TowardsaLevel.pdf]</ref>

In deciding whether or not a jurisdiction is a tax haven, the first factor to look at is whether there are no or nominal taxes. If this is the case, the other two factors – whether or not there is an exchange of information and transparency – must be analyzed. Having no or nominal taxes is not sufficient, by itself, to characterize a jurisdiction as a tax haven. The OECD recognizes that every jurisdiction has a right to determine whether to impose [[direct tax]]es and, if so, to determine the appropriate tax rate.

==Anti-avoidance==
To avoid [[tax competition]], many high tax jurisdictions have enacted legislation to counter the tax sheltering potential of tax havens. Generally, such legislation tends to operate in one of five ways:
# attributing the income and gains of the company or trust in the tax haven to a taxpayer in the high-tax jurisdiction on an arising basis. [[Controlled Foreign Corporation]] legislation is an example of this.
# [[transfer pricing]] rules, standardization of which has been greatly helped by the promulgation of OECD guidelines.
# restrictions on deductibility, or imposition of a [[withholding tax]] when payments are made to offshore recipients.
# taxation of receipts from the entity in the tax haven, sometimes enhanced by notional interest to reflect the element of deferred payment. The [[European Union withholding tax|EU withholding tax]] is probably the best example of this.
# exit charges, or taxing of unrealized capital gains when an individual, trust or company emigrates.

However, many jurisdictions employ blunter rules. For example, in [[France]] securities regulations are such that it is not possible to have a [[Government debt|public bond]] issue through a company incorporated in a tax haven.<ref>Companies incorporated in tax havens are often used as bond issuing vehicles in [[securitisation]]s for tax reasons.</ref>

Also becoming increasingly popular is "forced disclosure" of tax mitigation schemes. Broadly, these involve the revenue authorities compelling [[tax advisor]]s to reveal details of the scheme, so that the loopholes can be closed during the following [[Fiscal year|tax year]], usually by one of the five methods indicated above.<ref>The United Kingdom is one country that has strict forced disclosure rules. - http://www.hmrc.gov.uk/aiu/index.htm</ref> Although not specifically aimed at tax havens, given that so many tax mitigation schemes involve the use of offshore structures, the effect is much the same.

Anti-avoidance came to prominence in 2010/2011 as NGOs and politicians in the leading economies looked for ways of reducing tax avoidance, which plays a role in forcing unpopular cuts to social and military programs.{{cn|date=July 2012}}
The International Financial Centres Forum (IFC Forum) has asked for a balanced debate on the issue of tax avoidance and an understanding of the role that the tax neutrality of small [[international financial centre]]s plays in the global economy.<ref>{{cite web
  | last =
  | first =
  | title = Statement on tax avoidance debate. IFC Forum
  | url=http://www.ifcforum.org/files/IFC_Forum_holding_statement_on_tax_avoidance.pdf
  | accessdate = 18 March 2011 }}</ref>

==Incentives for nations to become tax havens==
There are several reasons for a nation to become a tax haven. Some nations may find they do not need to charge as much as some industrialized countries in order for them to be earning sufficient income for their annual budgets. Some may offer a lower tax rate to larger corporations, in exchange for the companies locating a division of their [[Holding company|parent company]] in the host country and employing some of the local population. 

Other domiciles find this is a way to encourage conglomerates from industrialized nations to transfer needed skills to the local population. Still yet, some countries simply find it costly to compete in many other sectors with industrialized nations and have found a low tax rate mixed with a little self-promotion can go a long way to attracting foreign companies.

Many industrialized countries claim that tax havens act unfairly by reducing [[tax revenue]] which would otherwise be theirs. Various [[Interest group|pressure groups]] also claim that [[Money laundering|money launderers]] also use tax havens extensively,<ref>Such as [[ATTAC]] and the [[Tax Justice Network]]. See for example: [http://visar.csustan.edu/aaba/jerseypage.html Offshore watch]</ref> although extensive financial and [[know your customer]] regulations in tax havens can actually make money laundering more difficult than in large onshore financial centers with significantly higher volumes of transactions, such as New York City or London.<ref>See for example the views expressed in [http://www.guardian.co.uk/waronterror/story/0,,563715,00.html ''The Guardian''] in 2001.</ref> 

In 2000, the [[Financial Action Task Force]] published what came to be known as the "[[FATF Blacklist]]" of countries which were perceived to be uncooperative in relation to money laundering; although several tax havens have appeared on the list from time to time (including key jurisdictions such as the Cayman Islands, Bahamas and Liechtenstein), no offshore jurisdictions appear on the list at this time.

==Examples==
{{See also|List of offshore financial centres|Tax rates around the world}}
The U.S. National Bureau of Economic Research has suggested that roughly 15% of countries in the world are tax havens, that these countries tend to be small and affluent, and that better governed and regulated countries are more likely to become tax havens, and are more likely to be successful if they become tax havens.<ref>Working paper 12802, [http://www.nber.org/papers/w12802]. The paper implicitly adopts the "smaller" tax haven approach, i.e., disregarding larger countries which have either low taxes rates (for example, [[Russia]]), or systems of taxation which permit them to be used to structure tax avoidance schemes (for example, the [[United Kingdom]]). It also excludes non-sovereign tax havens (for example, [[Delaware]] or [[Labuan]]).</ref> 

No two commentators can generally agree on a "list of tax havens", but the following countries are commonly cited as falling within the "classic" perception of a sovereign tax haven.

* [[Bahamas]]
* [[Cyprus]]
* [[Liechtenstein]] 
* [[Luxembourg]]
* [[Monaco]] 
* [[Panama]] 
* [[San Marino]]
* [[Seychelles]]

Non-sovereign jurisdictions commonly labelled as tax havens include:

* [[Campione d'Italia|Campione d'Italia, Italy]]
* [[Jebel Ali Free Zone|Jebel Ali Free Zone, United Arab Emirates]] 
* [[Labuan|Labuan, Malaysia]]
* [[Curaçao]] ([[Kingdom of the Netherlands|Netherlands]])
* [[Bermuda]] ([[United Kingdom]])
* [[British Virgin Islands]] ([[United Kingdom]])
* [[Cayman Islands]] ([[United Kingdom]])
* [[Jersey]] ([[United Kingdom]]) 
* [[Guernsey]] ([[United Kingdom]])
* [[Isle of Man]] ([[United Kingdom]])
* [[Turks and Caicos Islands]] ([[United Kingdom]])
* [[Alaska|Alaska, United States]]
* [[Delaware|Delaware, United States]]
* [[Florida|Florida, United States]]
* [[Nevada|Nevada, United States]] 
* [[Texas|Texas, United States]]
* [[South Dakota|South Dakota, United States]]
* [[United States Virgin Islands]] ([[United States]]) 
* [[Wyoming|Wyoming, United States]] 

Some tax havens including some of the ones listed above do charge income tax as well as other taxes such as [[capital gains]], inheritance tax, and so forth. Criteria distinguishing a taxpayer from a non-taxpayer can include citizenship and residency and source of income.

===Former tax havens===
* [[Beirut]], [[Lebanon]] formerly had a reputation as the only tax haven in the Middle East. However, this changed after the [[Intra Bank]] crash of 1966,<ref>{{cite news|url=http://www.time.com/time/magazine/article/0,9171,945606-1,00.html|title=Election Under Fire|publisher=Time Magazine|date=1976-05-17|accessdate = 2006-12-23}}</ref> and the subsequent political and military deterioration of Lebanon dissuaded foreign use as a tax haven.

* [[Liberia]] had a prosperous [[flag of convenience|ship registration industry]]. The series of violent and bloody [[civil war]]s in the 1990s and early 2000s severely damaged confidence in the jurisdiction. The fact that the ship registration business still continues is partly a testament to its early success, and partly a testament to moving the national Shipping Registry to New York, United States.

* [[Tangier]] had a brief but colorful existence as a tax haven in the period between the end of effective control by the Spanish in 1945 until it was formally reunited with [[Morocco]] in 1956.

* A number of Pacific based tax havens have ceased to operate as tax havens in response to OECD demands for better regulation and transparency in the late 1990s.  [[Vanuatu]]'s Financial Services commissioner announced in May 2008 that his country would reform its laws so as to cease being a tax haven. "We've been associated with this stigma for a long time and we now aim to get away from being a tax haven."<ref>[http://www.theaustralian.news.com.au/story/0,25197,23652068-2702,00.html "Vanuatu to ditch tax haven"], Anthony Klan, ''The Australian'', May 6, 2008</ref>

==Modern developments==
===Proposed U.S. legislation===
The [[Foreign Account Tax Compliance Act]] (FATCA) was initially introduced to target those who evade paying U.S. taxes by hiding assets in undisclosed foreign bank accounts. With the strong backing of the Obama Administration, Congress drafted the FATCA legislation and added it into the [[Hiring Incentives to  Restore Employment Act]] (HIRE) signed into law by President Obama in March 2010.

An unintended but serious problem with FATCA is that compliance is so expensive for non-US banks that they are refusing to serve American investors.<ref>{{cite web | url=http://www.spiegel.de/international/business/0,1518,803742,00.html | title=European banks stop serving American customers | author=Spiegel Online | date=2011-12-14 | accessdate=2011-21-31 | language=english}}</ref>  Concerns have also been expressed that, because FATCA operates by imposing withholding taxes on US investments, this will drive foreign financial institutions (particularly hedge funds) away from investing in the US and thereby reduce liquidity and capital inflows into the US.<ref>"Another approach would involve some global funds avoiding American assets entirely. That can hardly be what Congress had in mind." {{cite web|url=http://www.economist.com/node/21540270|title=Scratched by the FATCA|author=[[The Economist]]|date=2011-11-26|accessdate=2012-07-16}}</ref>

====Key provisions of FATCA====

FATCA requires foreign financial institutions (FFI) of broad scope – banks, stock brokers, hedge funds, pension funds, insurance companies, trusts – to report directly to the IRS all clients who are U.S. Persons. Starting January 1, 2013 (later delayed to 2014), FATCA will require FFIs to provide annual reports to the Internal Revenue
Service (IRS) on the name and address of each U.S. client, as well as the largest account balance in the year and total debits and credits of any account owned by a U.S. person.<ref>{{cite web | url=http://www.irs.gov/newsroom/article/0,,id=242164,00.html | title=Treasury and IRS Issue Guidance Outlining Phased Implementation of FATCA Beginning in 2013 | author=[[U.S. Internal Revenue Service]] | date=2011-07-14 | accessdate=2011-08-25 | language=English}}</ref> If an institution does not comply, the U.S. will impose a 30% withholding tax on all its transactions concerning U.S. securities, including the proceeds of sale of securities.

In addition, FATCA requires any foreign company not listed on a stock exchange or any foreign partnership which has 10% U.S. ownership to report to the IRS the names and tax I.D. number (TIN) of any U.S. owner.

FATCA also requires U.S. citizens and green card holders who have foreign financial assets in excess of $50,000 to complete a new Form 8938 to be filed with the 1040 tax return, starting with fiscal year 2010). <ref>"For most individual taxpayers, this means they will start filing Form 8938 with their 2011 income tax return to be filed this coming tax filing season."{{cite web | url=http://www.irs.gov/businesses/corporations/article/0,,id=251217,00.html | title=Do I need to file Form 8938, "Statement of Specified Foreign Financial Assets"? | author=[[U.S. Internal Revenue Service]] | date=2012-01-25 | accessdate=2012-07-03 | language=English}}</ref> 

The delay is indicative of a controversy over the feasibility of implementing the legislation as evidenced in this paper from the renowned Peterson Institute for International Economics.  <ref>{{cite web | url=http://www.piie.com/realtime/?p=2276| title=Gary Clyde Hufbauer: The Foreign Account Tax Compliance Act: Imperial Overreach|  date=2011-07-22 | accessdate=2011-08-25 | language=English}}</ref>

===Proposed German legislation===
In January 2009, [[Peer Steinbrück]], the former German financial minister, announced a plan to amend fiscal laws. New regulations would disallow that payments to companies in certain countries that shield money from disclosure rules be declared as operative expenses. The effect of this would make banking in such states unattractive and expensive.<ref>{{cite web | url=http://www.spiegel.de/wirtschaft/0,1518,601859,00.html | title=Steinbrück forciert Kampf gegen Steuerparadiese | author=[[Der Spiegel]] | date=2009-01-17 | accessdate=2009-01-17 | language=German}}</ref>

===Liechtenstein banking scandal===
{{Main|2008 Liechtenstein tax affair}}

In February 2008, Germany announced that it had paid €4.2 million to Heinrich Kieber,<ref>Mr Kieber seems to be an unlikely hero for law enforcement authorities. A convicted fraudster, reports indicate that after initially stealing the information, he [[blackmail]]ed the Liechtenstein authorities into reducing and dropping criminal charges against him relating to property fraud in Spain. However, before returning the disks he made copies which he later sold to foreign governments after he left the country. Further reports indicate that he now lives under a new name in Australia.[http://www.spiegel.de/international/business/0,1518,537640,00.html]</ref> a former data archivist of [[LGT Bank|LGT Treuhand]], a Liechtenstein bank, for a list of 1,250 customers of the bank and their accounts' details. Investigations and arrests followed relating to charges of illegal tax evasion. The German authorities shared the data with U.S. tax authorities, but the British government paid a further £100,000 for the same data.<ref>[http://www.guardian.co.uk/business/2008/mar/02/tax.personalfinancenews ''The Guardian'', 2 March 2008]; [http://www.telegraph.co.uk/opinion/main.jhtml?xml=/opinion/2008/02/27/do2704.xml ''The Daily Telegraph'', 27 February 2008]; [http://www.spiegel.de/international/business/0,1518,537640,00.html ''Der Spiegel'', 25 February 2008]</ref> Other governments, notably Denmark and Sweden, refused to pay for the information regarding it as stolen property.<ref>[[Denmark]]'s tax minister, [[Kristian Jensen]], said: "I think it's a moral problem to reward a criminal for some information that he stole... I don't like this and I don't think this ethic is the best way to ensure that taxes are paid correctly."</ref> The Liechtenstein authorities subsequently accused the German authorities of espionage.<ref>{{cite news|author=By Harry de Quetteville 12:01AM GMT 20 Feb 2008 |url=http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2008/02/20/wliech120.xml |title=''The Daily Telegraph'', 26 February 2008 |publisher=Telegraph.co.uk |date=2008-02-20 |accessdate=2011-03-22 |location=London}}</ref>

However, regardless of whether unlawful tax evasion was being engaged in, the incident has fuelled the perception amongst European governments and press that tax havens provide facilities shrouded in secrecy designed to facilitate unlawful tax evasion, rather than legitimate tax planning and legal tax mitigation schemes. This in turn has led to a call for "crackdowns" on tax havens.<ref>[http://www.accountancyage.com/accountancyage/news/2210944/germany-call-tax-haven ''Accountancy Age'', 3 March 2008]; [http://business.timesonline.co.uk/tol/business/money/tax/article3510661.ece ''The Times'', 9 March 2008]; [http://www.guardian.co.uk/money/2008/mar/05/capitalgainstax.moneyinvestments?gusrc=rss&feed=worldnews ''The Guardian'', 5 March 2008]</ref> Whether the calls for such a crackdown are mere posturing or lead to more definitive activity by mainstream economies to restrict access to tax havens is yet to be seen. No definitive announcements or proposals have yet been made by the [[European Union]] or governments of the member states.

===G20 tax havens blacklist===
<!---
Commenting out this quote, as reference is dated 2008. It may be valid, but needs verification. [[User:Wwheaton|Wwheaton]]
{{Quote box
| quote = There is a building in the Cayman Islands that houses supposedly 12,000 US-based corporations. That's either the biggest building in the world or the biggest tax scam in the world, and we know which one it is.
| source = [[Barack Obama]], ''[[2009 G-20 London summit]]''.<ref name=FT2008/>
| width = 50%
| align = right
}}
-->
At the [[2009 G-20 London summit|London G20 summit]] on 2 April 2009, [[G20]] countries agreed to define a [[blacklist]] for tax havens, to be segmented according to a four-tier system, based on compliance with an "internationally agreed tax standard."<ref name=Guardian>[http://www.guardian.co.uk/world/2009/apr/02/g20-summit-tax-havens G20 declares door shut on tax havens], ''The Guardian'', April 2, 2009</ref> The list as per April 2nd of 2009 can be viewed on the OECD Data <ref>{{cite web|url=http://www.oecd.org/dataoecd/38/14/42497950.pdf |title=OECD List as per 2009-04-02 |date= |accessdate=2011-03-22}}</ref> After a great progress the four tiers are now:

# Those that have substantially implemented the standard (includes most countries but [[China]] still excludes [[Hong Kong]] and [[Macau]]).
# Tax havens that have committed to – but not yet fully implemented – the standard (includes  [[Montserrat]], [[Nauru]], [[Niue]], [[Panama]], and [[Vanuatu]])
# Financial centres that have committed to – but not yet fully implemented – the standard (includes [[Guatemala]], [[Costa Rica]] and [[Uruguay]]).
# Those that have not committed to the standard (an empty category)

Those countries in the bottom tier were initially classified as being 'non-cooperative tax havens'. Uruguay was initially classified as being uncooperative. However, upon appeal the OECD stated that it did meet tax transparency rules and thus moved it up. The Philippines took steps to remove itself from the blacklist and [[Malaysian Prime Minister]] [[Najib Razak]] had suggested earlier that Malaysia should not be in the bottom tier.<ref>{{cite news |title=OECD names and shames tax havens |publisher=BBC News |date=2009-04-03 |url=http://news.bbc.co.uk/1/hi/business/7980848.stm |accessdate=2009-04-04}}</ref> On April 7, 2009, the OECD, through its chief Angel Gurria, announced that Costa Rica, Malaysia, the Philippines and Uruguay have been removed from the blacklist after they had made "a full commitment to exchange information to the OECD standards."<ref name="bbc2009-04-07">{{cite news |title=OECD removes tax havens from list |author=BBC |url=http://news.bbc.co.uk/2/hi/business/7987417.stm |publisher=BBC News |date=2009-04-07 |accessdate=2009-04-07 }}</ref>

Despite calls from the former [[French President]] [[Nicolas Sarkozy]] for [[Hong Kong]] and [[Macau]] to be included separately from China on the list, they are as yet not included independently, although it is expected that they will be added at a later date.<ref name=Guardian/>

Government response to the crackdown has been broadly supportive, although not universal.<ref>{{cite news |title=Save the tax havens – we need them |work=The Times |date=2009-04-12 |url=http://www.timesonline.co.uk/tol/comment/columnists/guest_contributors/article6078115.ece |accessdate=2009-04-14 | location=London | first=Eamonn | last=Butler}}</ref> [[List of Prime Ministers of Luxembourg|Luxembourg Prime Minister]] [[Jean-Claude Juncker]] has criticised the list, stating that it has "no credibility", for failing to include various states of the U.S.A. which provide incorporation infrastructure which are indistinguishable from the aspects of pure tax havens to which the G20 object.<ref>{{cite news |title=Welcome to tax-dodge city, USA |publisher=The Guardian |date=2009-04-10 |url=http://www.guardian.co.uk/business/2009/apr/10/tax-havens-blacklist-us-delaware |accessdate=2009-04-14 | location=London | first=Andrew | last=Clark}}</ref> As of 2012, 89 countries have implemented reforms sufficient to be listed on the OECD's white list.<ref>[http://in.reuters.com/article/2012/07/26/tax-offshore-idINDEE86P04L20120726 "Tax haven clampdown yields cash but secrecy still thrives."] ''Reuters'', 26 July 2012.</ref>

===Foot report===
In November 2009 Michael Foot delivered a report on the British Crown Dependencies and Overseas Territories for HM Treasury.<ref>{{cite web|url=http://www.hm-treasury.gov.uk/press_98_09.htm|title=Michael Foot publishes final report|publisher=[[HM Treasury]]|date=2009-10-29|accessdate=2009-11-05}}</ref> The report indicated that whilst many of the territories "had a good story to tell", others needed to improve in detection and prevention of financial crime. It also stressed the view that narrow tax bases presented long term strategic risks, and that the economies should seek to diversify and broaden their own tax bases. The report also indicated that tax revenue lost by the United Kingdom government appeared to be much smaller than had previously estimated (see above under [[Tax haven#Lost tax revenue|Lost tax revenue]]), and also stressed the importance of the liquidity provided by the territories to the United Kingdom. The Crown Dependencies and Overseas Territories broadly welcomed the report,<ref>{{cite web|url=http://www.bviplatinum.com/news.php?section=article&source=1256939117|title=Governor and Premier Welcome Michael Foot Review Conclusions|date=2009-10-30|accessdate=2009-11-05}} {{Dead link|date=October 2010|bot=H3llBot}}</ref> but the pressure group [[Tax Justice Network]], unhappy with the findings, commented "[a] weak man, born to be an apologist, has delivered a weak report."<ref>{{cite web|url=http://taxjustice.blogspot.com/2009/10/foot-report.html|title=The Foot Report: a setback |publisher=[[Tax Justice Network]]|date=2009-10-29|accessdate=2009-11-05}}</ref>

==See also==

{{columns-list|colwidth=22em|
* [[Asset protection]]
* [[Association for the Taxation of Financial Transactions and for Citizens' Action]]
* [[Bank secrecy]]
* [[Corporate haven]]
* [[Corporate inversion]]
* [[Foreign Account Tax Compliance Act]]
* [[Free port]]
* [[Free economic zone]]
* [[International business company]]
* [[International taxation]]
* [[Money laundering]]
* [[Offshore bank]]
* [[Offshore company]]
* [[Offshore financial centre]]
* [[Offshore trust]]
* [[Pirate haven]]
* [[Tax avoidance and tax evasion]]
* [[Tax exile]]
* [[Tax exporting]]
* [[Tax Justice Network]]
* [[Tax shelter]]
* [[Vulture fund]]
}}

==Notes==
{{Reflist|colwidth=30em}}

==Further reading==
* [[Raymond W. Baker|Baker, Raymond W.]] (August 2005). ''Capitalism's Achilles' Heel: Dirty Money, and How to Renew the Free-Market System''. Hoboken, New Jersey: John Wiley & Sons. {{ISBN|978-0-471-64488-0}}.
* {{Cite book
  | last1 = Henry | first1 = James S.
  | title = The Blood Bankers: Tales from the Global Underground Economy
  | location = New York, NY
  | publisher = Four Walls Eight Windows
  | year= 2003
  | pages =
  | month = October
  | isbn = 978-1-56858-254-2 }}
* {{Cite book
  | last1 = Morriss| first1 = Andrew P.
  | title = Offshore Financial Centers and Regulatory Competition
  | location = Washington
  | publisher = The AEI Press
  | year= 2010
  | pages =
  | isbn = 978-0-8447-4324-0 }}
* {{Cite book
  | last1 = Scevola| first1 = Carlo
  | last2 = Sneiderova| first2 = Karina
  | title = Offshore Jurisdictions Guide
  | location = Geneva, Switzerland
  | publisher = CS&P Fiduciaire
  | year= 2010
  | pages =
  | month = January
  | isbn = 978-1-60594-433-3 }}
* {{Cite book
  | last1 = Shaxson | first1 = Nicholas
  | title = Treasure Islands: Uncovering the Damage of Offshore Banking and Tax Havens
  | location = New York, NY
  | publisher = Palgrave Macmillan
  | year= 2011
  | pages =
  | month = April
  | isbn = 978-0-230-10501-0 | author1-link = Nicholas Shaxson
 }}

==External links==
* [http://www.ifcforum.org International Financial Centres Forum (IFC Forum)]
* [http://www.onlinetaxhavens.com Offshore Banking] directory of providers
* [http://www.imf.org/external/ns/cs.aspx?id=55 IMF - Offshore Banking and Financial Centers]
* [http://www.imf.org/external/np/mae/oshore/2000/eng/back.htm Offshore Financial Centers -- IMF Background Paper]
* [http://digital.library.unt.edu/govdocs/crs/search.tkl?type=subject&q=Tax%20havens&q2=LIV Congressional Research Service (CRS) Reports regarding tax havens]
* [http://www.taxjustice.net/cms/front_content.php?idcat=2 Tax Justice Network]
* [http://treasureislands.org Treasure Islands] - Nicholas Shaxson's book on tax havens
* [http://www.oecd.org/tax/transparency Global Forum on Transparency and Exchange of Information for Tax Purposes, OECD]
* [http://www.gfintegrity.org/ Global Financial Integrity]
* [http://www.financialtaskforce.org/ Task Force on Financial Integrity & Economic Development]
* [http://www.heritage.org/Research/Taxes/BG1395.cfm An OECD Proposal To Eliminate Tax Competition Would Mean Higher Taxes and Less Privacy] – Heritage Foundation: Washington D.C.
* [http://admin.fnst.org/uploads/1044/24-OP-pdf.pdf The Moral Case for Tax Havens]
* [http://freedomandprosperity.org/2008/videos/the-economic-case-for-tax-havens/ The Economic Case for Tax Havens]
* [http://www.cato.org/pub_display.php?pub_id=9283 "Why tax havens are a blessing" – the Cato Institute]
* [http://www.cmi.no/publications/file/3537-profiting-from-corruption.pdf "Profiting from corruption: The role and responsibility of financial institutions" - U4 Anti-Corruption Resource Centre]