Singapore Company Incorporation with Paul Hype Page
Company Registration at Paul Hype Page Singapore

Countries, where taxes are levied at a low rate or not even at all, are called tax-havens. These can also be states or territories and individuals like to establish their businesses or move themselves to such areas where they must pay lesser taxes in comparison to international standards. We have compiled a list of the top 10 tax havens in the world, along with their benefits and drawbacks.

Top 9 tax havens in the world

1. Switzerland

Switzerland is known for being a “neutral” countryfor several reasons. Firstly, Switzerland implements a very high level of secrecy where the financial assets of its clients are concerned. The bank accounts are managed and operated on a much larger scale, and all offshore accounts have at least partial tax exemptions. Some even have full tax exemptions, but this depends on the private bank.

2. Austria

Even though Austria signed an agreement to get removed from the Organization for Economic Co-operation and Development’s list in 2009, it still retains a position on the list. They are reluctant to share banking information, don’t have an inheritance tax, and provide tax breaks to their citizens.

3. Singapore

Singapore, an island city-state in Southeast Asia, is primarily famous for being a tax haven because there is no capital gains tax in Singapore. It is also considered wise to open offshore bank accounts in Singapore because of the ease with which they can be opened, and nohassle being faced by individuals. You can consider opening your offshore corporate bank account with NEO Banks like Aspire. Aspire serves many offshore companies with convenient & inclusive financial services, currently operating across Thailand, Vietnam, Indonesia, Singapore. Aspire also offers cashback on digital spending like Google, LinkedIn, Facebook and more.

Note: Aspire is operating under the Monetary Authority of Singapore in accordance with the Payment Services Act (No. 2 of 2019).

More features can be found on their website: www.aspireapp.com

Aspire link (yellow highlight to do): https://aspire.link/register-with-php-wa

It is also worthy to note that Singapore was graded with a Financial Secrecy Index value of 1,118. It was also given a Secrecy Score of 71 by the Tax Justice Network.

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5. Monaco

Monaco, is a city-state that is situated on the French Riviera in Western Europe, has strict laws where tax evasion is concerned, but the reason why it can still be considered a tax haven is because of the multiple perks an individual can enjoy if can connect with a bank in Monaco. It also doesn’t charge its residents income taxes and has low business taxes.

6. Cayman Islands

The Cayman Islands are a British Overseas Territory and situated northwest of Jamaica and to the south of Cuba. You do not have to pay for personal income taxes, capital gains, corporate taxes, and payroll taxes in the Cayman Islands. This is a good place for

hedge funders to put their money. Foreign clients are not even required to pay withholding taxes.

7. United States

There are a couple of states that are considered tax havens even within the United States of America. Three of them are Delaware, Wyoming, and Nevada.

Delaware, United States

More than 50 percent of corporation funds in the United States are incorporated in Delaware. It is for this reason that companies like Bank of America and Apple have maintained their addresses in Delaware.

Nevada, United States

Nevada doesn’t ask for personal income taxes and provides tax breaks to its citizens. There are also no capital gains, personal income tax, gift tax, and inheritance tax in Nevada.

Wyoming, United States

Similarly, there are no corporate taxes, unitary taxes, inventory taxes, gift taxes, personal income taxes, estate taxes, franchise taxes, and inheritance taxes in Wyoming.

8. Jersey

Jersey is a British Crown Dependency. It is famous for offering offshore foreign clients. Jersey was given a Financial Secrecy Index value of 750.1 and a Secrecy Score of 78 in the Tax Justice Network report.

9. Hong Kong

Hong Kong is a Special Administrative Regions in the People’s Republic of China. It is also popular for deposing huge sums of money in offshore accounts. Clients do not have to pay for sales taxes, capital gains, and payroll taxes in Hong Kong. In addition to this, clients do not have to fret about personal taxes being deducted from their hard-earned money.

The 9 Best Corporate Tax Havens In The World FAQs

What is the example of tax haven disadvantages?2021-01-20T09:48:06+08:00

Some disadvantages of tax haven are it’s difficult for a business to open a business bank account and it’s hard for the business to attract outside investors.

What is the example of tax haven advantages?2021-01-20T09:47:50+08:00

Business benefits from tax reduction is an example of tax haven advantages. In tax haven countries, investors pay very little or even zero tax for taxable income.

Which countries are popular for tax havens?2021-01-20T09:47:31+08:00

Popular tax havens countries for investors are the British Virgin Islands, Taiwan, and Bermuda.

What are tax havens?2021-01-20T09:46:56+08:00

Tax havens are places or countries that offer relatively low tax rates for foreign investors.

2021-01-29T09:13:18+08:00December 16, 2013|0 Comments
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