What is a Tax Haven (offshore jurisdiction)?
A Tax Haven (also known as an “offshore jurisdiction” or “international financial center”) is a country with 2 distinguishing characteristics: 1) The country does not levy taxes on corporate income, personal income, interest income, capital gains, etc. For the person considering going offshore, what this means is that opening a bank account, making investments, forming a corporation or trust will not result in any taxes due to the tax haven country and there will be no requirements to file financial reports or tax returns in the tax haven country. 2) The country has laws, knows as “secrecy laws” or “privacy laws”, that forbid banks, brokerages, financial institutions and incorporation services from giving out any information concerning the owner of an account, company or trust. Some examples of well-known offshore jurisdictions are: The Bahamas, The British Virgin Islands, The Isle of Man, Belize, The Cayman Islands, Antigua, The Turks and Caicos Islands, Panama, Nevis and St. Kitts, L
