10 Tax Havens In The World - What They Are And Who Goes There

This article was originally on GET.com at: 10 Tax Havens In The World - What They Are And Who Goes There

Almost every country in the world, including Singapore, subjects its residents to taxes. The question has always been how high or how low the tax rates are for the particular year. If you’ve been following the news on the Panama Papers, then you would know that some of the wealthiest people in the world are being suspected of not paying these taxes, all in the name of preserving their wealth.

On one hand there are countries with the highest personal income tax rates in the world and then there are countries with the lowest personal income tax rates. But tax havens are a whole new ball game altogether. We at GET.com are going to try our best to shed some light on this topic.

What Is A Tax Haven?

A tax haven is basically a country with a very low tax rate which sometimes even reaches 0%.

Remember that scene in The Wolf of Wall Street where they stashed a few hundred million dollars in cash in Switzerland? That was no coincidence.

Nations like Switzerland and Luxembourg, were once considered tax havens.

For Switzerland, this changed in 2014 when they were forced to close their tax loopholes.

Currently, these 10 countries are considered to be tax havens - and it's not so easy to become a resident in any of them!