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Updated by Kevin Thorn on Jun 25, 2018
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Kevin Thorn Kevin Thorn
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The Best Offshore Tax Havens

While hiding funds offshore has become difficult, there are still trillions of dollars in wealth invested in offshore tax havens around the world. In fact, the Tax Justice Network recently released a Financial Secrecy Index that estimates $32 trillion is invested in offshore tax havens. The Financial Secrecy Index also listed the top 10 tax offshore tax havens. According to the Financial Secrecy Index, the 10 top locales for investing offshore include:

1

Switzerland

More than half of the $6.5 trillion held by Swiss financial institutions comes from abroad. Switzerland has long been a top destination from investors seeking an offshore tax haven and Swiss banks have captured 28 percent of the global offshore financial services market.

2

The United States

The U.S. has moved up into second place from third place last year, and this is the third year in a row that the U.S. has jumped up on the list. The U.S. now has 22.4 percent of the market for global offshore financial services, up from 19.6 percent of the market in 2015. Delaware, Nevada, and Wyoming are especially popular destinations for offshore investing.

3

The Cayman Islands

The Cayman Islands has more than 95,000 registered companies, making it a very popular offshore destination for those who wish to create foreign corporations. The Caymans financial institutions hold a total of $1.4 trillion in funds spread across around 200 banks.

4

Hong Kong

Hong Kong is a very popular offshore tax haven catering to people in China and North Asia. Around $2.1 trillion in assets are managed in Hong Kong's banks.

5

Singapore

Singapore is popular with South Asia, in contrast to Hong Kong. It's equal to the Cayman Islands in terms of its secrecy rating and there are an estimated $1.8 trillion in assets being held in Singapore.

6

Luxembourg

There are an estimated 143 banks in Luxembourg and more than $800 billion is invested within these financial institutions. A total of 12 percent of the global market share for offshore financial services has been captured by Luxembourg.

7

Germany

Germany's economy isn't focused on offshore investing as many other places on the list, but it has still become a top destination for offshore investors and controls five percent of the market for global financial products.

8

Taiwan

Although Taiwan has made the list, the exact amount of money held in Taiwan is unclear because the One China policy means Taiwan doesn't provide statistics to the International Monetary Fund.

9

United Arab Emirate of Dubai

Dubai is in the top 10 because of its strong reputation for secrecy and because extensive amounts of oil wealth are held in Dubai's financial institutions.

10

Guernsey

Around .5 percent of all global offshore financial services are controlled by Guernsey.