Offshore financial centre - Knowledge (XXG)

3673:("IP") assets, cryptocurrency assets, and carbon credit assets, there is a justification that OFCs often seek to be at the forefront of certain types of regulation. Many OFCs have verified beneficial ownership and director registers, which while not yet public, put those OFCs at the forefront of global anti-money laundering regulation. When the UK, USA and EU issued sanctions against certain Russian people, assets and companies, those which were held in OFCs with verified KYC documentation assisted greatly in identifying ownership trails - something that would not necessarily have been possible if European jurisdictions, Delaware or English entities had been used. The fact that the OFCs' registers were not public did not detract from this exercise. Industry experts suspect that illicit commerce or those likely to risk sanctions are more likely to use lesser-regulated jurisdictions, making future sanctions projects much more difficult or impossible. 2046: 1701: 2077:

havens" only contained Trinidad & Tobago, which is not a prominent international financial centre. Signally, EU members are routinely not screened by activists including the EU itself. Oxfam, which has entities and activities in jurisdictions such as Lichtenstein, Luxembourg, Netherlands and Delaware, has become a prominent critic of OFCs and has produced reports with the Tax Justice Network, to try to depict their point of view. These are widely discredited by professionals and academics and prominent TJN leaders resigned complaining that the reports were not compiled by knowledgeable tax experts and were manufactured to present a desired outcome, which detracts from good faith efforts to curb BEPS, aggressive tax planning and illicit funds flows.

4279:. At year-end 2020, there were 24,591 funds registered with the Cayman Islands Monetary Authority (CIMA), including 583 Limited Investor Funds and 12,695 Private Funds. Total ending net asset value (NAV) increased to US$ 4.967 trillion from US$ 4.229 trillion in 2019 - excluding Limited Investor and Private Funds. At year-end 2020, total ending NAV for Limited Investor Funds submitting a FAR was US$ 107 billion and US$ 2.475 trillion for Private Funds. Worldwide there were 126,457 regulated open-ended funds with total net assets of US$ 63.1 trillion; 9,027 mutual funds with ending NAV of US$ 29.3 trillion in the United States and 57,753 funds with ending NAV of US$ 21.8 trillion in Europe. 49: 2065: 2846:

Development/NGO investors who are presumed to either be sophisticated in themselves or have access to sophisticated advice on account of their size. In this way, these funds are not open to retail investors whom are normally investors in jurisdictions that cater for greater investor protection. The zero tax rate, as in many onshore funds, is so that the profits are taxed in the countries where the investors who earned the profits are tax resident. Any tax that was levied on the fund itself would have to be deducted from the onshore tax on those profits in order that the same profit is not taxed twise.

2692: 2483: 1863: 1812:. Many onshore jurisdictions also have equivalent tax neutrality in their investment funds industries, such as the United Kingdom, United States, and France. Tax neutrality at the level of these vehicles means that taxes are not paid at the OFC but in the places where the investors are tax resident. If the OFC levied a tax, this would in most cases reduce the tax paid in the places where investors are tax resident by that same amount, on the principles of avoiding double taxation of the same activity. 4131: 1852: 3329: 3990: 2779: 1816: 4252: 5344:'Tax havens are low-tax jurisdictions that offer businesses and individuals opportunities for tax avoidance' (Hines, 2008). In this paper, I will use the expression 'tax haven' and 'offshore financial center' interchangeably (the list of tax havens considered by Dharmapala and Hines (2009) is identical to the list of offshore financial centers considered by the Financial Stability Forum (IMF, 2000), barring minor exceptions) 2027:, was partially credited to these projects as well as global advances in combatting illicit finance flows, and Anti-Money Laundering legislation and regulations. Academics who study tax havens and OFCs are now able to distinguish between those jurisdictions which are used in BEPS activity, and those which are simply tax-neutral, pass-through jurisdictions such as the Cayman Islands, British Virgin Islands and Bermuda. 7523: 1657: 6734: 7534: 1645: 5775: 2906:, namely, the Netherlands, Luxembourg, Hong Kong SAR, the British Virgin Islands, Bermuda, the Cayman Islands, Ireland, and Singapore; host more than 85 per cent of the world's investment in special purpose entities. It is important that these entities are tax neutral because any taxation at the OFC entity would have an equivalent reduction in the home or investor countries. 2826:, had also dissipated, but to a lesser degree, as a result of initiatives by the IMF–OECD–FATF post–2000, promoting common standards and regulatory compliance across OFCs and tax havens. For example, while the EU–28 contains some of the largest OFCs (e.g. Ireland and Luxembourg), these EU–OFCs cannot offer regulatory environments that differ from other EU–28 jurisdictions. 2015:

investigations, it has been consistently noted that tax planning is only one of many drivers of OFC activity. Others include deal structuring and asset holding in a neutral jurisdiction with laws based on English common law, favourable/tailored regulation (e.g. investment funds), or regulatory arbitrage, such as in OFCs like Liberia, that focus on shipping.

3820: 1976:. This approach produced a revised list of 22 OFCs,; however, the list had a strong correlation with the original list of 46 OFCs from the IMF's June 2000 paper. The revised list was much shorter than the original IMF list as it only focused on OFCs where the national economic accounts produced breakdowns of net financial services exports data. 4587: 2663:("OFI"s). In a similar method to the various IMF lists, the FSF produces a table of the locations with the highest concentration of OFI/shadow banking financial assets, versus domestic GDP, in its 2018 report, thus creating a ranked table of "Shadow Banking OFCs". The fuller table is produced in the 5571:

Some economists champion tax havens. In an article in the Journal of Economic Perspectives published last fall (also titled "Treasure Islands"), James R. Hines Jr. of the University of Michigan argued that they contribute to financial market competition, encourage investment in high-tax countries and

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The 104 jurisdictions in the IMF's 2007 quantitative study sample, did not include several of those in the IMF–FSF 2000 lists that are generally recognised as OFCs, such as Andorra, the British Virgin Islands, Liberia, Liechtenstein, Maldives, Marshall Islands, Monaco, Montserrat, and the U.S. Virgin

3651:, which are helpful to Deutsche Bank, but which are not available in Germany. Orphaning poses considerable risks of tax abuse and tax avoidance to the tax base of higher-tax jurisdictions; even Ireland discovered a major domestic tax avoidance scheme in 2016, by U.S. distressed debt funds, using the 1918:

In June 2000, the IMF accepted the FSF's recommendation to investigate the impact of OFCs on global financial stability. On the 23 June 2000, the IMF published a working paper on OFCs which expanded the FSF list to 46 OFCs, but split into three Groups based on the level of co-operation and adherence

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Tax havens change the nature of tax competition among other countries, very possibly permitting them to sustain high domestic tax rates that are effectively mitigated for mobile international investors whose transactions are routed through tax havens. In fact, countries that lie close to tax havens

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locations. For example, Deutsche Bank in Germany might lend Euro 5 billion into an Irish Section 110 SPV (the Irish securitisation legal structure), which then buys Euro 5 billion in aircraft engines from Boeing, and then leases the engines to Delta Airlines. The reason why Deutsche Bank would use

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These earlier regimes are no longer relevant in today's World. OFCs each tend to have one or more core business areas which dominate their industries. Substantially, but not exclusively, Cayman and the BVI are investment funds jurisdictions, as well as structured finance and holding company vehicles

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are prohibited in most jurisdictions (offshore and onshore) and a bankruptcy trustee, receiver or liquidator usually has little difficulty persuading a local court to nullify the transfer. Despite the poor prognosis for success, applications to courts in offshore jurisdictions seem to indicate that

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capital market as particularly important. However, as OFCs developed in the 1980s, it became apparent that OFC banks were not just recycling Eurodollars from foreign corporate transactions, but also capital from tax avoidance (e.g. money being hidden in tax havens), and also from other criminal and

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produced the first list of 42–46 OFCs using a qualitative approach. In April 2007, the IMF produced a revised quantitative-based list of 22 OFCs, and in June 2018, another revised quantitative-based list of eight major OFCs, who are responsible for 85% of OFC financial flows, which include Ireland,

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Offshore finance became the subject of increased attention since the FSF–IMF reports on OFC in 2000, and also from the April 2009 G20 meeting, during the height of the financial crisis, when heads of state resolved to "take action" against non-cooperative jurisdictions. Initiatives spearheaded by

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But the greater appeal of offshore jurisdictions to form mutual funds is usually in the regulatory considerations. As offshore jurisdictions do not tend to cater to small retail investors, they tend to impose fewer if any restrictions on what investment strategy the mutual funds may pursue and no

2088:. CORPNET used a variation of the technique in the IMF's 2007 OFC working paper, and ranked the jurisdictions by the scale of international corporate connections relative to the connections from the local economy. In addition, CORPNET split the resulting OFCs into jurisdictions that acted like a 2076:

While from 2010 onwards, some researchers began to treat tax havens and OFCs as practically synonymous, the OECD and the EU went in a different direction depending on their desired outcome. By 2017, and after many years of regulatory changes in OFCs and some onshore IFCs, the OECD's list of "tax

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CONCLUSION: Using both bilateral and multilateral samples, we find empirically that successful offshore financial centers encourage bad behaviour in source countries since they facilitate tax evasion and money laundering Nevertheless, offshore financial centers created to facilitate undesirable

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BEPS tool from 2004 to 2014. In January 2017, the OECD estimated that BEPS tools, mostly located in OFCs, were responsible for US$ 100 to 240 billion in annual tax avoidance. However, it is notable that developing countries often suffer from kleptocracy and serious corruption regarding national

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to operate, securitisation involves no provision of capital. OFC securitisation involves the provision of legal structures, registered in the OFC, into which foreign capital is placed to finance foreign assets (e.g. aircraft, ships, mortgages assets etc.), used by foreign operators and foreign

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or is perceived to be increased political risk with the repatriation of funds, major exporters often form trading vehicles in offshore companies so that the sales from exports can be "parked" in the offshore vehicle until needed for further investment. Trading vehicles of this nature have been

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The most controversial claim is that OFCs promote global economic growth by providing a preferred platform, even if due to tax avoidance or regulatory arbitrage reasons, from which global capital is more readily deployed. There are strong academic advocates, and studies, on both sides of this

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of 22 OFCs. However, this theoretical work has been brought into question. Many of the "sink" jurisdictions by CORPNET's standards have proved to be conduit jurisdictions. When Economic Substance legislation was brought in, practically all of the companies in places like the Cayman Islands and

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split the understanding of an OFC into 24 Sink OFCs, to which a disproportionate amount of value disappears from the economic system), and five Conduit OFCs, through which a disproportionate amount of value moves toward the Sink OFCs). In June 2018, research showed that major onshore IFCs, not

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For example, according to the UK Treasury, on the surface it looks like Britain's second-biggest investor is the Netherlands. But the UK Treasury has admitted most of those investments actually consist of British cash that has been sent to Holland for tax purposes and rerouted back home. So,

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OFCs have more recently become leaders in regulation, operating under higher standards than onshore jurisdictions, and having advanced legal systems with sophisticated commercial courts and arbitration centres. Because OFCs are willing to create legal structures for broad classes of assets,

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for large assets (such as infrastructure, commercial real estate), or SPVs for investment into jurisdictions with less certain legal and judicial infrastructure, such as China, Russia or India. Bermuda has a large reinsurance industry and Cayman's insurance industry is also now competitive.

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A more practical definition of an OFC is a center where the bulk of financial sector activity is offshore on both sides of the balance sheet, (that is the counterparties of the majority of financial institutions liabilities and assets are non-residents), where the transactions are initiated

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provisions in their succession law, limiting the testator's freedom to distribute assets upon death. By placing assets into an offshore company, and then having probate for the shares in the offshore determined by the laws of the offshore jurisdiction (usually in accordance with a specific

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Many leading OFCs have recently implemented recommended legislation to reduce or eliminate BEPS. Jurisdictions such as the Cayman Islands, British Virgin Islands and Bermuda found that over 90% of their business companies were out of scope because their core industry does not cater to BEPS

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of non-resident activity in a location (e.g. financial flows that are disproportionate to the local economy), and not on the reason that non-residents decide to conduct financial activity in a location. However, since the early academic papers into OFCs in the late 1970s, and the FSF-IMF

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Several jurisdictions included in this Report had OFI sectors that were quite large compared to the size of their domestic economy: OFI assets were 2,118 times GDP in the Cayman Islands, 246 times GDP in Luxembourg, 13 times GDP in Ireland, and 8.6 times GDP in the Netherlands. No other

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set up in OFCs, such as Delaware, the Cayman Islands, British Virgin Islands, and Luxembourg, and which the Investment Manager often sets up there as well. The former is to benefit from investment funds specific legislation designed for larger institutional, sovereign, High Net Worth or

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over the aircraft), and the carrier is reluctant to have the aircraft registered in the financier's jurisdiction (often the United States or the United Kingdom) either because of personal or political reasons, or because they fear spurious lawsuits and potential arrest of the aircraft.

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British Virgin Islands were out of scope because BEPS is not a relevant industry in those jurisdictions. Those jurisdictions concentrate more on investment funds, which are self-evidently conduit vehicles where investors are not taxed in the OFC but in full where they are tax resident.

3803:. Critics of this theory also point to studies showing that in many cases, the capital that is invested into the high tax economy via the OFC, actually originated from the high-tax economy, and for example, that the largest source of FDI into the U.K., is from the U.K., but via OFCs. 3641:

rather than providing actual banking services. This has seen a rise in large specialist legal and accounting firms, who provide the legal structures for securitisations, in OFC locations. In normal securitisations, the foreign capital, assets and operators can all come from major

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Although a previous literature has modelled tax havens as a benign phenomenon that helps high-tax countries reduce the negative impact of their own suboptimal domestic tax policies, there is considerable concern that the havens are "parasitic" on the tax revenues of the non-haven

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The eight major pass-through economies—the Netherlands, Luxembourg, Hong Kong SAR, the British Virgin Islands, Bermuda, the Cayman Islands, Ireland, and Singapore—host more than 85 percent of the world's investment in special purpose entities, which are often set up for tax

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promote economic growth. Like many economists, Professor Hines expresses far more confidence in the market than in the state. He worries more about possible overtaxation than about undertaxation of corporate income. He does not engage with such concepts as "tax justice."

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Financial and banking secrecy. The April 2000 FSF OFC report, which launched the June 2000 IMF OFC initiative, led to a process of increased data disclosure and financial reporting by financial institutions in OFCs. It also led to more specific clampdowns in the area of

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lists. Large projects were carried out by the IMF and the OECD from 2000 onwards, on improving data transparency and compliance with international standards and regulations, in jurisdictions that had been labeled OFCs and/or tax havens by the IMF–OECD. The reduction in

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Early research on offshore financial centers, from 1978 to 2000, identified reasons for nonresidents using an OFC, over the financial system in their own home jurisdiction (which in most cases was more developed than the OFC). Prominent reasons in these lists were:

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Cities, areas or countries which have made a conscious effort to attract offshore banking business, i.e., non-resident foreign currency denominated business, by allowing relatively free entry and by adopting a flexible attitude where taxes, levies and regulation are

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and transparency to avoid being included on the OECD's tax haven blacklist. While objections from the U.S. limited the OECD's effect on tax havens, the increased information disclosure enabled tax academics to use more quantitative methods for identifying tax

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With a conservatively estimated annual revenue loss of USD 100 to 240 billion, the stakes are high for governments around the world. The impact of BEPS on developing countries, as a percentage of tax revenues, is estimated to be even higher than in developed

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show evidence that, in certain cases, tax havens/OFCs, appear to promote economic growth in neighbouring higher-tax countries, and can solve issues that the higher-tax countries can have in their own tax or regulatory systems, which deter capital investment.

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However, other major tax academics take the opposite view and accuse Hines (and others) of mixing cause and effect (e.g. the capital investment would have come through the normal taxed channels had the OFC option not been available), and include papers by

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Traditionally, a number of offshore jurisdictions offered banking licences to institutions with relatively little scrutiny. International initiatives have largely stopped this practice, and very few offshore financial centres will now issue licences to

4309:(or SPCs) for use as mutual funds; the complexity of incorporating a similar corporate vehicle onshore alongside other onshore company regimes has resulted in sophisticated investor clients preferring the simplicity of offshore incorporated funds. 2887:) produced a report stating that OFC corporate BEPs tools were responsible for over US$ 200 billion in annual corporate tax losses, and produced the a table (see below) of the largest BEPS locations in the world, which showed how synonymous the 993: 4461:

This is a complex area and is considered core to the original development of OFCs back in the 1960s and 1970s, and their role in the Eurodollar and Eurobond markets and other such "offshored" capital markets reliant on "international" pools of

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is a term that OFCs use to describe legal structures where the OFC does not levy any corporation taxes, duties or VAT on fund flows into, during, or exiting (e.g. no withholding taxes) the corporate vehicle. Popular examples are the Irish

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Offshore financial centres (OFCs) are not easily defined, but they can be characterised as jurisdictions that attract a high level of non-resident activity and volumes of non-resident business substantially exceeds the volume of domestic

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through not declaring gains made by onshore and offshore vehicles that they own. Tax reporting regulations and agreements are now in place which aid authorities in investigating and prosecuting such criminality. Multinationals including

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The following 46 OFCs are from the June 2007 IMF background paper that used a qualitative approach to identify OFCs; and which also incorporated the April 2000 FSF list which had also used a qualitative approach to identify 42 OFCs.

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Jurisdictions with the largest financial systems relative to GDP (Exhibit 2-3) tend to have relatively larger OFI sectors: Luxembourg (at 92% of total financial assets), the Cayman Islands (85%), Ireland (76%) and the Netherlands

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but financed by banks in major onshore financial centres. The financing institution is reluctant to allow the aircraft to be registered in the carrier's home country (either because it does not have sufficient regulation governing

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as shadow banking; they are more specifically defined by the FSF as: "OFIs comprise all financial institutions that are not central banks, banks, insurance corporations, pension funds, public financial institutions, or financial

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An April 2007 review of the historical definition of an OFC by the IMF, summarised the 1978–2000 academic work regarding the attributes that define an OFC, into the following four main attributes, which still remain relevant:

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criticised in a number of shareholder lawsuits which allege that by manipulating the ownership of the trading vehicle, majority shareholders can illegally avoid paying minority shareholders their fair share of trading profits.

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that: "Tax havens are also known as 'offshore financial centres' or 'international financial centers', phrases that may carry slightly different connotations but nevertheless are used almost interchangeably with 'tax

3887:: Many corporate conglomerates employ a large number of holding companies, and often high-risk assets are parked in separate companies to prevent legal risk accruing to the main group (i.e. where the assets relate to 5168:

As a result of the Bush Administration's efforts, the OECD backed away from its efforts to target "harmful tax practices" and shifted the scope of its efforts to improving exchanges of tax information between member

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is a term that OFCs use to describe legal structures where the OFC does not levy any taxes, duties or VAT on fund flows into, during, or exiting (e.g. no withholding taxes) the vehicle. Major examples are the Irish

1781:, the early driver for the creation and use of many OFCs in the 1960s and 1970s, saw taxation and/or regulatory regimes become the primary reasons for using OFCs from the 1980s on. Progress from 2000 onwards from 2151:

Our findings debunk the myth of tax havens as exotic far-flung islands that are difficult, if not impossible, to regulate. Many offshore financial centers are highly developed countries with strong regulatory

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restrictions in the country in which they live. These structures work best when the wealth is foreign-earned, or has been expatriated over a significant period of time (aggregating annual exchange control

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companies can also establish an offshore subsidiary in the jurisdiction to reinsure certain risks underwritten by the onshore parent, and thereby reduce overall reserve and capital requirements. Onshore

3897:). Similarly, it is quite common for fleets of ships to be separately owned by separate offshore companies to try to circumvent laws relating to group liability under certain environmental legislation. 4440:

Islands. This may be remedied if more countries begin to collect and supply relevant data, needed in the quantitative study, which is being attempted through the IMF's Information Framework Initiative

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Bermuda's insurance and re-insurance market is now the third largest in the world. There are also signs the primary insurance market is becoming increasingly focused upon Bermuda; in September 2006

1758:, with international financial centres (IFCs) and regional financial centres (RFCs). A single financial centre may belong to multiple financial centre classes (e.g. Singapore is an RFC and an OFC). 4940:

Various attempts have been made to identify and list tax havens and offshore finance centres (OFCs). This Briefing Paper aims to compare these lists and clarify the criteria used in preparing them.

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are formed offshore to facilitate international distribution. By being domiciled in a low tax jurisdiction investors only have to consider the tax implications of their own domicile or residency.

3680:. However, often the contrary is true owing to rising compliance, regulatory and legal costs. Some OFCs advertise fast approval times, perhaps 24 hours, for approval of new legal structures and 4857: 1839:

offshore IFCs, had become the dominant locations for corporate tax avoidance BEPS schemes, costing US$ 200 billion in lost annual tax revenues. A June 2018 joint-IMF study showed much of the

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that do not already hold a banking licence in a major onshore jurisdiction. The most recent reliable figures for offshore banks indicates that the Cayman Islands has 285 licensed banks, the

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generally seen as having procedures for supervision and co-operation in place, but where actual performance falls below international standards, and there is substantial room for improvement

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generally seen as having a low quality of supervision, and/or being non-cooperative with onshore supervisors, and with little or no attempt being made to adhere to international standards.

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The Caribbean, including the Cayman Islands, the British Virgin Islands and Bermuda, has several major OFCs, facilitating many billions of dollars worth of trade and investment globally.

6602: 1719:) is defined as a "country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy." 4550: 1805: 3360:

banking systems, to be recycled back into the economic system while paying interest to the capital's owner, thus encouraging them to keep their capital offshore. They highlight the

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This claim can get into wider, and also contested, economic debates around the optimised rate of taxation on capital and other free-market theories, as expressed by Hines in 2011.

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Sink OFCs rely on Conduit OFCs to reroute funds from high-tax locations using the BEPS tools which are encoded, and accepted, in the Conduit OFC's extensive networks of bilateral

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Research in 2013–14 showed OFCs harboured 8–10% of global wealth in tax-neutral structures, and acted as hubs for U.S. multinationals in particular, to avoid corporate taxes via

6340: 2643:(Top 5 Sink OFC) The IMF list contains four of the five largest Sink OFCs: missing Jersey (fourth largest Sink OFC), but includes the Cayman Islands (tenth largest Sink OFC). 1958:

An OFC is a country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy.

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will usually have rights to all of the debtor's financial records, wide-ranging legal powers of disclosure and asset recovery, and be seasoned in cross-border asset tracing.

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transactions for all types of asset classes, including aircraft finance, shipping finance, equipment finance, and collateralised loan vehicles. OFCs provide what are called

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in 2012–2016 is notable. However, OFCs play a key role in providing the legal structure for global securitisation transactions that could not be performed from the main

2467:(Top 10 Sink OFC) The IMF list contains 8 of the 10 largest Sink OFCs: missing British Virgin Islands (data was not available), and Taiwan (was not a major OFC in 2007). 1700: 4935: 2388:

The following 22 OFCs are from an April 2007 IMF working paper that used a strictly quantitative approach to identifying OFCs (only where specific data was available).

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More specifically, it can be considered that the ratio of net financial services exports to GDP could be an indicator of the OFC status of a country or jurisdiction

1911:("FSF"), concerned about OFCs on global financial stability, produced a report listing 42 OFCs. The FSF used a qualitative approach to defining OFCs, noting that: 1704: 6376: 2822:, dissipated with globalisation of financial markets and free-floating exchange rate mechanisms, and ceases to appear in research after 2000. The second reason, 1949:

More popularly, centers which provide some of the following services: low or zero taxation; moderate or light financial regulation; banking secrecy and anonymity.

3684:, or only a few weeks for a mutual fund, however many onshore OFCs with negligible KYC requirements, such as the UK and Delaware, often offer same day services. 6509: 5470: 1339: 5811: 1869:, Amsterdam, the Netherlands. The Netherlands is the largest global Conduit OFC, and is the 5th largest global OFC, and is the 4th largest shadow banking OFC. 5674: 4199:; the U.S. bank refused to allow the aircraft to remain registered in Pakistan, and the airline refused to have the aircraft registered in the United States. 2859:

Demonstrating that most BEPS activity occurs in US and EU IFCs, in Q1 2015, Apple executed the largest BEPS transaction in history, moving US$ 300 billion in

6612: 6592: 6307: 4728: 2760:, over which the IMF have greater control, and which ultimately removed much of the main distinctions between historical definitions of OFCs and tax havens. 1979:

By September 2007, the definition of an OFC from the most cited academic paper on OFCs, showed a strong correlation with the FSF–IMF definitions of an OFC:

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tax rate in most OFCs is near zero (e.g. they are really tax havens), this is a lower risk, although, the experience of U.S. distressed debt funds abusing

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A subsequent April 2007 IMF on OFCs, established a quantitative approach to defining OFCs which the paper stated was captured by the following definition:

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Financial systems with external assets and liabilities out of proportion to domestic financial intermediation designed to finance domestic economies; and

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Legitimate asset protection against future political or economic risk should be distinguished from unlawfully attempting to evade creditors; see below.

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This is the IMF 2007 definition, however, it is almost identical to the general academic definition, and the other FSF–IMF–definitions of an OFC, see

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insolvent individuals still try this strategy from time to time, notwithstanding that it is usually a serious criminal offence in both jurisdictions.

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Tax avoidance. Similarly, in 2000 the OECD began a policy of forcing greater compliance by traditional tax havens by increasing the requirements for

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have exhibited more rapid real income growth than have those further away, possibly in part as a result of financial flows and their market effects.

2856:("BEPS") transactions to avoid corporate taxes. Zucman's work is widely quoted yet also frequently criticised as being confused and counterfactual. 2486: 2084:'s CORPNET group ignored any definition of a tax haven and followed a quantitive approach, analyzing 98 million global corporate connections on the 1061: 1056: 4115:

from the higher-tax jurisdictions in which they are made to zero-tax offshore centres. BEPS-focussed regulations make this activity more difficult.

4012:) and/or because the jurisdiction where the joint venture has its commercial centre has insufficiently sophisticated corporate and commercial laws. 6707: 6469: 6334: 3397:

Composition of Financial Systems (Advanced economies) Figure 2–3 Left (Page. 13): (where Total Financial Assets % of 2016 GDP is over 900%):

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and global securities trading, which may be extremely difficult to engage in directly onshore due to cumbersome financial markets regulation.

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from OFCs, into higher-tax countries, originated from higher-tax countries (e.g. the UK is the second largest investor in itself, via OFCs).

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of 22 OFCs (note the IMF could not get sufficient data on The British Virgin Islands in 2007 for its study but did list the Cayman Islands).

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The most cited paper specifically on OFCs, also came a similar conclusion (although recognising that there are strong negatives as well):

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have had an effect on curbing some excesses in the offshore financial centre industry, although it would drive the OFC industry towards a

2380:(‡) Dominica, Grenada, Montserrat and Palau were not on the FSF April 2000 list of 42 OFCs but were on the IMF June 2000 list of 46 OFCs. 4757: 4078:: Highly indebted persons may seek to escape the effect of bankruptcy by transferring cash and assets into an anonymous offshore company. 4026:

in their home country often transfer shares into an offshore vehicle, and list the offshore vehicle. Offshore vehicles are listed on the

6562: 6457: 6451: 1822:, Luxembourg. Luxembourg is the second largest Sink OFC, the sixth largest global OFC, and the second largest OFC shadow banking centre. 1750:, are landlocked or located "onshore", but refers to the fact that the largest users of the OFC are non-residents, i.e. "offshore". The 1485: 3778:

activities can still have unintended positive consequences. We tentatively conclude that OFCs are better characterized as "symbionts".

48: 7569: 7416: 7316: 6287: 5316: 5285: 5207:"European Commission - PRESS RELEASES - Press release - State aid: Ireland gave illegal tax benefits to Apple worth up to €13 billion" 4064:" under applicable accounting procedures. In relation to bond issues, offshore special purpose vehicles are often used in relation to 3709:("SPVs") where no taxes, VAT, levies or duties are taken by the OFC on the SPV. In addition, aggressive legal structuring, including 1687: 1550: 673: 185: 3903:: Wealthy individuals who live in politically unstable countries utilise offshore companies to hold family wealth to avoid potential 2744:). Most of the principal OFCs strengthened their internal regulations relating to money laundering and criminal financial activities. 2465:(Top 5 Conduit OFC) The IMF list contains all 5 largest Conduit OFCs: Netherlands, United Kingdom, Switzerland, Singapore and Ireland 7169: 7060: 6921: 6463: 6387: 5748: 3880:

The bedrock of most offshore financial centres is the formation of offshore legal structures (also called tax-free legal wrappers):

3862: 1707:, Dublin, Ireland. Ireland is a top-five conduit OFC, the largest global tax haven, and the third-largest OFC shadow banking centre. 1011: 759: 5819: 2849:

On the other hand, the investment manager is often set up in low tax OFCs to facilitate the personal tax planning of the manager.

2107:

24 Sink OFCs: jurisdictions in which a disproportionate amount of value disappears from the economic system (e.g. the traditional

7564: 6655: 6645: 6552: 5402: 5246: 4217:

companies within the jurisdiction to allow the sponsor to manage risk. In more sophisticated offshore insurance markets, onshore

2853: 1983:

Offshore financial centers (OFCs) are jurisdictions that oversee a disproportionate level of financial activity by non-residents.

1827: 476: 6665: 5445: 3377:

has weakened the ability of OFCs to provide bank secrecy. Shadow banking, however, remains a key part of OFCs services, and the

1943:

Jurisdictions that have relatively large numbers of financial institutions engaged primarily in business with non-residents; and

7604: 7589: 7579: 7162: 6352: 5139: 4192: 658: 254: 6670: 2740:. Considerable tightening up of both regulation and implementation was noted by the FATF over subsequent years (see generally 2128:. Because Sink OFCs are more closely associated with traditional tax havens, they tend to have more limited treaty networks. 2064: 6439: 6433: 5905: 5364: 5163: 4530: 4092:

scandals demonstrated how companies could form offshore vehicles in part of their structures to manipulate financial results.

2479:) were co-identified by an IMF working paper, as being responsible for 85% of the world's investment in structured vehicles. 1615: 1334: 7097: 6547: 6445: 6405: 5849: 4779: 4031: 1620: 579: 6798: 6607: 6597: 6491: 6381: 5936: 5741:

Butler to the World: How Britain Helps the World's Worst People Launder Money, Commit Crimes, and Get Away with Anything

5648: 5471:"Zucman:Corporations Push Profits Into Corporate Tax Havens as Countries Struggle in Pursuit, Gabrial Zucman Study Says" 4385: 4305: 4272: 4268: 1808:, and the Cayman Islands exempted company, which is used in investment funds, corporate structuring vehicles, and asset 1318: 609: 3835: 2114:

5 Conduit OFCs: jurisdictions through which a disproportionate amount of value moves toward sink OFCs (e.g. the modern

7584: 7216: 6788: 6763: 6700: 5522: 4840: 4700: 4422: 2736:

Money laundering. In 2000 the FATF began a policy of assessing the cooperation of all countries in programmes against

2712: 1790: 1769: 1560: 1530: 2639:(†) In the April 2000 FSF list of 42 OFCs, the June 2000 IMF list of 46 OFCs, and the April 2007 IMF list of 22 OFCs. 5682: 2360:

generally viewed as cooperative, with a high quality of supervision, which largely adhere to international standards

7241: 7090: 6302: 4498:

Does not provide the Financial Stability Forum with sufficient economic data to be included in their tables of OFIs

4483: 2018:

In April–June 2000, when the FSF–IMF produced lists of OFCs, activist groups highlighted the similarity with their

941: 413: 4174:). Aircraft are frequently registered in offshore jurisdictions where they are leased or purchased by carriers in 2691: 7559: 6899: 6630: 6323: 5192: 5185: 5114: 4815: 4418: 3378: 2652: 1908: 1840: 1774: 1765: 1723: 988: 566: 374: 229: 78: 2837:

showed OFCs housed up to 8–10% of global wealth in tax–neutral structures. Often conflated are the reasons why

7157: 6835: 6778: 6737: 6060: 5870: 5560: 4035: 3706: 3681: 2807:

Low taxation (Dufey and Giddy (1978); McCarthy (1979); Johnston (1982); Park (1994); Errico and Musalem (1999))

2724: 2641:(Top 5 Conduit OFC) The IMF list contains three of the largest Conduit OFCs: Netherlands, Singapore and Ireland 1882:

dates back to academic papers by Dufry & McGiddy (1978), and McCarthy (1979) regarding locations that are:

1580: 998: 497: 492: 482: 4924: 2157:

Javier Garcia-Bernardo, Jan Fichtner, Frank W. Takes & Eelke M. Heemskerk, CORPNET University of Amsterdam

1963:

IMF Working Paper: Concept of Offshore Financial Centers: In Search of an Operational Definition (April 2007)

7461: 7013: 6857: 6805: 5941: 5593: 3893: 3323: 2810:

Favourable regulations (Dufey and Giddy (1978); McCarthy (1979); Johnston (1982); Errico and Musalem (1999))

2482: 2081: 1595: 1535: 1046: 1041: 663: 544: 195: 5592:

In practice, such attempts are rarely effective. Very few stable jurisdictions offer anonymity in 2022. An

4195:

re-registered its entire fleet in the Cayman Islands as part of the financing of its purchase of eight new

7594: 7574: 7526: 7401: 7043: 7033: 6916: 6852: 6783: 6768: 6693: 6072: 5368: 5325: 4355: 4333: 4292: 3332: 2864: 2695: 1680: 1505: 1390: 1385: 981: 560: 379: 4237:

insurance company announced that it planned to relocate to Bermuda citing tax and regulatory advantages.

3647:

an Irish Section 110 SPV is that it is tax neutral, and that it has certain legal features, particularly

7341: 7179: 6911: 6840: 6297: 6077: 6040: 5597: 4159: 4065: 3670: 3291: 3285: 2892: 2860: 2794: 2136: 2132: 2100: 2040: 1835: 1794: 1585: 1510: 1475: 1460: 1380: 1370: 614: 534: 529: 450: 4183:, or because it feels the courts in that country would not cooperate fully if it needed to enforce any 4130: 3676:

In certain situations, the costs of regulation and operation in OFCs can be lower than in the onshore

2813:

Manage around currency and capital controls (Johnston (1982); Park (1994); IMF (1995); Hampton (1996))

1862: 7599: 7466: 7371: 7184: 7152: 7142: 7127: 7028: 7023: 6966: 5995: 5920: 5019: 4998:"Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network" 4888: 4784: 4125: 3968: 3785: 3356:

capital, mostly dollars, that had escaped capital controls in the 1960s and 1970s, and thus the main

2868: 2838: 1989: 1605: 1570: 1545: 1425: 1405: 572: 249: 110: 5330: 3989: 3830: 3742:

argument. Some of the most cited researchers into tax havens/offshore financial centres, including

2910:

Missing Profits of Nations. Appendix: Table 2: Shifted Profits: Country-by-Country Estimates (2015)

1851: 7246: 7003: 6993: 6988: 6971: 6862: 6845: 6758: 6102: 5863: 4931: 4596:

New Gabriel Zucman study claims State shelters more multinational profits than the entire Caribbean

4360: 4345: 3747: 3391:

Financial Stability Forum, "Global Shadow Banking and Monitoring Report: 2017" p.17 (5 March 2018),

2778: 2115: 1815: 1625: 1525: 1520: 1465: 1450: 1440: 1435: 1430: 1375: 1365: 1360: 1344: 1214: 1160: 963: 471: 4425:

OFC list, restricted to the locations that are small islands (e.g. Jersey, Bermuda, Guernsey etc.)

2489:, Hong Kong. Hong Kong is the third largest Sink OFC, and is the eighth largest global tax haven. 7311: 7137: 7085: 7048: 6793: 6503: 6185: 6045: 5990: 5827: 5009: 4905: 4808: 4284: 4039: 3765: 3743: 3279: 3275: 2873:

EU Commission levied the largest tax fine in history, at US$ 13 billion, against Apple in Ireland

2140: 1866: 1855: 1600: 1590: 1575: 1565: 1540: 1490: 1455: 1445: 1415: 1400: 1395: 1250: 1165: 953: 917: 838: 717: 73: 3328: 2852:

In August 2014, Zucman showed OFCs being used by U.S. multinationals, in particular, to execute

435: 4836: 4251: 3288:(Ireland, Singapore, Switzerland, the Netherlands, and the United Kingdom), by CORPNET in 2017. 7499: 7366: 7251: 7132: 7038: 6904: 6810: 6233: 6180: 6008: 6003: 5915: 5784: 5754: 5744: 5514: 5281: 5237: 5047: 4654: 4214: 4208: 4184: 4061: 3730: 3718: 3714: 3710: 3677: 1928:

elsewhere, and where the majority of the institutions involved are controlled by non-residents

1673: 1515: 1500: 1495: 1470: 1420: 1220: 931: 883: 823: 739: 680: 392: 359: 165: 4952: 3721:, as it could damage the local tax base, but are needed by banks in securitisations. As the 3698:

One of the most important service lines for OFCs is in providing legal structures for global

7406: 7386: 7301: 7226: 7055: 6926: 6825: 6567: 6277: 6248: 6135: 6065: 6055: 6035: 5411: 5335: 5037: 5027: 4897: 4350: 4175: 4112: 4098:: Although numbers are difficult to ascertain, some individuals and corporations unlawfully 4049: 3981: 3908: 3648: 2737: 1920: 1755: 1555: 1480: 1086: 1051: 1031: 843: 811: 685: 539: 290: 3967:: Wealthy individuals often form offshore vehicles to engage in risky investments, such as 7538: 7489: 7421: 7396: 7361: 7276: 7147: 7065: 6983: 6892: 6820: 6773: 6524: 6228: 6223: 5900: 5823: 4375: 4135: 4104: 4057: 3927: 3904: 3319: 2144: 2085: 1938:

The June 2000 IMF paper then listed three major attributes of offshore financial centres:

1919:

to international standards by the OFC. The IMF paper categorised OFCs as a third type of

1797:, and banking transparency, has significantly weakened the regulatory attraction of OFCs. 1778: 1649: 1265: 1123: 1118: 853: 816: 727: 692: 594: 518: 354: 314: 280: 190: 180: 175: 170: 88: 17: 5206: 4996:

Javier Garcia-Bernardo; Jan Fichtner; Frank W. Takes; Eelke M. Heemskerk (24 July 2017).

4691: 4486:, most tax academics consider the terms as being synonymous and use them inter-changeably 4287:

which mutual funds can employ in their investment strategy. Many offshore jurisdictions (

2667:

section, however, the 4 largest OFCs for shadow banking with OFI assets over 5x GDP are:

2463:(†) In on both the April 2000 FSF list of 42 OFCs, and the June 2000 IMF list of 46 OFCs. 5844: 5780: 5023: 3783:

Andrew K. Rose, Mark M. Spiegel, "Offshore Financial Centers: Parasites or Symbionts?",

2162:

All of CORPNET's Conduit OFCs, and eight of CORPNET's top 10 Sink OFCs, appeared in the

2103:

study split the understanding of an offshore financial centre into two classifications:

1988:

Andrew K. Rose, Mark M. Spiegel, "Offshore Financial Centers: Parasites or Symbionts?",

1902:

Disproportion between the size of the financial sector and the domestic financing needs.

7391: 7256: 7231: 7102: 6948: 6887: 6742: 6282: 6238: 6155: 5816: 5726:

Not treating Switzerland (with 500) as an offshore financial centre for these purposes.

5565: 5393: 5304: 5042: 4997: 4621: 4370: 4296: 4276: 4256: 4180: 4171: 4069: 4053: 3936: 3800: 3751: 3699: 3629: 3349: 2834: 2741: 1809: 1208: 1180: 1155: 1016: 858: 653: 589: 487: 425: 329: 324: 307: 285: 5309:"The Missing Wealth of Nations: Are Europe and The U.S. Net Debtors or Net Creditors?" 5107: 4226:

companies may also incorporate an offshore subsidiary to reinsure catastrophic risks.

7553: 7504: 7456: 7451: 7446: 7441: 7426: 7336: 7306: 7266: 7174: 6941: 6815: 6716: 6572: 6202: 6145: 5696: 5308: 4909: 4901: 4365: 4325: 4318: 4260: 4246: 4085: 4023: 4005: 1773:

the Caribbean, Luxembourg, Singapore, Hong Kong and the Netherlands. The removal of

1280: 948: 873: 764: 697: 631: 599: 466: 408: 369: 349: 319: 234: 155: 150: 125: 115: 57: 3294:(British Virgin Islands, Luxemburg, Hong Kong, Jersey, Bermuda), by CORPNET in 2017. 2147:, from a "worldwide" corporate tax system, to a "territorial" corporate tax system. 7484: 7411: 7381: 7326: 7236: 7008: 6243: 6195: 6190: 6150: 6050: 6020: 5971: 5510: 5479:

Such profit shifting leads to a total annual revenue loss of $ 200 billion globally

4417:

It is common to see lists of "offshore financial centres" that are a subset of the

4019: 3946: 3919: 3796: 3632:. Unlike traditional shadow banking, where the OFC bank needs to access a pool of 3628:

OFCs, however, have expanded into a related area to shadow banking, which is asset

3366: 2876: 2783: 2748: 2125: 1831: 1735: 1661: 1175: 958: 927: 898: 878: 769: 754: 734: 648: 643: 445: 239: 2728: 5156: 3310:(note the Caribbean contains the British Virgin Islands and the Cayman Islands). 7494: 7376: 7331: 7321: 7271: 7261: 7211: 7018: 6207: 6165: 6160: 6125: 6092: 5975: 4223: 4099: 3950: 2842: 2120:(Conduits are: Netherlands, United Kingdom, Switzerland, Singapore, and Ireland) 1170: 908: 868: 786: 722: 668: 604: 430: 420: 364: 244: 145: 140: 98: 83: 5799:

Global Forum on Transparency and Exchange of Information for Tax Purposes, OECD

5032: 7436: 7431: 7296: 7221: 7080: 6998: 6978: 6660: 6175: 6130: 6087: 5886: 5832: 5758: 4479: 4196: 4150:

Many offshore financial centres also provide registrations for ships (notably

3954: 3932: 3361: 3271: 2888: 2720: 2108: 1743: 1275: 1245: 1128: 1113: 1036: 968: 936: 888: 863: 848: 749: 744: 712: 638: 344: 339: 160: 120: 66: 4693:

Concept of Offshore Financial Centers: In Search of an Operational Definition

7107: 6931: 6830: 6097: 6025: 5985: 5966: 4380: 4218: 3993: 3923: 2773: 2019: 2005: 1747: 1739: 1108: 1026: 1021: 707: 702: 513: 440: 130: 5051: 4650:"Financial Stability Board 2017 Report: The largest shadow banking centres" 4625: 4048:: Large corporate groups often form offshore companies, sometimes under an 7533: 3939:

sworn for that purpose), the testator can sometimes avoid such strictures.

1644: 6170: 6140: 5910: 5660: 5416: 5397: 5339: 5074: 4300: 4234: 4089: 4008:

companies, either as a compromise neutral jurisdiction (see for example,

3888: 1731: 1270: 1238: 922: 912: 833: 828: 801: 774: 584: 334: 275: 270: 103: 5803: 5798: 4880: 2498:

OFCs, with other OFC rankings (as discussed elsewhere in this article):

6481:

Commission for the Prevention of Corruption of the Republic of Slovenia

6082: 5980: 5398:"Taxing across Borders: Tracking Personal Wealth and Corporate Profits" 5186:"THE END OF BANK SECRECY? AN EVALUATION OF THE G20 TAX HAVEN CRACKDOWN" 4329: 4288: 4167: 4151: 1081: 903: 806: 796: 135: 93: 4529:

A flaw in the FSF report is that they use Irish GDP, instead of Irish

2092:

for corporate connections (a Sink), and jurisdictions that acted like

6410: 4588:"Ireland is the world's biggest corporate 'tax haven', say academics" 4230: 4155: 4143: 4027: 4009: 3840:

list of structures is unsourced and seems arbitrary and unstructured.

1290: 1101: 1096: 1091: 893: 781: 5647:

13 of the world's top 40 reinsurers are based in Bermuda, including

5014: 4727:

Damgaard, Jannick; Elkjaer, Thomas; Johannesen, Niels (June 2018).

6370: 6030: 5292:

CHAPTER 3: Offshore Financial Centers and Tax Havens – An overview

4449:

Mainly the Cayman Islands, Bermuda, and the British Virgin Islands

4250: 4163: 4129: 3988: 3958: 3327: 2777: 2690: 2481: 2063: 2044: 1861: 1850: 1814: 1699: 1305: 1300: 1295: 1285: 1260: 1255: 1202: 1074: 4970:"Economic Substance for Private Wealth – Much Ado About Nothing?" 3352:

as an original service of OFCs. Shadow banking enabled pools of

6685: 6015: 5652: 5452: 4733:

International Monetary Fund: Finance & Development Quarterly

4213:

A number of offshore jurisdictions promote the incorporation of

4108: 3381:

list of major shadow banking locations are all recognized OFCs.

2786: 2010:

The common FSF–IMF–Academic definition of an OFC focused on the

1786: 6689: 5859: 5839: 3813: 1782: 1751: 1727: 208: 40: 5855: 5071:"The countries which are conduits for the biggest tax havens" 4758:"The real Goldfinger: the London banker who broke the world" 3996:

is frequently a financial center for corporate structuring.

2672:

Cayman Islands (Top 10 Sink OFC) OFI assets were 2,118 x GDP

1933:

IMF Background Paper: Offshore Financial Centres (June 2000)

4267:

Many offshore jurisdictions specialise in the formation of

6406:

Special Investigation Service of the Republic of Lithuania

2681:

Netherlands (Top 5 Conduit OFC) OFI assets were 8.6 x GDP

6603:

International Association of Anti-Corruption Authorities

2863:("IP") assets to Ireland, an IMF OFC, to use the Irish " 4780:"How tax havens turn economic statistics into nonsense" 4551:

Qualifying investor alternative investment fund (QIAIF)

4004:: Offshore jurisdictions are frequently used to set up 1806:

qualifying investor alternative investment fund (QIAIF)

3365:

illegal sources. Many OFCs, such as Switzerland, had

2705:

Organisation for Economic Co-operation and Development

6400:

Governance and Economic Management Assistance Program

6359:

Independent Commission Against Corruption (Hong Kong)

4925:"Identifying Tax Havens and Offshore Finance Centres" 4881:"Offshore Financial Centers: Parasites or Symbionts?" 4879:

Andrew K. Rose; Mark M. Spiegel (21 September 2007).

2675:

Luxembourg (Top 5 Sink OFC) OFI assets were 246 x GDP

2052:: CORPNET's network of global connections split into 1005:

European Union Common Consolidated Corporate Tax Base

6341:

Anti-corruption and Economic Malpractice Observatory

5543:"The desperate inequality behind global tax dodging" 5184:

Niels Johannesen; Gabriel Zucman (12 October 2012).

4791:

Britain's second biggest foreign investor is itself.

3386:

jurisdictions exceeded 5 times GDP for this measure.

2902:

In June 2018, another joint-IMF study showed that 8

2731:

increased government efforts to curb tax avoidance.

2678:

Ireland (Top 5 Conduit OFC) OFI assets were 13 x GDP

2651:

Shadow banking is a key service line for OFCs. The

2353:(*) Groups are as per the IMF June 2000 categories: 1907:

In April 2000, the term rose to prominence when the

7475: 7350: 7285: 7202: 7193: 7120: 6957: 6878: 6871: 6751: 6621: 6581: 6542:

Citizen's Charter and Grievance Redressal Bill 2011

6532: 6523: 6316: 6270: 6261: 6216: 6118: 5959: 5950: 5929: 5893: 5358:"Why to Development Finance Institutions use OFCs?" 5108:"Global Shadow Banking and Monitoring Report: 2017" 4809:"Report from the Working Group on Offshore Centres" 2880:wealth, and BEPS is very much a secondary concern. 2143:, only differing in the United Kingdom, which only 5274:International Taxation - A Compendium in 4 Volumes 4837:"Offshore Financial Centers: IMF Background Paper" 4018:: Successful companies who are unable to obtain a 3369:laws protecting the identity of the owners of the 5613:"Illicit Transfer Pricing Endangers Shareholders" 4936:Centre for Research on Multinational Corporations 4138:states to avoid scrutiny from foreign countries. 5675:"Hiscox to be domiciled in 'favourable' Bermuda" 4052:to enable them to obtain financing (either from 5493:"Fighting tax dodgers can kill economic growth" 4022:listing because of the underdevelopment of the 3775: 3757: 3694:Irish Section 110 Special Purpose Vehicle (SPV) 3624:Irish Section 110 Special Purpose Vehicle (SPV) 3383: 2709:Financial Action Task Force on Money Laundering 2149: 1981: 1956: 1925: 6510:Central Steering Committee for Anti-Corruption 6377:Fiji Independent Commission Against Corruption 6308:UNCAC Coalition of Civil Society Organisations 4923:Laurens Booijink; Francis Weyzig (July 2007). 4874: 4872: 4870: 4831: 4829: 4827: 4825: 6701: 5871: 5065: 5063: 5061: 4964: 4962: 4752: 4750: 3713:, is facilitated to support requirements for 3637:investors. The OFC thus behaves more like a 3335:in Switzerland is federally protected by the 2719:for institutional and corporate clients. The 1968:The April 2007 IMF paper used a quantitative 1681: 8: 6613:United Nations Convention against Corruption 6593:Inter-American Convention Against Corruption 2072:ordered by scale (showing U.K. dependencies) 1722:"Offshore" is not always literal since many 6651:Movement for Peace with Justice and Dignity 6486:Anti-Corruption and Civil Rights Commission 6330:Australian Criminal Intelligence Commission 5515:"Tax competition with parasitic tax havens" 4624:; Thomas Torslov; Ludvig Wier (June 2018). 2820:Manage around currency and capital controls 7199: 6875: 6708: 6694: 6686: 6529: 6498:National Anti-Corruption Bureau of Ukraine 6394:Corruption Prevention and Combating Bureau 6267: 5956: 5878: 5864: 5856: 5179: 5177: 3395: 2908: 2782:EU Commission's outline of Apple's hybrid– 2492: 1893:Primary orientation towards non-residents; 1688: 1674: 1323: 1144: 397: 213: 31: 5649:American International Underwriters Group 5415: 5329: 5041: 5031: 5013: 4852: 4850: 4773: 4771: 4533:, as Irish GDP is overstated by circa 60% 4435: 4433: 4431: 3863:Learn how and when to remove this message 3374: 2475:The following eight OFCs (or also called 1197:Institute on Taxation and Economic Policy 6428:Independent Corrupt Practices Commission 5717:Cayman Islands Monetary Authority (2006) 5673:Muspratt, Caroline (12 September 2006). 4862:Offshore Financial Centres by Most Cited 4644: 4642: 4336:only has seven licensed offshore banks. 3415:Insurance & Pension Financial Assets 2793:based on private rulings from the Irish 2139:, matched 9 of the top 10 havens in the 6470:Sierra Leone Anti-corruption Commission 6335:Anti-Corruption Commission (Bangladesh) 5697:"Investments Statistical Digest - CIMA" 5150: 5148: 5102: 5100: 5098: 5096: 5094: 5092: 4579: 4457: 4455: 4397: 3916:Avoidance of forced heirship provisions 3717:, which would not be allowed in larger 3290:(‡) Identified as one of the largest 5 2655:("FSF") produces a report each year on 2494:Comparison of the IMF 2018 eight major 2096:for corporate connections (a Conduit). 1352: 1326: 1188: 1147: 552: 505: 458: 400: 262: 216: 39: 6558:Freedom of information laws by country 6475:Corrupt Practices Investigation Bureau 5271:Neha Sinha; Ankita Srivastava (2013). 5266: 5264: 4803: 4801: 4799: 4722: 4720: 4718: 4716: 4714: 4712: 4710: 4685: 4541: 4539: 4525: 4523: 4508: 4506: 4504: 4494: 4492: 4470: 4468: 3373:capital in the OFC. Over the years, a 2698:offshore evasion poster, February 2014 6422:Anti-Corruption Commission of Myanmar 6364:Commission Against Corruption (Macau) 6293:International Anti-Corruption Academy 5611:Morais, Richard C. (28 August 2009). 5513:; John D. Wilson (6 September 2009). 5432:"Cayman Islands and Offshore Finance" 5232: 5230: 5228: 4991: 4989: 4987: 4985: 4983: 4981: 4979: 4683: 4681: 4679: 4677: 4675: 4673: 4671: 4669: 4667: 4665: 2145:transformed their tax code in 2009–12 2050:Uncovering Offshore Financial Centers 7: 7071:New international division of labour 6641:2012 Indian anti-corruption movement 6636:2011 Indian anti-corruption movement 6417:Malaysian Anti-Corruption Commission 6347:National Anti-Corruption Observatory 5845:Oxfam Corporate Tax Avoidance Portal 5807:survey on offshore financial centres 5631:"PIA pledges its fleet to fake firm" 4630:National Bureau of Economic Research 4616: 4614: 4612: 4610: 4608: 4606: 4604: 4191:For example, in 2003, state carrier 2791:two branches inside a single company 2789:tax structure in Ireland, that used 6563:The Lokpal and Lokayuktas Act, 2013 6458:National Anticorruption Directorate 6452:Anti-Corruption General Directorate 5491:Bershidsky, Leonid (25 July 2018). 5157:"The OECD Initiative on Tax Havens" 3980:In countries where there is either 2664: 6288:Group of States Against Corruption 5541:Gabriel Zucman (8 November 2017). 5317:The Quarterly Journal of Economics 5155:James K. Jackson (11 March 2010). 4142:: a large carrier ship docking in 3965:Derivatives and securities trading 3768:, "Treasure Islands" p. 107 (2010) 3303: 3297: 2896: 2451:United Kingdom (Top 5 Conduit OFC) 2163: 1896:Favourable regulatory environment; 25: 6464:Investigative Committee of Russia 4778:Max de Haldevang (11 June 2018). 4729:"Piercing the Veil of Tax Havens" 4303:) allow promoters to incorporate 4060:) and to treat the financing as " 3975:Exchange control trading vehicles 3655:, on Irish domestic investments. 2716: 2406:Cayman Islands† (Top 10 Sink OFC) 1793:initiatives on common standards, 1012:Global minimum corporate tax rate 7532: 7522: 7521: 6732: 6656:Russian anti-corruption campaign 6646:Anti-austerity movement in Spain 6553:Foreign Extortion Prevention Act 5852:• Jun 12, 2013 • US Corporations 5773: 5743:. New York: St. Martin's Press. 5403:Journal of Economic Perspectives 5247:Journal of Economic Perspectives 4902:10.1111/j.1468-0297.2007.02084.x 4626:"The Missing Profits of Nations" 4405: 4111:have previously been accused of 3918:: Many countries from France to 3818: 2854:base erosion and profit shifting 2448:Switzerland† (Top 5 Conduit OFC) 2439:Netherlands† (Top 5 Conduit OFC) 1828:base erosion and profit shifting 1655: 1643: 477:Base erosion and profit shifting 47: 6733: 6492:Servicio de Vigilancia Aduanera 6353:National Supervisory Commission 5850:Widen tax haven loophole report 5561:"Tax havens and treasure hunts" 5446:"BEPS Project Background Brief" 4193:Pakistan International Airlines 4120:Ship and aircraft registrations 3348:Research into OFCs highlighted 3284:(†) Identified as one of the 5 1754:lists OFCs as a third class of 255:Optimal capital income taxation 6440:Investigation Task Force Sweep 6434:National Accountability Bureau 5906:Corruption in local government 5894:Corruption in different fields 5598:Transfers to defraud creditors 5365:Overseas Development Institute 5164:Congressional Research Service 4690:Zoromé, Ahmed (1 April 2007). 4632:, Working Papers. p. 31. 4514:other financial intermediaries 4306:segregated portfolio companies 4241:Collective investment vehicles 3943:Collective Investment Vehicles 2883:In June 2018, Gabriel Zucman ( 2661:other financial intermediaries 2445:Singapore† (Top 5 Conduit OFC) 2341:St. Vincent and the Grenadines 1335:List of countries by tax rates 1: 6548:Foreign Corrupt Practices Act 6446:Central Anticorruption Bureau 5356:Paddy Carter (October 2017). 4553:, and the Cayman Islands SPC. 4283:limitations on the amount of 4269:collective investment schemes 4134:Commercial ships register in 4032:Alternative Investment Market 4016:Stock market listing vehicles 3425:Central Bank Financial Assets 2647:FSF 2018 Shadow Bank OFC list 2430:Luxembourg† (Top 10 Sink OFC) 760:Natural resources consumption 6608:OECD Anti-Bribery Convention 6598:International asset recovery 6382:Central Vigilance Commission 5937:Corruption Perceptions Index 4634:Appendix Table 2: Tax Havens 4386:United States as a tax haven 3669:including investment funds, 2487:International Finance Centre 2436:Mauritius† (Top 10 Sink OFC) 2418:Ireland† (Top 5 Conduit OFC) 2415:Hong Kong† (Top 10 Sink OFC) 2131:CORPNET's lists of top five 2006:Tax haven § Definitions 1899:Low or zero-taxation scheme; 1764:During April–June 2000, the 610:United States as a tax haven 27:Corporate-focused tax havens 6789:Environmental globalization 6764:Anti-globalization movement 6666:2017–2019 Romanian protests 5523:Journal of Public Economics 5455:. January 2017. p. 9. 4841:International Monetary Fund 4701:International Monetary Fund 4562:From 2010, Hines stated in 4423:International Monetary Fund 4275:. The market leader is the 4068:transactions (particularly 3838:. The specific problem is: 3688:Securitisation transactions 3375:§ Regulatory clampdown 2713:International Monetary Fund 1770:International Monetary Fund 7621: 6937:Offshore financial centres 6671:2017–2018 Russian protests 6303:Transparency International 6278:Global Financial Integrity 5786:offshore financial centre 5117:. 5 March 2018. p. 30 5033:10.1038/s41598-017-06322-9 4703:. IMF Working Paper 07/87. 4484:offshore financial centres 4332:has 301. By contrast, the 4316: 4259:are the market leaders in 4244: 4206: 4123: 3891:, see the English case of 3834:to meet Knowledge (XXG)'s 3691: 3621: 3317: 3270:(*) One of the largest 10 2771: 2403:Bermuda† (Top 10 Sink OFC) 2038: 2003: 1972:for the above definition: 1858:, SGX Centre, Singapore. 524:Offshore financial centres 414:Repatriation tax avoidance 18:Offshore financial centres 7570:Foreign direct investment 7517: 6723: 6631:2011 Azerbaijani protests 6108:Offshore financial centre 5911:Interest group corruption 5812:IMF's 2000 report on OFCs 5739:Bullough, Oliver (2022). 5193:Paris School of Economics 5115:Financial Stability Forum 4816:Financial Stability Forum 4419:Financial Stability Forum 3379:Financial Stability Forum 2871:"). In August 2016, the 2653:Financial Stability Forum 2424:Jersey† (Top 10 Sink OFC) 2409:Cyprus† (Top 10 Sink OFC) 2141:Hines 2010 tax haven list 1909:Financial Stability Forum 1880:offshore financial centre 1830:("BEPS") tools (e.g. the 1766:Financial Stability Forum 1724:Financial Stability Forum 1713:offshore financial centre 989:Financial transaction tax 79:Property tax equalization 6779:Democratic globalization 6573:Whistleblower protection 6061:Cryptocurrency and crime 5822:14 November 2019 at the 5681:. London. Archived from 5653:HSBC Insurance Solutions 4512:The FSF loosely defines 4040:Singapore Stock Exchange 4036:Hong Kong Stock Exchange 3707:special purpose vehicles 3682:special purpose vehicles 3410:OFI (Shadow Bank) Assets 2725:World Development Report 2433:Malta† (Top 10 Sink OFC) 2344:Turks and Caicos Islands 1340:Tax revenue to GDP ratio 999:Currency transaction tax 580:Liechtenstein tax affair 7565:Corporate tax avoidance 7061:Investor-state disputes 7014:Illicit financial flows 6858:Political globalization 6806:Global financial system 5942:Economics of corruption 5594:insolvency practitioner 5475:The Wall Street Journal 5142:. g20.org. 2 April 2009 4066:asset-backed securities 3922:(and the U.S. state of 3894:Adams v Cape Industries 3420:Public Financial Assets 3324:Financial Secrecy Index 2082:University of Amsterdam 1047:Permanent establishment 1042:Exchange of Information 545:Financial Secrecy Index 196:Medical savings account 7605:Taxation-related lists 7590:Special economic zones 7580:International taxation 7402:Christopher Chase-Dunn 7170:Primitive accumulation 6853:Military globalization 6784:Economic globalization 6769:Cultural globalization 6568:UK Bribery Act of 2010 6324:Oficina Anticorrupción 6073:Noble cause corruption 5930:Measures of corruption 5280:. CCH, Wolters Kluer. 5256:Table 1: 52 Tax Havens 4858:"IDEAS/RePEc Database" 4356:Ireland as a tax haven 4334:British Virgin Islands 4293:British Virgin Islands 4264: 4147: 4046:Trade finance vehicles 4002:Joint venture vehicles 3997: 3885:Asset holding vehicles 3792: 3771: 3727:Irish Section 110 SPVs 3653:Irish Section 110 SPVs 3430:Total Financial Assets 3394: 3340: 3308:pass through economies 3302:(⹋) Identified on the 3296:(Δ) Identified on the 2904:pass-through economies 2824:Favourable regulations 2798: 2727:on the future of work 2699: 2696:HM Revenue and Customs 2540:British Virgin Islands 2490: 2477:pass through economies 2278:British Virgin Islands 2160: 2073: 2061: 1995: 1966: 1936: 1870: 1859: 1823: 1708: 942:Vehicle miles traveled 561:Ireland as a tax haven 375:Private tax collection 6298:Mo Ibrahim Foundation 6078:Professional courtesy 6041:Honest services fraud 4254: 4133: 3992: 3926:) continue to employ 3715:Bankruptcy remoteness 3671:intellectual property 3405:Bank Financial Assets 3331: 2893:Conduit and Sink OFCs 2861:intellectual property 2795:Revenue Commissioners 2781: 2694: 2665:§ Shadow banking 2657:Global Shadow Banking 2485: 2101:Conduit and Sink OFCs 2067: 2048: 2041:Conduit and Sink OFCs 2035:Conduit and Sink OFCs 1878:The definition of an 1865: 1854: 1818: 1795:regulatory compliance 1703: 615:Panama as a tax haven 567:Ireland v. Commission 535:Conduit and sink OFCs 530:Offshore magic circle 451:Unreported employment 7467:Immanuel Wallerstein 7128:Capital accumulation 6994:Endangered languages 6262:Institutions dealing 5996:Conflict of interest 5921:Political corruption 5417:10.1257/jep.28.4.121 4889:The Economic Journal 4785:Quartz (publication) 4699:(Technical report). 4474:As discussed in the 4126:Flags of convenience 4113:transferring profits 3845:improve this section 3786:The Economic Journal 3306:of 8 major OFCs, or 3304:§ IMF 2018 list 3298:§ IMF 2007 list 2899:of OFCs had become. 2897:§ IMF 2007 list 2869:Leprechaun economics 2839:private equity funds 2317:Netherlands Antilles 2164:§ IMF 2007 list 2116:corporate tax havens 1990:The Economic Journal 1867:Dutch Stock Exchange 1611:United Arab Emirates 1353:Individual Countries 1062:Foreign revenue rule 854:Inheritance (estate) 573:Leprechaun economics 7539:Business portal 7098:Transnational crime 7004:Forced displacement 6989:Economic inequality 6863:Trade globalization 6759:Alter-globalization 6103:Offshore investment 5840:Tax Justice Network 5685:on 31 October 2006. 5679:The Daily Telegraph 5374:on 5 September 2018 5077:. 25 September 2017 5024:2017NatSR...7.6246G 4932:Tax Justice Network 4764:. 7 September 2017. 4361:Market manipulation 4346:Corporate tax haven 4082:Market manipulation 3737:Promotion of growth 3398: 3337:Banking Law of 1934 2911: 2717:§ Focus on tax 2499: 2335:St. Kitts and Nevis 2266:Antigua and Barbuda 1650:Business portal 1345:Tax rates in Europe 1215:Tax Justice Network 1161:Dhammika Dharmapala 664:Airport improvement 472:Transfer mispricing 263:Distribution of Tax 35:Part of a series on 7585:Offshore companies 7312:Andre Gunder Frank 7086:Race to the bottom 7076:North–South divide 6794:Global citizenship 6504:Warioba Commission 6442:(Papua New Guinea) 6186:Regulatory capture 5991:Commercial bribery 5828:David Cay Johnston 5817:Lax Little Islands 5783:has a profile for 5657:XL Capital Limited 5637:. 12 October 2003. 5635:The Times of India 5340:10.1093/qje/qjt012 5242:"Treasure Islands" 5238:James R. Hines Jr. 5002:Scientific Reports 4896:(523): 1310–1335. 4406:§ Definitions 4265: 4148: 4076:Creditor avoidance 3998: 3789:, (September 2007) 3766:James R. Hines Jr. 3664:Better regulations 3396: 3341: 3276:James R. Hines Jr. 2909: 2895:, and the largest 2889:largest tax havens 2867:" BEPS tool (see " 2818:The third reason, 2799: 2700: 2519:Global Shadow Bank 2493: 2491: 2080:In July 2017, the 2074: 2062: 2000:Link to tax havens 1992:, (September 2007) 1871: 1860: 1856:Singapore Exchange 1824: 1820:Spuerkeess Bank HQ 1709: 1251:Eight per thousand 1166:James R. Hines Jr. 1057:European Union FTT 74:Government revenue 7547: 7546: 7513: 7512: 7372:K. Anthony Appiah 7367:Daniele Archibugi 7116: 7115: 6905:COVID-19 pandemic 6811:Global governance 6683: 6682: 6679: 6678: 6519: 6518: 6257: 6256: 6234:Election security 6181:Political scandal 5916:Police corruption 5789: 5569:. 11 April 2011. 4655:Irish Independent 4392:Explanatory notes 4215:captive insurance 4209:Captive insurance 4185:security interest 4062:off-balance-sheet 3873: 3872: 3865: 3836:quality standards 3827:This section may 3731:financial centres 3719:financial centres 3711:Orphan structures 3678:financial centres 3615: 3614: 3268: 3267: 2875:for abuse of the 2797:in 1991 and 2007. 2637: 2636: 2627:Top 5 Conduit OFC 2613:Top 5 Conduit OFC 2585:Top 5 Conduit OFC 2245:Malaysia (Labuan) 2180:FSF–IMF 2000 list 1698: 1697: 1633: 1632: 1229: 1228: 1221:Tax Policy Center 964:Negative (income) 740:Environmental tax 622: 621: 540:Financial centres 360:Tax investigation 298: 297: 166:Tax harmonization 16:(Redirected from 7612: 7560:Offshore finance 7537: 7536: 7525: 7524: 7478: 7387:Jean Baudrillard 7355: 7302:Giovanni Arrighi 7290: 7247:Branko Milanović 7227:Jagdish Bhagwati 7205: 7200: 7091:pollution havens 7056:Invasive species 6960: 6881: 6876: 6826:Global workforce 6736: 6735: 6710: 6703: 6696: 6687: 6530: 6268: 6249:Vote suppression 6136:Crony capitalism 6066:Hawala and crime 6056:Money laundering 6036:Graft (politics) 6016:Confidence trick 5957: 5951:Forms or aspects 5880: 5873: 5866: 5857: 5787: 5777: 5776: 5762: 5727: 5724: 5718: 5715: 5709: 5708: 5706: 5704: 5693: 5687: 5686: 5670: 5664: 5645: 5639: 5638: 5627: 5621: 5620: 5608: 5602: 5590: 5584: 5581: 5575: 5574: 5557: 5551: 5550: 5538: 5532: 5531: 5519: 5507: 5501: 5500: 5488: 5482: 5481: 5477:. 10 June 2018. 5467: 5461: 5460: 5450: 5442: 5436: 5435: 5428: 5422: 5421: 5419: 5390: 5384: 5383: 5381: 5379: 5373: 5367:. Archived from 5362: 5353: 5347: 5346: 5333: 5324:(3): 1321–1364. 5313: 5301: 5295: 5294: 5279: 5268: 5259: 5258: 5234: 5223: 5222: 5220: 5218: 5213:. 30 August 2016 5203: 5197: 5196: 5190: 5181: 5172: 5171: 5161: 5152: 5143: 5137: 5131: 5130: 5124: 5122: 5112: 5104: 5087: 5086: 5084: 5082: 5067: 5056: 5055: 5045: 5035: 5017: 4993: 4974: 4973: 4966: 4957: 4956: 4949: 4943: 4942: 4929: 4920: 4914: 4913: 4885: 4876: 4865: 4864: 4854: 4845: 4844: 4833: 4820: 4819: 4813: 4805: 4794: 4793: 4775: 4766: 4765: 4754: 4745: 4744: 4724: 4705: 4704: 4698: 4687: 4660: 4659: 4646: 4637: 4636: 4618: 4599: 4598: 4594:. 13 June 2018. 4584: 4568: 4564:Treasure Islands 4560: 4554: 4543: 4534: 4527: 4518: 4510: 4499: 4496: 4487: 4472: 4463: 4459: 4450: 4447: 4441: 4437: 4426: 4415: 4409: 4402: 4351:Financial centre 4261:offshore funding 4176:emerging markets 4136:Central American 4050:orphan structure 3982:exchange control 3909:exchange control 3901:Asset protection 3876:Legal structures 3868: 3861: 3857: 3854: 3848: 3822: 3821: 3814: 3790: 3769: 3634:offshore capital 3399: 3392: 3314:Finance services 2912: 2833:In August 2013, 2738:money laundering 2514:Global Tax Haven 2500: 2305:Marshall Islands 2158: 1993: 1964: 1934: 1921:financial centre 1779:capital controls 1775:foreign exchange 1756:financial centre 1690: 1683: 1676: 1662:Money portal 1660: 1659: 1658: 1648: 1647: 1324: 1145: 1052:Transfer pricing 1032:Tax equalization 1006: 949:Corporate profit 585:Luxembourg Leaks 519:Corporate havens 398: 214: 51: 32: 21: 7620: 7619: 7615: 7614: 7613: 7611: 7610: 7609: 7550: 7549: 7548: 7543: 7531: 7509: 7490:Thomas Friedman 7476: 7471: 7422:Anthony Giddens 7397:Manuel Castells 7362:Arjun Appadurai 7353: 7351: 7346: 7288: 7286: 7281: 7277:Joseph Stiglitz 7217:Richard Baldwin 7203: 7195: 7189: 7148:Fiscal localism 7112: 7066:McDonaldization 6984:Development aid 6958: 6953: 6922:Multilingualism 6917:Labor arbitrage 6893:Climate justice 6879: 6867: 6821:Global politics 6774:Deglobalization 6747: 6719: 6714: 6684: 6675: 6623: 6617: 6585: 6583: 6577: 6534: 6525:Anti-corruption 6515: 6312: 6264:with corruption 6263: 6253: 6229:Electoral fraud 6224:Ballot stuffing 6212: 6114: 5952: 5946: 5925: 5901:Corporate crime 5889: 5884: 5824:Wayback Machine 5795: 5794: 5793: 5778: 5774: 5769: 5751: 5738: 5735: 5733:Further reading 5730: 5725: 5721: 5716: 5712: 5702: 5700: 5695: 5694: 5690: 5672: 5671: 5667: 5646: 5642: 5629: 5628: 5624: 5610: 5609: 5605: 5591: 5587: 5582: 5578: 5559: 5558: 5554: 5540: 5539: 5535: 5517: 5509: 5508: 5504: 5490: 5489: 5485: 5469: 5468: 5464: 5448: 5444: 5443: 5439: 5430: 5429: 5425: 5396:(August 2014). 5392: 5391: 5387: 5377: 5375: 5371: 5360: 5355: 5354: 5350: 5331:10.1.1.371.3828 5311: 5307:(August 2013). 5303: 5302: 5298: 5288: 5277: 5270: 5269: 5262: 5254:(24): 103–125. 5236: 5235: 5226: 5216: 5214: 5205: 5204: 5200: 5188: 5183: 5182: 5175: 5159: 5154: 5153: 5146: 5138: 5134: 5120: 5118: 5110: 5106: 5105: 5090: 5080: 5078: 5069: 5068: 5059: 4995: 4994: 4977: 4968: 4967: 4960: 4951: 4950: 4946: 4927: 4922: 4921: 4917: 4883: 4878: 4877: 4868: 4856: 4855: 4848: 4843:. 23 June 2000. 4835: 4834: 4823: 4818:. 5 April 2000. 4811: 4807: 4806: 4797: 4777: 4776: 4769: 4756: 4755: 4748: 4726: 4725: 4708: 4696: 4689: 4688: 4663: 4658:. 6 March 2018. 4648: 4647: 4640: 4620: 4619: 4602: 4586: 4585: 4581: 4577: 4572: 4571: 4561: 4557: 4544: 4537: 4528: 4521: 4511: 4502: 4497: 4490: 4473: 4466: 4460: 4453: 4448: 4444: 4438: 4429: 4416: 4412: 4403: 4399: 4394: 4376:Paradise Papers 4342: 4321: 4315: 4249: 4243: 4211: 4205: 4128: 4122: 4105:GlaxoSmithKline 4070:securitisations 4058:syndicated loan 4056:or by way of a 3928:forced heirship 3878: 3869: 3858: 3852: 3849: 3842: 3823: 3819: 3812: 3791: 3782: 3770: 3764: 3739: 3696: 3690: 3666: 3661: 3626: 3620: 3431: 3426: 3421: 3416: 3411: 3406: 3393: 3390: 3346: 3333:Banking secrecy 3326: 3320:Banking secrecy 3318:Main articles: 3316: 3301: 3295: 3289: 3283: 3280:Hines 2010 List 3066:Netherlands*†Δ⹋ 2956: 2951: 2947:Shifted ($ bn) 2946: 2942:Foreign ($ bn) 2941: 2934: 2928:Profits ($ bn) 2927: 2923:Profit Shifted 2922: 2918: 2916: 2816: 2776: 2770: 2763: 2711:(FATF) and the 2689: 2687:Countermeasures 2684: 2649: 2642: 2640: 2557:Top 10 Sink OFC 2554:Cayman Islands† 2520: 2515: 2510: 2506: 2504: 2473: 2466: 2464: 2461: 2460: 2386: 2378: 2351: 2350: 2254: 2218: 2182: 2175: 2159: 2156: 2135:, and top five 2119: 2043: 2037: 2025:banking secrecy 2008: 2002: 1994: 1987: 1965: 1962: 1952: 1935: 1932: 1905: 1876: 1874:Core definition 1849: 1694: 1656: 1654: 1642: 1635: 1634: 1321: 1311: 1310: 1266:Fiscus Judaicus 1241: 1231: 1230: 1189:Advocacy groups 1142: 1134: 1133: 1124:Trade agreement 1119:Free-trade zone 1077: 1067: 1066: 1004: 984: 974: 973: 634: 624: 623: 595:Paradise Papers 436:Debtors' prison 395: 385: 384: 355:Tax preparation 315:Revenue service 310: 300: 299: 211: 201: 200: 181:Double taxation 176:Tax withholding 171:Tax competition 89:Non-tax revenue 69: 28: 23: 22: 15: 12: 11: 5: 7618: 7616: 7608: 7607: 7602: 7597: 7592: 7587: 7582: 7577: 7572: 7567: 7562: 7552: 7551: 7545: 7544: 7542: 7541: 7529: 7518: 7515: 7514: 7511: 7510: 7508: 7507: 7502: 7497: 7492: 7487: 7481: 7479: 7473: 7472: 7470: 7469: 7464: 7459: 7454: 7449: 7444: 7439: 7434: 7429: 7424: 7419: 7414: 7409: 7404: 7399: 7394: 7392:Zygmunt Bauman 7389: 7384: 7379: 7374: 7369: 7364: 7358: 7356: 7348: 7347: 7345: 7344: 7339: 7334: 7329: 7324: 7319: 7314: 7309: 7304: 7299: 7293: 7291: 7283: 7282: 7280: 7279: 7274: 7269: 7264: 7259: 7257:Thomas Piketty 7254: 7252:Kevin O'Rourke 7249: 7244: 7242:Michael Hudson 7239: 7234: 7232:Robert Brenner 7229: 7224: 7219: 7214: 7208: 7206: 7197: 7191: 7190: 7188: 7187: 7182: 7177: 7172: 7167: 7166: 7165: 7160: 7150: 7145: 7140: 7135: 7130: 7124: 7122: 7118: 7117: 7114: 7113: 7111: 7110: 7105: 7103:Westernization 7100: 7095: 7094: 7093: 7083: 7078: 7073: 7068: 7063: 7058: 7053: 7052: 7051: 7046: 7041: 7036: 7031: 7026: 7016: 7011: 7006: 7001: 6996: 6991: 6986: 6981: 6976: 6975: 6974: 6963: 6961: 6955: 6954: 6952: 6951: 6946: 6945: 6944: 6942:Tax inversions 6939: 6929: 6924: 6919: 6914: 6912:Digital divide 6909: 6908: 6907: 6897: 6896: 6895: 6888:Climate change 6884: 6882: 6873: 6869: 6868: 6866: 6865: 6860: 6855: 6850: 6849: 6848: 6843: 6833: 6828: 6823: 6818: 6813: 6808: 6803: 6802: 6801: 6791: 6786: 6781: 6776: 6771: 6766: 6761: 6755: 6753: 6749: 6748: 6746: 6745: 6740: 6730: 6724: 6721: 6720: 6715: 6713: 6712: 6705: 6698: 6690: 6681: 6680: 6677: 6676: 6674: 6673: 6668: 6663: 6658: 6653: 6648: 6643: 6638: 6633: 6627: 6625: 6619: 6618: 6616: 6615: 6610: 6605: 6600: 6595: 6589: 6587: 6579: 6578: 6576: 6575: 6570: 6565: 6560: 6555: 6550: 6545: 6538: 6536: 6527: 6521: 6520: 6517: 6516: 6514: 6513: 6507: 6501: 6495: 6489: 6483: 6478: 6472: 6467: 6461: 6455: 6449: 6443: 6437: 6431: 6425: 6419: 6414: 6408: 6403: 6397: 6391: 6385: 6379: 6374: 6368: 6367: 6366: 6361: 6350: 6344: 6338: 6332: 6327: 6320: 6318: 6314: 6313: 6311: 6310: 6305: 6300: 6295: 6290: 6285: 6283:Global Witness 6280: 6274: 6272: 6265: 6259: 6258: 6255: 6254: 6252: 6251: 6246: 6241: 6239:Gerrymandering 6236: 6231: 6226: 6220: 6218: 6214: 6213: 6211: 6210: 6205: 6200: 6199: 6198: 6188: 6183: 6178: 6173: 6168: 6163: 6158: 6156:Ghost soldiers 6153: 6148: 6143: 6138: 6133: 6128: 6122: 6120: 6116: 6115: 6113: 6112: 6111: 6110: 6105: 6095: 6090: 6085: 6080: 6075: 6070: 6069: 6068: 6063: 6053: 6048: 6043: 6038: 6033: 6028: 6023: 6018: 6013: 6012: 6011: 6006: 5998: 5993: 5988: 5983: 5978: 5969: 5963: 5961: 5954: 5948: 5947: 5945: 5944: 5939: 5933: 5931: 5927: 5926: 5924: 5923: 5918: 5913: 5908: 5903: 5897: 5895: 5891: 5890: 5885: 5883: 5882: 5875: 5868: 5860: 5854: 5853: 5847: 5842: 5837: 5836:, May 13, 2009 5814: 5809: 5801: 5779: 5772: 5771: 5770: 5768: 5767:External links 5765: 5764: 5763: 5749: 5734: 5731: 5729: 5728: 5719: 5710: 5688: 5665: 5640: 5622: 5603: 5585: 5576: 5566:New York Times 5552: 5533: 5502: 5483: 5462: 5437: 5423: 5394:Gabriel Zucman 5385: 5348: 5305:Gabriel Zucman 5296: 5287:978-8184739336 5286: 5260: 5224: 5198: 5173: 5144: 5140:G20 Communiqué 5132: 5088: 5057: 5008:(6246): 6246. 4975: 4958: 4944: 4915: 4866: 4846: 4821: 4795: 4767: 4746: 4706: 4661: 4638: 4622:Gabriel Zucman 4600: 4578: 4576: 4573: 4570: 4569: 4555: 4535: 4519: 4500: 4488: 4464: 4451: 4442: 4427: 4410: 4396: 4395: 4393: 4390: 4389: 4388: 4383: 4378: 4373: 4371:Pandora Papers 4368: 4363: 4358: 4353: 4348: 4341: 4338: 4326:offshore banks 4314: 4311: 4297:Cayman Islands 4277:Cayman Islands 4257:Cayman Islands 4242: 4239: 4204: 4201: 4181:civil aviation 4172:Cayman Islands 4121: 4118: 4117: 4116: 4093: 4079: 4073: 4043: 4013: 3987: 3986: 3972: 3962: 3940: 3913: 3898: 3877: 3874: 3871: 3870: 3853:September 2018 3826: 3824: 3817: 3811: 3808: 3780: 3762: 3738: 3735: 3700:securitisation 3689: 3686: 3665: 3662: 3660: 3657: 3630:securitisation 3619: 3618:Securitisation 3616: 3613: 3612: 3609: 3606: 3604: 3601: 3598: 3595: 3591: 3590: 3587: 3584: 3582: 3579: 3576: 3573: 3569: 3568: 3565: 3562: 3560: 3557: 3554: 3551: 3550:United Kingdom 3547: 3546: 3543: 3540: 3537: 3534: 3531: 3528: 3524: 3523: 3520: 3517: 3515: 3512: 3509: 3506: 3502: 3501: 3498: 3495: 3492: 3489: 3486: 3483: 3479: 3478: 3475: 3472: 3470: 3467: 3464: 3461: 3457: 3456: 3453: 3450: 3447: 3444: 3441: 3438: 3437:Cayman Islands 3434: 3433: 3428: 3423: 3418: 3413: 3408: 3403: 3388: 3350:shadow banking 3345: 3344:Shadow banking 3342: 3315: 3312: 3266: 3265: 3263: 3261: 3258: 3256: 3254: 3252: 3249: 3245: 3244: 3241: 3238: 3235: 3232: 3229: 3226: 3223: 3219: 3218: 3215: 3212: 3209: 3206: 3203: 3200: 3197: 3193: 3192: 3189: 3186: 3183: 3180: 3177: 3174: 3171: 3167: 3166: 3163: 3160: 3157: 3154: 3151: 3148: 3145: 3141: 3140: 3137: 3134: 3131: 3128: 3125: 3122: 3119: 3115: 3114: 3111: 3108: 3105: 3102: 3099: 3096: 3093: 3089: 3088: 3085: 3082: 3079: 3076: 3073: 3070: 3067: 3063: 3062: 3059: 3056: 3053: 3050: 3047: 3044: 3041: 3040:Switzerland*†Δ 3037: 3036: 3033: 3030: 3027: 3024: 3021: 3018: 3015: 3011: 3010: 3007: 3004: 3001: 2998: 2995: 2992: 2989: 2985: 2984: 2981: 2978: 2975: 2972: 2969: 2966: 2963: 2959: 2958: 2957:Gain/Loss (%) 2953: 2948: 2943: 2936: 2929: 2924: 2919: 2891:, the largest 2835:Gabriel Zucman 2815: 2814: 2811: 2808: 2804: 2772:Main article: 2769: 2766: 2762: 2761: 2753: 2745: 2742:FATF Blacklist 2733: 2688: 2685: 2683: 2682: 2679: 2676: 2673: 2669: 2648: 2645: 2635: 2634: 2631: 2628: 2625: 2621: 2620: 2617: 2614: 2611: 2607: 2606: 2603: 2600: 2599:Top 5 Sink OFC 2597: 2593: 2592: 2589: 2586: 2583: 2579: 2578: 2575: 2572: 2571:Top 5 Sink OFC 2569: 2565: 2564: 2561: 2558: 2555: 2551: 2550: 2547: 2544: 2543:Top 5 Sink OFC 2541: 2537: 2536: 2533: 2530: 2529:Top 5 Sink OFC 2527: 2523: 2522: 2517: 2512: 2507: 2505:(alphabetical) 2472: 2469: 2459: 2458: 2455: 2452: 2449: 2446: 2443: 2440: 2437: 2434: 2431: 2428: 2425: 2422: 2419: 2416: 2413: 2410: 2407: 2404: 2401: 2398: 2395: 2391: 2390: 2385: 2382: 2377: 2376: 2370: 2363: 2355: 2349: 2348: 2345: 2342: 2339: 2336: 2333: 2330: 2327: 2324: 2321: 2318: 2315: 2312: 2309: 2306: 2303: 2300: 2297: 2294: 2291: 2288: 2285: 2282: 2281:Cayman Islands 2279: 2276: 2273: 2270: 2267: 2264: 2260: 2257:IMF Group III* 2253: 2252: 2249: 2246: 2243: 2240: 2237: 2234: 2231: 2228: 2224: 2217: 2216: 2213: 2210: 2207: 2204: 2201: 2198: 2195: 2191: 2187: 2181: 2178: 2174: 2171: 2154: 2122: 2121: 2112: 2086:Orbis database 2039:Main article: 2036: 2033: 2004:Main article: 2001: 1998: 1985: 1960: 1951: 1950: 1947: 1944: 1940: 1930: 1904: 1903: 1900: 1897: 1894: 1890: 1875: 1872: 1848: 1845: 1810:securitization 1730:OFCs, such as 1696: 1695: 1693: 1692: 1685: 1678: 1670: 1667: 1666: 1665: 1664: 1652: 1637: 1636: 1631: 1630: 1629: 1628: 1623: 1618: 1616:United Kingdom 1613: 1608: 1603: 1598: 1593: 1588: 1583: 1578: 1573: 1568: 1563: 1558: 1553: 1548: 1543: 1538: 1533: 1528: 1523: 1518: 1513: 1508: 1503: 1498: 1493: 1488: 1483: 1478: 1473: 1468: 1463: 1458: 1453: 1448: 1443: 1438: 1433: 1428: 1423: 1418: 1413: 1408: 1403: 1398: 1393: 1388: 1383: 1378: 1373: 1368: 1363: 1355: 1354: 1350: 1349: 1348: 1347: 1342: 1337: 1329: 1328: 1322: 1317: 1316: 1313: 1312: 1309: 1308: 1303: 1298: 1293: 1288: 1283: 1278: 1273: 1268: 1263: 1258: 1253: 1248: 1242: 1237: 1236: 1233: 1232: 1227: 1226: 1225: 1224: 1218: 1212: 1209:Tax Foundation 1206: 1200: 1191: 1190: 1186: 1185: 1184: 1183: 1181:Gabriel Zucman 1178: 1173: 1168: 1163: 1158: 1156:Mihir A. Desai 1150: 1149: 1143: 1140: 1139: 1136: 1135: 1132: 1131: 1126: 1121: 1116: 1111: 1106: 1105: 1104: 1099: 1089: 1084: 1078: 1073: 1072: 1069: 1068: 1065: 1064: 1059: 1054: 1049: 1044: 1039: 1034: 1029: 1024: 1019: 1017:Robin Hood tax 1014: 1009: 1001: 996: 991: 985: 980: 979: 976: 975: 972: 971: 966: 961: 956: 954:Excess profits 951: 946: 945: 944: 939: 934: 925: 920: 906: 901: 896: 891: 886: 881: 876: 871: 866: 861: 856: 851: 846: 841: 839:Gross receipts 836: 831: 826: 821: 820: 819: 814: 809: 804: 799: 794: 789: 779: 778: 777: 772: 767: 762: 757: 752: 747: 737: 732: 731: 730: 725: 720: 715: 710: 705: 700: 690: 689: 688: 678: 677: 676: 671: 666: 656: 651: 646: 641: 635: 630: 629: 626: 625: 620: 619: 618: 617: 612: 607: 602: 597: 592: 590:Offshore Leaks 587: 582: 577: 576: 575: 570: 555: 554: 553:Major examples 550: 549: 548: 547: 542: 537: 532: 527: 521: 516: 508: 507: 503: 502: 501: 500: 495: 490: 488:Dutch Sandwich 485: 480: 474: 469: 461: 460: 456: 455: 454: 453: 448: 443: 438: 433: 428: 426:Tax resistance 423: 418: 417: 416: 403: 402: 396: 391: 390: 387: 386: 383: 382: 377: 372: 367: 362: 357: 352: 347: 342: 337: 332: 330:Taxable income 327: 325:Tax assessment 322: 317: 311: 306: 305: 302: 301: 296: 295: 294: 293: 288: 283: 278: 273: 265: 264: 260: 259: 258: 257: 252: 247: 242: 237: 232: 227: 219: 218: 217:General Theory 212: 207: 206: 203: 202: 199: 198: 193: 188: 186:Representation 183: 178: 173: 168: 163: 158: 153: 148: 143: 138: 133: 128: 123: 118: 113: 108: 107: 106: 96: 91: 86: 81: 76: 70: 65: 64: 61: 60: 53: 52: 44: 43: 37: 36: 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 7617: 7606: 7603: 7601: 7598: 7596: 7595:Tax avoidance 7593: 7591: 7588: 7586: 7583: 7581: 7578: 7576: 7575:Global issues 7573: 7571: 7568: 7566: 7563: 7561: 7558: 7557: 7555: 7540: 7535: 7530: 7528: 7520: 7519: 7516: 7506: 7505:Vandana Shiva 7503: 7501: 7498: 7496: 7493: 7491: 7488: 7486: 7483: 7482: 7480: 7474: 7468: 7465: 7463: 7460: 7458: 7457:Saskia Sassen 7455: 7453: 7452:George Ritzer 7450: 7448: 7447:Antonio Negri 7445: 7443: 7442:L. H. M. Ling 7440: 7438: 7435: 7433: 7430: 7428: 7427:Michael Hardt 7425: 7423: 7420: 7418: 7415: 7413: 7410: 7408: 7407:Alfred Crosby 7405: 7403: 7400: 7398: 7395: 7393: 7390: 7388: 7385: 7383: 7380: 7378: 7375: 7373: 7370: 7368: 7365: 7363: 7360: 7359: 7357: 7349: 7343: 7340: 7338: 7337:Susan Strange 7335: 7333: 7330: 7328: 7325: 7323: 7320: 7318: 7315: 7313: 7310: 7308: 7307:Robert W. Cox 7305: 7303: 7300: 7298: 7295: 7294: 7292: 7284: 7278: 7275: 7273: 7270: 7268: 7267:Jeffrey Sachs 7265: 7263: 7260: 7258: 7255: 7253: 7250: 7248: 7245: 7243: 7240: 7238: 7235: 7233: 7230: 7228: 7225: 7223: 7220: 7218: 7215: 7213: 7210: 7209: 7207: 7201: 7198: 7192: 7186: 7185:World-systems 7183: 7181: 7180:World history 7178: 7176: 7175:Social change 7173: 7171: 7168: 7164: 7161: 7159: 7156: 7155: 7154: 7153:Modernization 7151: 7149: 7146: 7144: 7141: 7139: 7136: 7134: 7131: 7129: 7126: 7125: 7123: 7119: 7109: 7106: 7104: 7101: 7099: 7096: 7092: 7089: 7088: 7087: 7084: 7082: 7079: 7077: 7074: 7072: 7069: 7067: 7064: 7062: 7059: 7057: 7054: 7050: 7047: 7045: 7042: 7040: 7037: 7035: 7032: 7030: 7027: 7025: 7022: 7021: 7020: 7017: 7015: 7012: 7010: 7007: 7005: 7002: 7000: 6997: 6995: 6992: 6990: 6987: 6985: 6982: 6980: 6977: 6973: 6970: 6969: 6968: 6965: 6964: 6962: 6956: 6950: 6947: 6943: 6940: 6938: 6935: 6934: 6933: 6930: 6928: 6925: 6923: 6920: 6918: 6915: 6913: 6910: 6906: 6903: 6902: 6901: 6898: 6894: 6891: 6890: 6889: 6886: 6885: 6883: 6877: 6874: 6870: 6864: 6861: 6859: 6856: 6854: 6851: 6847: 6844: 6842: 6839: 6838: 6837: 6834: 6832: 6829: 6827: 6824: 6822: 6819: 6817: 6816:Global health 6814: 6812: 6809: 6807: 6804: 6800: 6797: 6796: 6795: 6792: 6790: 6787: 6785: 6782: 6780: 6777: 6775: 6772: 6770: 6767: 6765: 6762: 6760: 6757: 6756: 6754: 6750: 6744: 6741: 6739: 6731: 6729: 6726: 6725: 6722: 6718: 6717:Globalization 6711: 6706: 6704: 6699: 6697: 6692: 6691: 6688: 6672: 6669: 6667: 6664: 6662: 6659: 6657: 6654: 6652: 6649: 6647: 6644: 6642: 6639: 6637: 6634: 6632: 6629: 6628: 6626: 6620: 6614: 6611: 6609: 6606: 6604: 6601: 6599: 6596: 6594: 6591: 6590: 6588: 6582:International 6580: 6574: 6571: 6569: 6566: 6564: 6561: 6559: 6556: 6554: 6551: 6549: 6546: 6543: 6540: 6539: 6537: 6531: 6528: 6526: 6522: 6511: 6508: 6505: 6502: 6499: 6496: 6493: 6490: 6488:(South Korea) 6487: 6484: 6482: 6479: 6476: 6473: 6471: 6468: 6465: 6462: 6459: 6456: 6453: 6450: 6447: 6444: 6441: 6438: 6435: 6432: 6429: 6426: 6423: 6420: 6418: 6415: 6412: 6409: 6407: 6404: 6401: 6398: 6395: 6392: 6389: 6386: 6383: 6380: 6378: 6375: 6372: 6369: 6365: 6362: 6360: 6357: 6356: 6354: 6351: 6348: 6345: 6342: 6339: 6336: 6333: 6331: 6328: 6325: 6322: 6321: 6319: 6315: 6309: 6306: 6304: 6301: 6299: 6296: 6294: 6291: 6289: 6286: 6284: 6281: 6279: 6276: 6275: 6273: 6271:International 6269: 6266: 6260: 6250: 6247: 6245: 6242: 6240: 6237: 6235: 6232: 6230: 6227: 6225: 6222: 6221: 6219: 6215: 6209: 6206: 6204: 6203:State capture 6201: 6197: 6194: 6193: 6192: 6189: 6187: 6184: 6182: 6179: 6177: 6174: 6172: 6169: 6167: 6164: 6162: 6159: 6157: 6154: 6152: 6149: 6147: 6146:Elite capture 6144: 6142: 6139: 6137: 6134: 6132: 6129: 6127: 6124: 6123: 6121: 6117: 6109: 6106: 6104: 6101: 6100: 6099: 6096: 6094: 6091: 6089: 6086: 6084: 6081: 6079: 6076: 6074: 6071: 6067: 6064: 6062: 6059: 6058: 6057: 6054: 6052: 6049: 6047: 6044: 6042: 6039: 6037: 6034: 6032: 6029: 6027: 6024: 6022: 6019: 6017: 6014: 6010: 6007: 6005: 6002: 6001: 5999: 5997: 5994: 5992: 5989: 5987: 5984: 5982: 5979: 5977: 5973: 5970: 5968: 5965: 5964: 5962: 5958: 5955: 5953:of corruption 5949: 5943: 5940: 5938: 5935: 5934: 5932: 5928: 5922: 5919: 5917: 5914: 5912: 5909: 5907: 5904: 5902: 5899: 5898: 5896: 5892: 5888: 5881: 5876: 5874: 5869: 5867: 5862: 5861: 5858: 5851: 5848: 5846: 5843: 5841: 5838: 5835: 5834: 5829: 5825: 5821: 5818: 5815: 5813: 5810: 5808: 5806: 5805:The Economist 5802: 5800: 5797: 5796: 5791: 5790: 5782: 5766: 5760: 5756: 5752: 5750:9781250281920 5746: 5742: 5737: 5736: 5732: 5723: 5720: 5714: 5711: 5698: 5692: 5689: 5684: 5680: 5676: 5669: 5666: 5662: 5658: 5654: 5650: 5644: 5641: 5636: 5632: 5626: 5623: 5618: 5614: 5607: 5604: 5599: 5595: 5589: 5586: 5580: 5577: 5573: 5568: 5567: 5562: 5556: 5553: 5548: 5544: 5537: 5534: 5530: 5525: 5524: 5516: 5512: 5506: 5503: 5498: 5497:Bloomberg.com 5494: 5487: 5484: 5480: 5476: 5472: 5466: 5463: 5459: 5454: 5447: 5441: 5438: 5433: 5427: 5424: 5418: 5413: 5410:(4): 121–48. 5409: 5405: 5404: 5399: 5395: 5389: 5386: 5370: 5366: 5359: 5352: 5349: 5345: 5341: 5337: 5332: 5327: 5323: 5319: 5318: 5310: 5306: 5300: 5297: 5293: 5289: 5283: 5276: 5275: 5267: 5265: 5261: 5257: 5253: 5249: 5248: 5243: 5239: 5233: 5231: 5229: 5225: 5212: 5208: 5202: 5199: 5194: 5187: 5180: 5178: 5174: 5170: 5166:. p. 7. 5165: 5158: 5151: 5149: 5145: 5141: 5136: 5133: 5129: 5116: 5109: 5103: 5101: 5099: 5097: 5095: 5093: 5089: 5076: 5072: 5066: 5064: 5062: 5058: 5053: 5049: 5044: 5039: 5034: 5029: 5025: 5021: 5016: 5011: 5007: 5003: 4999: 4992: 4990: 4988: 4986: 4984: 4982: 4980: 4976: 4971: 4965: 4963: 4959: 4954: 4953:"An Ill Wind" 4948: 4945: 4941: 4937: 4933: 4926: 4919: 4916: 4911: 4907: 4903: 4899: 4895: 4891: 4890: 4882: 4875: 4873: 4871: 4867: 4863: 4859: 4853: 4851: 4847: 4842: 4838: 4832: 4830: 4828: 4826: 4822: 4817: 4810: 4804: 4802: 4800: 4796: 4792: 4787: 4786: 4781: 4774: 4772: 4768: 4763: 4759: 4753: 4751: 4747: 4743: 4738: 4734: 4730: 4723: 4721: 4719: 4717: 4715: 4713: 4711: 4707: 4702: 4695: 4694: 4686: 4684: 4682: 4680: 4678: 4676: 4674: 4672: 4670: 4668: 4666: 4662: 4657: 4656: 4651: 4645: 4643: 4639: 4635: 4631: 4627: 4623: 4617: 4615: 4613: 4611: 4609: 4607: 4605: 4601: 4597: 4593: 4589: 4583: 4580: 4574: 4565: 4559: 4556: 4552: 4547: 4542: 4540: 4536: 4532: 4526: 4524: 4520: 4515: 4509: 4507: 4505: 4501: 4495: 4493: 4489: 4485: 4481: 4477: 4471: 4469: 4465: 4458: 4456: 4452: 4446: 4443: 4436: 4434: 4432: 4428: 4424: 4420: 4414: 4411: 4407: 4401: 4398: 4391: 4387: 4384: 4382: 4379: 4377: 4374: 4372: 4369: 4367: 4366:Panama Papers 4364: 4362: 4359: 4357: 4354: 4352: 4349: 4347: 4344: 4343: 4339: 4337: 4335: 4331: 4327: 4320: 4319:Offshore bank 4312: 4310: 4308: 4307: 4302: 4298: 4294: 4290: 4286: 4280: 4278: 4274: 4270: 4262: 4258: 4253: 4248: 4247:Offshore fund 4240: 4238: 4236: 4232: 4227: 4225: 4220: 4216: 4210: 4202: 4200: 4198: 4194: 4189: 4186: 4182: 4177: 4173: 4169: 4165: 4161: 4157: 4153: 4145: 4141: 4137: 4132: 4127: 4119: 4114: 4110: 4106: 4101: 4097: 4094: 4091: 4087: 4083: 4080: 4077: 4074: 4071: 4067: 4063: 4059: 4055: 4051: 4047: 4044: 4041: 4037: 4033: 4029: 4025: 4024:corporate law 4021: 4017: 4014: 4011: 4007: 4006:joint venture 4003: 4000: 3999: 3995: 3991: 3983: 3979: 3978: 3973: 3970: 3966: 3963: 3960: 3956: 3952: 3948: 3944: 3941: 3938: 3934: 3929: 3925: 3921: 3917: 3914: 3910: 3906: 3905:expropriation 3902: 3899: 3896: 3895: 3890: 3886: 3883: 3882: 3881: 3875: 3867: 3864: 3856: 3846: 3841: 3837: 3833: 3832: 3825: 3816: 3815: 3809: 3807: 3804: 3802: 3798: 3788: 3787: 3779: 3774: 3767: 3761: 3756: 3753: 3749: 3745: 3736: 3734: 3732: 3728: 3724: 3720: 3716: 3712: 3708: 3705: 3701: 3695: 3687: 3685: 3683: 3679: 3674: 3672: 3663: 3658: 3656: 3654: 3650: 3645: 3640: 3639:legal conduit 3635: 3631: 3625: 3617: 3610: 3607: 3605: 3602: 3599: 3596: 3593: 3592: 3588: 3585: 3583: 3580: 3577: 3574: 3571: 3570: 3566: 3563: 3561: 3558: 3555: 3552: 3549: 3548: 3544: 3541: 3538: 3535: 3532: 3529: 3526: 3525: 3521: 3518: 3516: 3513: 3510: 3507: 3504: 3503: 3499: 3496: 3493: 3490: 3487: 3484: 3481: 3480: 3476: 3473: 3471: 3468: 3465: 3462: 3459: 3458: 3454: 3451: 3448: 3445: 3442: 3439: 3436: 3435: 3429: 3424: 3419: 3414: 3409: 3404: 3401: 3400: 3387: 3382: 3380: 3376: 3372: 3368: 3363: 3359: 3355: 3351: 3343: 3338: 3334: 3330: 3325: 3321: 3313: 3311: 3309: 3305: 3299: 3293: 3287: 3281: 3278:in 2010 (the 3277: 3273: 3264: 3262: 3259: 3257: 3255: 3253: 3250: 3247: 3246: 3242: 3239: 3236: 3233: 3230: 3227: 3224: 3221: 3220: 3216: 3213: 3210: 3207: 3204: 3201: 3198: 3195: 3194: 3190: 3187: 3184: 3181: 3178: 3175: 3172: 3169: 3168: 3164: 3161: 3158: 3155: 3152: 3149: 3146: 3144:Hong Kong*‡Δ⹋ 3143: 3142: 3138: 3135: 3132: 3129: 3126: 3123: 3120: 3117: 3116: 3112: 3109: 3106: 3103: 3100: 3097: 3094: 3092:Luxembourg*Δ⹋ 3091: 3090: 3086: 3083: 3080: 3077: 3074: 3071: 3068: 3065: 3064: 3060: 3057: 3054: 3051: 3048: 3045: 3042: 3039: 3038: 3034: 3031: 3028: 3025: 3022: 3019: 3016: 3014:Singapore*†Δ⹋ 3013: 3012: 3008: 3005: 3002: 2999: 2996: 2993: 2990: 2988:Caribbean*‡Δ⹋ 2987: 2986: 2982: 2979: 2976: 2973: 2970: 2967: 2964: 2961: 2960: 2954: 2952:Tax Rate (%) 2949: 2944: 2940: 2937: 2935:Local ($ bn) 2933: 2930: 2925: 2920: 2914: 2913: 2907: 2905: 2900: 2898: 2894: 2890: 2886: 2881: 2878: 2874: 2870: 2866: 2862: 2857: 2855: 2850: 2847: 2844: 2840: 2836: 2831: 2827: 2825: 2821: 2812: 2809: 2806: 2805: 2803: 2796: 2792: 2788: 2785: 2780: 2775: 2767: 2765: 2759: 2754: 2750: 2746: 2743: 2739: 2735: 2734: 2732: 2730: 2726: 2722: 2718: 2714: 2710: 2706: 2697: 2693: 2686: 2680: 2677: 2674: 2671: 2670: 2668: 2666: 2662: 2658: 2654: 2646: 2644: 2632: 2629: 2626: 2623: 2622: 2618: 2615: 2612: 2609: 2608: 2604: 2601: 2598: 2595: 2594: 2590: 2587: 2584: 2581: 2580: 2576: 2573: 2570: 2567: 2566: 2562: 2559: 2556: 2553: 2552: 2548: 2545: 2542: 2539: 2538: 2534: 2531: 2528: 2525: 2524: 2518: 2516:BEPS Ranking 2513: 2508: 2503:IMF Major OFC 2502: 2501: 2497: 2488: 2484: 2480: 2478: 2471:IMF 2018 list 2470: 2468: 2456: 2453: 2450: 2447: 2444: 2441: 2438: 2435: 2432: 2429: 2426: 2423: 2420: 2417: 2414: 2411: 2408: 2405: 2402: 2399: 2396: 2393: 2392: 2389: 2384:IMF 2007 list 2383: 2381: 2375: 2371: 2368: 2364: 2361: 2357: 2356: 2354: 2346: 2343: 2340: 2337: 2334: 2331: 2328: 2325: 2322: 2319: 2316: 2313: 2310: 2307: 2304: 2302:Liechtenstein 2301: 2298: 2295: 2292: 2289: 2286: 2283: 2280: 2277: 2274: 2271: 2268: 2265: 2262: 2261: 2259: 2258: 2250: 2247: 2244: 2241: 2238: 2235: 2232: 2229: 2226: 2225: 2223: 2222: 2221:IMF Group II* 2214: 2211: 2208: 2205: 2202: 2199: 2196: 2193: 2192: 2190: 2186: 2179: 2177: 2172: 2170: 2168: 2165: 2153: 2152:environments. 2148: 2146: 2142: 2138: 2134: 2129: 2127: 2117: 2113: 2110: 2106: 2105: 2104: 2102: 2097: 2095: 2091: 2087: 2083: 2078: 2071: 2066: 2059: 2055: 2051: 2047: 2042: 2034: 2032: 2028: 2026: 2021: 2016: 2013: 2007: 1999: 1997: 1991: 1984: 1980: 1977: 1975: 1971: 1959: 1955: 1948: 1945: 1942: 1941: 1939: 1929: 1924: 1922: 1916: 1915: 1910: 1901: 1898: 1895: 1892: 1891: 1889: 1886: 1881: 1873: 1868: 1864: 1857: 1853: 1846: 1844: 1842: 1837: 1836:study in 2017 1833: 1829: 1821: 1817: 1813: 1811: 1807: 1802: 1798: 1796: 1792: 1788: 1784: 1780: 1776: 1771: 1767: 1762: 1759: 1757: 1753: 1749: 1745: 1741: 1737: 1733: 1729: 1725: 1720: 1718: 1714: 1706: 1702: 1691: 1686: 1684: 1679: 1677: 1672: 1671: 1669: 1668: 1663: 1653: 1651: 1646: 1641: 1640: 1639: 1638: 1627: 1624: 1622: 1621:United States 1619: 1617: 1614: 1612: 1609: 1607: 1604: 1602: 1599: 1597: 1594: 1592: 1589: 1587: 1584: 1582: 1579: 1577: 1574: 1572: 1569: 1567: 1564: 1562: 1559: 1557: 1554: 1552: 1549: 1547: 1544: 1542: 1539: 1537: 1534: 1532: 1529: 1527: 1524: 1522: 1519: 1517: 1514: 1512: 1509: 1507: 1504: 1502: 1499: 1497: 1494: 1492: 1489: 1487: 1484: 1482: 1479: 1477: 1474: 1472: 1469: 1467: 1464: 1462: 1459: 1457: 1454: 1452: 1449: 1447: 1444: 1442: 1439: 1437: 1434: 1432: 1429: 1427: 1424: 1422: 1419: 1417: 1414: 1412: 1409: 1407: 1404: 1402: 1399: 1397: 1394: 1392: 1389: 1387: 1384: 1382: 1379: 1377: 1374: 1372: 1369: 1367: 1364: 1362: 1359: 1358: 1357: 1356: 1351: 1346: 1343: 1341: 1338: 1336: 1333: 1332: 1331: 1330: 1327:All Countries 1325: 1320: 1315: 1314: 1307: 1304: 1302: 1299: 1297: 1294: 1292: 1289: 1287: 1284: 1282: 1281:Tolerance tax 1279: 1277: 1274: 1272: 1269: 1267: 1264: 1262: 1259: 1257: 1254: 1252: 1249: 1247: 1244: 1243: 1240: 1235: 1234: 1222: 1219: 1216: 1213: 1210: 1207: 1204: 1201: 1198: 1195: 1194: 1193: 1192: 1187: 1182: 1179: 1177: 1174: 1172: 1169: 1167: 1164: 1162: 1159: 1157: 1154: 1153: 1152: 1151: 1146: 1138: 1137: 1130: 1127: 1125: 1122: 1120: 1117: 1115: 1112: 1110: 1107: 1103: 1100: 1098: 1095: 1094: 1093: 1090: 1088: 1085: 1083: 1080: 1079: 1076: 1071: 1070: 1063: 1060: 1058: 1055: 1053: 1050: 1048: 1045: 1043: 1040: 1038: 1035: 1033: 1030: 1028: 1025: 1023: 1020: 1018: 1015: 1013: 1010: 1007: 1002: 1000: 997: 995: 992: 990: 987: 986: 983: 982:International 978: 977: 970: 967: 965: 962: 960: 957: 955: 952: 950: 947: 943: 940: 938: 935: 933: 929: 926: 924: 921: 919: 916: 915: 914: 910: 907: 905: 902: 900: 897: 895: 892: 890: 887: 885: 884:Resource rent 882: 880: 877: 875: 872: 870: 867: 865: 862: 860: 857: 855: 852: 850: 847: 845: 842: 840: 837: 835: 832: 830: 827: 825: 822: 818: 815: 813: 810: 808: 805: 803: 800: 798: 795: 793: 790: 788: 785: 784: 783: 780: 776: 773: 771: 768: 766: 763: 761: 758: 756: 753: 751: 748: 746: 743: 742: 741: 738: 736: 733: 729: 726: 724: 721: 719: 716: 714: 711: 709: 706: 704: 701: 699: 696: 695: 694: 691: 687: 684: 683: 682: 681:Capital gains 679: 675: 672: 670: 667: 665: 662: 661: 660: 657: 655: 652: 650: 647: 645: 642: 640: 637: 636: 633: 628: 627: 616: 613: 611: 608: 606: 603: 601: 600:Panama Papers 598: 596: 593: 591: 588: 586: 583: 581: 578: 574: 571: 569: 568: 564: 563: 562: 559: 558: 557: 556: 551: 546: 543: 541: 538: 536: 533: 531: 528: 525: 522: 520: 517: 515: 512: 511: 510: 509: 504: 499: 496: 494: 491: 489: 486: 484: 481: 478: 475: 473: 470: 468: 467:Tax inversion 465: 464: 463: 462: 457: 452: 449: 447: 444: 442: 439: 437: 434: 432: 429: 427: 424: 422: 419: 415: 412: 411: 410: 409:Tax avoidance 407: 406: 405: 404: 399: 394: 393:Noncompliance 389: 388: 381: 378: 376: 373: 371: 370:Tax collector 368: 366: 363: 361: 358: 356: 353: 351: 350:Tax residence 348: 346: 343: 341: 338: 336: 333: 331: 328: 326: 323: 321: 320:Revenue stamp 318: 316: 313: 312: 309: 304: 303: 292: 289: 287: 284: 282: 279: 277: 274: 272: 269: 268: 267: 266: 261: 256: 253: 251: 248: 246: 243: 241: 238: 236: 235:Tax incidence 233: 231: 230:Excess burden 228: 226: 223: 222: 221: 220: 215: 210: 205: 204: 197: 194: 192: 189: 187: 184: 182: 179: 177: 174: 172: 169: 167: 164: 162: 159: 157: 156:Tax incentive 154: 152: 151:Tax advantage 149: 147: 144: 142: 139: 137: 134: 132: 129: 127: 124: 122: 119: 117: 114: 112: 111:Tax threshold 109: 105: 102: 101: 100: 97: 95: 92: 90: 87: 85: 82: 80: 77: 75: 72: 71: 68: 63: 62: 59: 58:fiscal policy 56:An aspect of 55: 54: 50: 46: 45: 42: 38: 34: 33: 30: 19: 7500:John R. Saul 7485:Noam Chomsky 7477:Non–academic 7417:Susan George 7412:Nancy Fraser 7382:Walden Bello 7327:David Harvey 7317:Stephen Gill 7237:Jayati Ghosh 7143:Earth system 7009:Human rights 6949:Water crisis 6936: 6846:early modern 6413:(Madagascar) 6337:(Bangladesh) 6244:Vote pairing 6196:Rent-setting 6191:Rent-seeking 6151:Failed state 6107: 6051:Match fixing 6021:Embezzlement 6000:Corporation 5972:Black market 5831: 5804: 5785: 5740: 5722: 5713: 5701:. Retrieved 5691: 5683:the original 5678: 5668: 5643: 5634: 5625: 5616: 5606: 5588: 5579: 5570: 5564: 5555: 5547:The Guardian 5546: 5536: 5527: 5521: 5511:Joel Slemrod 5505: 5499:. Bloomberg. 5496: 5486: 5478: 5474: 5465: 5456: 5440: 5426: 5407: 5401: 5388: 5376:. Retrieved 5369:the original 5351: 5343: 5321: 5315: 5299: 5291: 5273: 5255: 5251: 5245: 5215:. Retrieved 5210: 5201: 5167: 5135: 5126: 5119:. Retrieved 5079:. Retrieved 5005: 5001: 4947: 4939: 4918: 4893: 4887: 4861: 4789: 4783: 4762:The Guardian 4761: 4740: 4736: 4732: 4692: 4653: 4633: 4595: 4591: 4582: 4563: 4558: 4545: 4517:auxiliaries" 4513: 4478:sections of 4475: 4445: 4413: 4400: 4322: 4304: 4281: 4273:mutual funds 4266: 4228: 4212: 4190: 4149: 4139: 4095: 4081: 4075: 4045: 4020:stock market 4015: 4001: 3976: 3974: 3964: 3947:Mutual funds 3942: 3920:Saudi Arabia 3915: 3912:allowances). 3900: 3892: 3884: 3879: 3859: 3850: 3843:Please help 3839: 3828: 3805: 3793: 3784: 3776: 3772: 3758: 3740: 3722: 3703: 3697: 3675: 3667: 3643: 3638: 3633: 3627: 3384: 3370: 3367:bank secrecy 3357: 3353: 3347: 3307: 3269: 2938: 2931: 2903: 2901: 2884: 2882: 2877:double Irish 2865:Green Jersey 2858: 2851: 2848: 2832: 2828: 2823: 2819: 2817: 2800: 2790: 2784:double Irish 2768:Tax services 2764: 2758:bank secrecy 2757: 2749:data sharing 2707:(OECD), the 2701: 2660: 2656: 2650: 2638: 2610:Netherlands† 2521:OFI Ranking 2511:OFC Ranking 2509:Conduit Sink 2496:pass through 2495: 2476: 2474: 2462: 2421:Isle of Man† 2387: 2379: 2373: 2366: 2359: 2352: 2284:Cook Islands 2256: 2255: 2220: 2219: 2189:IMF Group I* 2188: 2183: 2176: 2169: 2161: 2150: 2133:Conduit OFCs 2130: 2126:tax treaties 2123: 2098: 2093: 2089: 2079: 2075: 2069: 2057: 2054:Conduit OFCs 2053: 2049: 2031:strategies. 2029: 2024: 2017: 2011: 2009: 1996: 1982: 1978: 1973: 1969: 1967: 1957: 1953: 1937: 1926: 1917: 1912: 1906: 1883: 1879: 1877: 1832:double Irish 1825: 1800: 1799: 1763: 1760: 1736:South Dakota 1721: 1716: 1712: 1710: 1581:South Africa 1176:Joel Slemrod 844:Hypothecated 812:Sugary drink 686:Expatriation 565: 523: 483:Double Irish 446:Black market 291:Proportional 240:Laffer curve 225:Price effect 29: 7600:Tax evasion 7495:Naomi Klein 7377:Ulrich Beck 7352:Politics / 7342:Robert Wade 7332:Ronen Palan 7322:Peter Gowan 7272:Amartya Sen 7262:Dani Rodrik 7212:David Autor 7138:Development 7019:Imperialism 6967:Brain drain 6586:and efforts 6584:instruments 6535:enforcement 6477:(Singapore) 6390:(Indonesia) 6326:(Argentina) 6208:State crime 6166:Mafia state 6161:Kleptocracy 6126:Clientelism 6093:Tax evasion 5976:Grey market 5661:ACE Limited 5378:5 September 5217:14 November 4592:Irish Times 4546:Tax-neutral 4476:Definitions 4224:reinsurance 4197:Boeing 777s 4096:Tax evasion 4054:bond issues 3969:derivatives 3955:unit trusts 3951:Hedge funds 3847:if you can. 3704:tax neutral 3572:Switzerland 3505:Netherlands 3432:(% of GDP) 3427:(% of GDP) 3422:(% of GDP) 3417:(% of GDP) 3412:(% of GDP) 3407:(% of GDP) 3170:Bermuda*‡Δ⹋ 3118:Puerto Rico 2962:Ireland*†Δ⹋ 2843:hedge funds 2596:Luxembourg† 2372:Group III: 2311:Montserrat‡ 2215:Switzerland 2203:Isle of Man 1885:concerned.” 1847:Definitions 1801:Tax-neutral 1596:Switzerland 1561:Philippines 1536:New Zealand 1531:Netherlands 1171:Ronen Palan 909:User charge 728:Value-added 693:Consumption 605:Swiss Leaks 493:Single Malt 431:Tax shelter 421:Tax evasion 380:Tax farming 365:Tax shelter 281:Progressive 245:Optimal tax 146:Tax amnesty 141:Tax holiday 99:Tax bracket 84:Tax revenue 7554:Categories 7437:Paul Hirst 7432:David Held 7297:Samir Amin 7287:Political 7222:Ravi Batra 7163:history of 7158:ecological 7133:Dependency 7081:Offshoring 7044:scientific 7034:linguistic 6999:Fair trade 6979:Care drain 6932:Tax havens 6927:Population 6836:History of 6661:Yo Soy 132 6506:(Tanzania) 6436:(Pakistan) 6349:(Cameroon) 6176:Plutocracy 6131:Coronelism 6088:Slush fund 5887:Corruption 5833:The Nation 5759:1303568974 5458:countries. 5169:countries. 5015:1703.03016 4575:References 4480:tax havens 4317:See also: 4245:See also: 4231:Hiscox PLC 4207:See also: 4124:See also: 3810:Structures 3748:Dharmapala 3692:See also: 3622:See also: 3460:Luxembourg 3362:Eurodollar 3272:tax havens 3248:All Others 2752:avoidance. 2721:World Bank 2624:Singapore† 2568:Hong Kong† 2365:Group II: 2332:Seychelles 2287:Costa Rica 2209:Luxembourg 2109:tax havens 2099:CORPNET's 1970:proxy text 1744:Luxembourg 1506:Kazakhstan 1391:Bangladesh 1386:Azerbaijan 1319:By country 1276:Temple tax 1246:Church tax 1129:ATA Carnet 1114:Free trade 1109:Tariff war 1037:Tax treaty 918:Congestion 859:Land value 750:Eco-tariff 718:Television 674:Solidarity 654:Ad valorem 514:Tax havens 345:Tax shield 340:Tax refund 308:Collection 286:Regressive 161:Tax reform 7462:John Urry 7354:sociology 7204:Economics 7108:World war 6831:Globality 6799:education 6624:movements 6544:(pending) 6512:(Vietnam) 6500:(Ukraine) 6460:(Romania) 6454:(Romania) 6430:(Nigeria) 6424:(Myanmar) 6402:(Liberia) 6373:(Croatia) 6343:(Burundi) 6217:Elections 6098:Tax haven 6026:Extortion 5986:Collusion 5967:Baksheesh 5788:(Q205181) 5699:. Cima.ky 5529:countries 5326:CiteSeerX 5211:europa.eu 4910:153485002 4567:havens'." 4482:, and of 4381:Tax haven 4219:insurance 4203:Insurance 4162:(notably 4100:evade tax 3994:Hong Kong 3924:Louisiana 3723:effective 3649:orphaning 3594:Singapore 3527:Hong Kong 3402:Location 2955:Corp. Tax 2950:Effective 2939:Of Which: 2932:Of Which: 2926:Corporate 2917:Tax Haven 2774:Tax haven 2412:Guernsey† 2400:Barbados† 2358:Group I: 2338:St. Lucia 2308:Mauritius 2293:Dominica‡ 2239:Gibraltar 2212:Singapore 2197:Hong Kong 2137:Sink OFCs 2070:Sink OFCs 2058:Sink OFCs 2020:tax haven 1914:business. 1748:Hong Kong 1740:Singapore 1586:Sri Lanka 1551:Palestine 1511:Lithuania 1476:Indonesia 1461:Hong Kong 1381:Australia 1371:Argentina 1239:Religious 1027:Spahn tax 1022:Tobin tax 874:Pigouvian 792:Cigarette 765:Severance 698:Departure 506:Locations 459:Corporate 441:Smuggling 209:Economics 131:Tax shift 126:Deduction 116:Exemption 7527:Category 7196:scholars 7121:Theories 7029:cultural 7024:academic 6728:Journals 6533:Laws and 6466:(Russia) 6448:(Poland) 6396:(Latvia) 6355:(China) 6317:National 6171:Nepotism 6141:Cronyism 6046:Kickback 5820:Archived 5240:(2010). 5121:29 April 5081:25 April 5075:RTE News 5052:28740120 4742:reasons. 4462:capital, 4340:See also 4301:Guernsey 4285:leverage 4235:FTSE 250 4170:and the 4160:aircraft 4140:Pictured 4090:Parmalat 4038:and the 3889:asbestos 3829:require 3781:— 3763:— 3659:Defences 3455:247,941 3389:— 3371:offshore 3354:offshore 3286:Conduits 2729:supports 2723:'s 2019 2582:Ireland† 2526:Bermuda† 2457:Vanuatu† 2397:Bahrain† 2394:Bahamas† 2296:Grenada‡ 2263:Anguilla 2233:Barbados 2194:Guernsey 2155:— 2090:terminus 2068:List of 1986:— 1961:— 1931:— 1732:Delaware 1606:Tanzania 1571:Portugal 1546:Pakistan 1426:Colombia 1406:Bulgaria 1271:Leibzoll 1148:Academic 1141:Research 959:Windfall 899:Turnover 879:Property 829:Georgist 775:Stumpage 770:Steering 755:Landfill 735:Dividend 659:Aviation 649:Per unit 644:Indirect 335:Tax lien 271:Tax rate 250:Theories 104:Flat tax 67:Policies 41:Taxation 7289:economy 7194:Notable 6972:reverse 6900:Disease 6841:archaic 6752:Aspects 6743:Studies 6738:Outline 6622:Protest 6494:(Spain) 6384:(India) 6083:Scandal 5981:Bribery 5960:General 5781:Scholia 5043:5524793 5020:Bibcode 4330:Bahamas 4313:Banking 4289:Bermuda 4168:Bermuda 4152:Bahamas 3937:codicil 3831:cleanup 3797:Slemrod 3644:onshore 3482:Ireland 3477:26,803 3443:211,844 3358:onshore 3196:Belgium 2945:Profits 2921:Rank by 2885:et alia 2454:Uruguay 2442:Panama† 2347:Vanuatu 2299:Lebanon 2272:Bahamas 2236:Bermuda 2230:Bahrain 2227:Andorra 2200:Ireland 2012:outcome 1626:Uruguay 1526:Namibia 1521:Morocco 1486:Ireland 1466:Iceland 1451:Germany 1441:Finland 1436:Denmark 1431:Croatia 1376:Armenia 1366:Algeria 1361:Albania 1008:(CCCTB) 869:Payroll 824:General 817:Tobacco 787:Alcohol 723:Tourist 669:Landing 401:General 136:Tax cut 94:Tax law 7049:social 6880:Global 6872:Issues 6411:BIANCO 5757: 5747: 5617:Forbes 5328: 5284: 5050: 5040: 4908: 4233:, the 4156:Panama 4144:Panama 4084:: The 4034:, the 4028:NASDAQ 4010:TNK-BP 3959:SICAVs 3801:Zucman 3799:, and 3567:1,138 3545:1,188 3522:1,480 3500:1,751 3466:24,675 3440:34,171 3222:MaltaΔ 2915:Zucman 2427:Latvia 2326:Palau‡ 2323:Panama 2290:Cyprus 2275:Belize 2251:Monaco 2206:Jersey 1601:Taiwan 1591:Sweden 1576:Russia 1566:Poland 1541:Norway 1491:Israel 1456:Greece 1446:France 1416:Canada 1401:Brazil 1396:Bhutan 1291:Kharaj 1199:(ITEP) 1102:Export 1097:Import 1092:Tariff 1082:Custom 969:Wealth 894:Surtax 889:Single 864:Luxury 849:Income 782:Excise 745:Carbon 639:Direct 526:(OFCs) 479:(BEPS) 191:Unions 121:Credit 7039:media 6959:Other 6371:USKOK 6119:State 6031:Fraud 6009:Shell 6004:Dummy 5703:7 May 5518:(PDF) 5449:(PDF) 5372:(PDF) 5361:(PDF) 5312:(PDF) 5278:(PDF) 5189:(PDF) 5160:(PDF) 5128:(58%) 5111:(PDF) 5010:arXiv 4928:(PDF) 4906:S2CID 4884:(PDF) 4812:(PDF) 4739:(2). 4697:(PDF) 4271:, or 4164:Aruba 4158:) or 4086:Enron 3752:Desai 3744:Hines 3488:1,333 3463:1,414 3446:1,900 3292:Sinks 3009:100% 2659:, or 2549:n.a. 2535:n.a. 2329:Samoa 2314:Nauru 2269:Aruba 2248:Malta 2242:Macau 2173:Lists 2094:nodes 1834:). 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