Forbes Names Bermuda As Top Ten Tax Haven

July 10, 2010

818546_hidden_treasureLeading financial publication Forbes has named Bermuda as one of the “Worlds Best Tax Havens”. They said they used two benchmarks to determine the top ten list; a place had to have the capability to move money in serious quantities, and a measure of a place’s opacity, or how secret it is.

Bermuda has been named along with the U.K. (City of London), the U.S. (Delaware), Luxembourg, Switzerland, Cayman Islands, Ireland, Hong Kong, Singapore, Belgium.

The article states that not all “cash is illicit”, and went on to say that “if you’re going to hide illicit cash, where better to do it? Where it stands out from the crowd, or where it can be lost like a needle in the proverbial haystack? Big numbers help the owner of dubious cash lose theirs in the crowd, and the places named above are big.”

In respect to Bermuda they state “The favorite location for U.S. corporate inversions, or companies that move their headquarters to a tax haven while retaining their material operations in higher-tax America, and any offshore insurance company.”

Read the full article on Forbes here.

Read More About

Category: All, Business