10 of the Best Tax Havens

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.

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.

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.

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.

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.

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

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

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.

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

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