The 7 Best Countries to Hide Your Wealth
This small archipelago of the shores of Eastern Africa has become one of the world’s most popular tax havens for corporations and wealthy individuals. As a matter of fact, the release of the Panama Papers has tied numerous world leaders and politicians to various shell corporations, which were set up on the small stretch of islands.
While you may think of the island as an increasingly popular travel destination known for its beautiful beaches, it’s become increasing popular as a tax haven. The reason for this has to do with economic pressure that is being applied to the more traditional tax havens on this list. Like mice from a sinking ship, more and more rich people and corporations are fleeing for Seychelles before the party ends elsewhere.
Luxembourg is a small European country that lies in between France and Germany. The country, as it so happens, only has a population of roughly half a million. Despite its small size, it happens to be one of the richest and Europe, due in no small part to its favorable tax rates that attract corporations from all over the globe.
In fact, roughly one third of all Fortune 500 companies hold subsidiaries in Luxembourg. Up until recently, popular online retailer Amazon used Luxembourg to shelter its European earnings from tax liabilities. When it was revealed that the European Union would be investigating this practice of both Amazon’s and other companies, the online retailer decided to open local branches throughout Europe instead.