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Updated by Kevin Thorn on Aug 27, 2018
Headline for 10 of the Best Tax Havens
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Kevin Thorn Kevin Thorn
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10 of the Best Tax Havens

Offshore investing has become very popular in recent. An estimated $32 trillion in wealth is currently in offshore bank accounts located in various tax havens, according to the Tax Justice Network. The Tax Justice Network recently released a Financial Secrecy Index that listed the top 10 offshore tax havens. According to the Tax Justice Network, the top 10 offshore tax havens in 2018 include the following:

1

Switzerland

Switzerland is number one on the list thanks to its low tax base, strong banking secrecy laws (which used to be much stronger) and advanced banking system. Switzerland controls 28 percent of the market share for global financial services and there's $6.5 trillion held in Swiss accounts.

2

The United States

Specific states within the U.S. are especially attractive tax havens, including Nevada, Delaware, and Wyoming. There has been a big increase in the market share of global financial services held by the U.S. In 2015, the U.S. had 19.6 percent of the market share and it now has 22.3 percent.

3

The Cayman Islands

Around $1.4 trillion is held in financial institutions in the Cayman Islands and there are more than 95,000 companies registered in the Caymans.

4

Hong Kong

Hong Kong's financial institutions are currently managing $2.1 trillion. Hong Kong has rapidly moved up the list of top tax havens because companies incorporated in Hong Kong only pay taxes on profits sourced in Hong Kong – which means many companies pay $0 in taxes.

5

Singapore

Southeast Asians tend to prefer Singapore as an offshore tax haven. An estimated $1.8 trillion in total is held in financial institutions in Singapore.

6

Luxembourg

Luxembourg has captured an estimated 12 percent of the global offshore financial market with around $800 billion in assets held in Luxembourg financial institutions.

7

Germany

Germany has around five percent of global market share for offshore financial markets and has a high secrecy rating.

8

Taiwan

It's difficult to know how much offshore money is being kept in Taiwan because the “One China” policy prevents Taiwan from providing statistics to the International Monetary Fund.

9

United Arab Emirate of Dubai

Dubai is on the EU tax haven blacklist and has the highest secrecy rating of any of the offshore tax havens on the list.

10

Guernsey

Around .5 percent of the market for global financial services has been captured by Guernsey.