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5 Popular Business Destinations For Tax Havens

5 Popular Business Destinations For Tax Havens

Monaco (Photo credit: Pirotek)

Business Destinations For Tax Havens: Taxes can often prove to be rather annoying expenditures that Government enforces on its people. Unfortunately there are different types of taxes which are applicable to different scenarios and businesses can often face various forms of taxes as their business grows and expands. While there are many tax deductible items, they’re not much so many businesses might face an ever growing amount of taxes for each year.

Fortunately, businesses now have a little trick up their sleeves and look for business destinations for tax havens. These little havens are governed under various governing bodies that don’t always have the same amount of tax. However, tax havens have a special quality and that is that they have almost no form of taxation. Furthermore, businesses have no obligations to reveal any information which is related to their tax payments or bank accounts.

However, the following 5 business destinations for tax havens are extremely popular and many businesses are tempted by them:

Panama

With a well developed commerce and banking sector, the picturesque city of Panama is not just loved for its famous canal. Considered to be among the best business destinations for tax havens, Panama has been popular for well over a decade now. Although it still has some laws ensuring tax payments from all business ends, Panama has become a business tax haven for many local and international businesses and organizations. These businesses in turn have greatly boosted Panama’s banking sector and go for it.

The Cayman Islands

Falling under British rule, these little clustered islands are considered to be more of a tourist destination; the Cayman Islands have started garnering popularity as a great tax haven for many businesses. Its lack of income tax, corporation tax and capital gains taxes has made it one of the first places that any business chooses. With the availability of various international banks as well, the Cayman Islands is a popular place. However, there is a rumor that there has been a Community Enhancement Fee which works like a tax for the people. Find out more information about Cayman Islands offshore company regulations

Luxemburg

A pretty exotic location that is a large popular tourist attraction, Luxemburg favors business endeavors with it’s easy to keep laws and high GDP that attracts businesses towards it. Already crowned as the second largest financial hub in Europe, Luxemburg enjoys numerous local and international businesses. Capitalizing on a large number of foreign banks, Luxemburg has money storage systems. Even after Luxemburg adopted the OECD standards the policies of Luxemburg have hardly changed from its former tax evasive ways.

Monaco

Surrounded near France, Monaco’s claim to fame had been the Formula One race courses but it increasingly became a favorite among many multimillionaires and their businesses. Although there are other taxes in place, there is no income tax and no inheritance tax. While still ideal for businesses, Monaco has increasingly become more favored for millionaires through this little loophole. In fact, Monaco also has a rather extensive international banking sector which houses billions of tax free revenue.

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