TAX HAVENS OUTSIDE EUROPE

Abstract

The article shows how the concept of tax haven is defined in the literature and presents the following models of tax havens outside Europe: ANGUILLA, ANTIGUA AND BARBUDA, NETHERLANDS ANTILLES, ARUBA, BAHAMAS, BARBADOS, DELAWARE, BERMUDA, CAYMAN ISLANDS, BRITISH VIRGIN ISLANDS, COOK ISLANDS, MAURITIUS, PANAMA, SINGAPORE. "Tax haven" can be defined as the geographic area (representing the territory of a country or only one part of the territory of a state) in which the many and various tax incentives are granted: no taxes are imposed (or the taxes are very reduced and concern only certain restricted categories of income and assets), the banking secrecy is ensured- at a high level, the development of commercial activities and transfer of benefits is stimulated, there are no restrictions on currency exchange, etc. In these small countries, most of them situated on islands, one can choose the tax base, the installation site, one can live here, one can earn money or obtain citizenship and they address either to individuals or to legal persons or to both at the same time. The states regarded as tax havens are a refuge for all types of companies allowing the beneficiaries to reduce and even to entirely suppress taxation within the law in a manner virtually impossible to control by the tax services in the country of origin. Tax havens exist. They can be used to achieve high profit, for money protection or to get rid of the numerous taxes. Nowadays, the best investment opportunities are beyond our own borders, within the many foreign markets.