Pursuits
Gimme Shelter (From Taxes)
The tax haven market is booming. So where should you stow your dough?
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Once confined to a few tropical islands riddled with yachts and flashy drug dealers, the tax haven market has morphed into a sprawling tableau of low-tax zones that cater to wealthy individuals and multinationals. The glut is the result of persistent corruption in emerging markets such as Russia and Brazil, the financial crisis, and rising tax rates, especially in Europe (just ask Gérard Depardieu).
There are now 70-plus “business-friendly jurisdictions,” as tax lawyers say, and they’re sheltering $21 trillion to $32 trillion, up from $11.5 trillion in 2005, according to the Tax Justice Network, a group of tax haven opponents that sees no difference between tax avoidance and tax evasion.