The 7 Best Countries to Hide Your Wealth
Switzerland is practically synonymous with tax havens and hiding wealth. That’s why you always hear about wealthy people and their Swiss bank accounts, after all. The reason for this is simple: the banking system in Switzerland provides for a high degree of privacy for those holding assets there, which is obviously advantageous when you’re trying to hide wealth and income.
It’s not just private individuals, though, that take advantage of Switzerland’s financial system, which happens to be one of the largest in the world. Multi-national corporations also own subsidiaries in the country, allowing them to report tens of billions of dollars in earnings in Switzerland rather than in their home countries.
4. The Bahamas
Here’s another tremendous place to hide and protect wealth if you’re a rich and influential individual. Unlike many other countries around the world, the Bahamas do not have things like capital gains taxes, inheritance taxes, or even gift taxes. Because of this, the Bahaman Islands are a great place for both storing and transferring money.
It’s not just wealthy individuals that use the Bahamas to hide and protect their wealth, though. Many companies and international banks take advantage of the islands as well. Most notably, the major bank Wells Fargo, which is based in San Francisco, uses the Bahamas to protect its assets.
How small is Monaco? Well, it’s roughly one square mile in size and is home to only about 36,000 people. Expensive things come in small packages, though, and Monaco is no exception. As it so happens, Monaco represents the world’s most expensive real estate market, with the cost of a square foot equaling more than most people in the world make in a year.
While the country’s small size certainly plays into the expensive real estate market, it’s the country’s beneficial tax laws that really drive up demand. Many of the world’s millionaires and billionaires seek to become citizens of the small principality in order to protect and hide their wealth. Though the up-front cost is exorbitant, the long-term benefits of living there are hard to ignore…