Tax haven meaning, top tax heavens in the world

Basic definition of tax heaven or tax heaven meaning is a place that is tax favorable or there are no taxes on financial transactions. There are countries with free trade policies and many common taxes are waive by the government. As per wiki data around 15% of the countries are considered as tax heavens because of their favorable tax laws. Here is a list along with their reasons of being tax heaves may help you know more about them.

Top tax havens in the world

Talking about top tax havens in the world then there are many country with easy tax system where you can enjoy wealth without paying huge taxes. Check out some top countries below.

Bahamas

Bahamas tax haven status is due to following reasons

It is one of the richest countries and economy mostly depends on tourism. Setting up a business here is easy. There is no tax on capital gains and there is no inheritance tax. Personal income tax is almost none and gift tax is not applicable.

Nevada, U.S.A.

Nevada tax haven status is due to following reasons

No capital gains tax no inheritance tax, no personal income tax, no gift tax.

Wyoming, U.S.A.

Wyoming tax haven status is due to following reasons

No corporate taxes, no inheritance taxes, no franchise taxes, no inventory taxes, no personal income taxes, no unitary taxes, no estate or gift taxes

Gibraltar

Gibraltar tax haven status is due to following reasons

You’re only taxed for the first $90,000 in income.

Bermuda

Bermuda tax haven status is due to following reasons

No corporate taxes, no personal income taxes.

Switzerland

Switzerland tax haven status is due to following reasons

Swiss banks are already famous as a centralized hub for keeping black money across the globe. Many politicians, businessman and celebrities have Swiss bank accounts. There are other reasons as well like mentioned below:

Full or partial tax exemptions, depending on which private bank you use

Caymen Islands

Caymen Islands tax haven status is due to following reasons

The full package — no personal income taxes, no capital gains, no corporate taxes, no payroll taxes and the country doesn’t withhold taxes on foreign entities.

British Virigin Islands

British Virigin Islands tax haven status is due to following reasons

No income taxes, no capital gains taxes, no inheritance taxes, no sales taxes, only 15 per cent corporate taxes and only 14 per cent payroll taxes.

Hong Kong

Hong Kong tax haven status is due to following reasons

No sales taxes, no capital gains, a wealth of personal tax deductions and no payroll taxes.

Channel Islands (in English Channel)

No value-added taxes, no council taxes, no capital gains