Ranked: Tax Havens
The article ranks the top 10 tax havens, with Hong Kong leading at $2.8 trillion, followed by Switzerland at $2.6 trillion, and discusses potential impacts of China's control on Hong Kong.
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The article ranks the world's top 10 tax havens based on offshore financial wealth, utilizing data from the Atlas of the Offshore World for 2022. Tax havens are jurisdictions that offer minimal or no tax liability, attracting individuals and corporations seeking to reduce their tax burdens. The leading tax haven is Hong Kong, with approximately $2.8 trillion in offshore wealth, attributed to its favorable banking infrastructure and a 0% tax on offshore income. Following Hong Kong, Switzerland holds $2.6 trillion, known for its long-standing reputation as a safe haven for wealth, particularly from Western Europe. Other notable tax havens include Singapore ($1.6 trillion), Luxembourg ($629 billion), and Jersey ($281 billion). The list also features Bahrain, the Cayman Islands, Panama, Macao, and the Isle of Man. The article highlights the potential impact of China's increasing control over Hong Kong on its status as a tax haven.
- Hong Kong is the top tax haven with $2.8 trillion in offshore wealth.
- Switzerland ranks second with $2.6 trillion, maintaining its reputation as a wealth safe haven.
- Other significant tax havens include Singapore, Luxembourg, and Jersey.
- Tax havens provide minimal or no tax liability, attracting foreign businesses and individuals.
- The future of Hong Kong's tax haven status may be influenced by China's governance.
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