Nervous about tax hikes with the emergency budget announcement this week? As the new government prepares to unveil its first set of budget figures, we look at some of the world’s most popular tax havens.
This glamorous jewel in the South of France has long been the playground of the international jet set. Monte Carlo is perhaps the world’s most well known tax haven, its famous residents opting to live in luxury here to avoid higher tax rates elsewhere in Europe. Not a bad combination, really. Sample some of the razzmatazz at the city’s casino and boutiques this summer.
The tiny principality of Andorra is highly prosperous, due primarily to thriving tourism. Although Andorra now uses the Euro, it is not part of the European Union and enjoys tax haven status. Take a trip to the Pyrenees and find out why Andorrans have the second highest life expectancy in the world.
Located between Jamaica and Cuba in the Caribbean Sea, the Cayman Islands are a major offshore financial centre. Residents in the British Overseas Territory enjoy the highest standard of living in the Caribbean and the islands have the 12th highest GDP in the world. Holidaymakers can sample some stunning scuba diving – the Caymans form the top of a huge underwater mountain which has created some unique diving landscapes.
Located 12 miles off the coast of Normandy in Northern France, this UK Channel Island does not have VAT, and its goods and service tax has been only 3% since 2003. The island boasts excellent seafood, is steeped in a tradition of dairy farming and is famous for its delicious Jersey Royal potatoes.
Although tourism makes up around 60% of GDP, the Bahamas has a strong financial sector and attracts much foreign investment as there is no income tax, corporate tax or VAT. The 29 islands which make up the Bahamas are the ideal setting to enjoy sailing, kayaking, diving and perhaps a spot of duty-free shopping.
