“…the central feature of a [tax] haven is that its laws and other measures can be used to evade or avoid the tax laws or regulations of other jurisdictions…” (Courtesy © Wikipedia). Tax Havens are facilitated via International law firms – e.g., the Panama Papers leak detailing 214,000 offshore companies set up by Mossack Fonseca corporate services, and Bermuda’s Paradise Papers detailing the names of more than 120,000 people and companies at Appleby Law Firm. (Courtesy © Wikipedia).
Global Distribution of Net Financial Assets
|Total liquid net
|Amount of which
|$5 – $30MM||$10.7||$5.1|
|$1 – $5MM||$17.4||$4.7|
|All > $1MM||$44.8||$19.6|
|Rest < $1MM||$10.3||$1.0|
This offshore $20.6 trillion is roughly equivalent to the size of the United States and Japanese annual economies combined.