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.
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.