The fact that billionaires hide their money to dodge paying tax has gone public.
Paying tax sucks. If you think paying your current tax is handful enough, imagine you make millions of dollars a month. That only means more effort and more money to spend. Then, you will understand why billionaires hide their money to avoid it.
Where do they hide it? Is it under the pillow? Or is it in a safety deposit?
Well, they are not trying to hide it from burglars. They are hiding it from their countries’ money authority. Thus, they send it far across the sea (in some cases, just beyond the border, though) to a tax haven country. Although it is considered cheating, it is not illegal to do.
One that is arguably the current most popular tax haven among billionaires is discussed in another article: Reasons Why Rich & Famous People Live in Monaco.
Before you check out that article, let’s take a look at another fifteen popular tax havens in the world where billionaires hide their money.
15. United Kingdom
United Kingdom (UK) is considered to be the most important global player in the secrecy of financial world. The country treats it as one nation without its influence and support to a network of secrecy jurisdiction around the world.
UK offers not only secrecy but also low corporate tax. Its corporate tax is 20%. That is relatively low compared to the global average rate (23.63%).
The City of London, or as the financial industry calls the City, is the heart of UK’s tax haven. Also known as Square Mile, it is a 1.2-square-mile area (1.93-square-km) of prime London real estate.
The City is governed by the City of London Corporation. On some measures, the City is the world’s largest financial center for it is connected and controls large network of British secrecy jurisdictions. They are the three Crown Dependencies (Jersey, Guernsey, and the Isle of Man) and the 14 Overseas Territories spread around the world.