Paul L. Caron

Wednesday, November 4, 2015

United States Is Third Biggest Tax Haven, Above Cayman Islands

FSITax Justice Blog, How the U.S. Became a Top Secrecy Jurisdiction:

The U.S. ranks as the third biggest offender – just after Switzerland and Hong Kong – on the Tax Justice Network’s 2015 Financial Secrecy Index when it comes to facilitating financial secrecy and tax evasion, or, in other words, enabling individuals to hide their assets.

The largest drivers for the United States’ high ranking are its financial secrecy laws and that it has the largest share of the global market for offshore financial services.

Tax, Think Tank Reports | Permalink


I'll believe it when investors in the Caymans rush to the U.S. to shelter money.

Posted by: Woody | Nov 4, 2015 8:34:49 AM

The ranking in this article is about the legal structure that supposedly facilitates "offshore" tax evasion. It is not an actual measure of the amount of foreign assets located within the particularly countries. The US is considered a haven by those living in oppressive economic regimes. Witness all the condos in Miami owned by South Americans. A wealth management group out of Boston (whose correct name I can't recall at the moment) does a regular review of the worldwide "offshore" assets and where they are. The US is not at the top of that list.

Posted by: TexEcon | Nov 5, 2015 5:13:02 AM

The Tax Justice Network should try to moving their income producing assets into the US and then try hiding the income from the IRS. Good luck with that Tax Justice Network. What a load of rubbish. What a bunch of gasoline huffers.

Posted by: Daniel | Nov 10, 2015 9:05:18 AM