11. Macao
While America has Las Vegas, Asia has Macau. It is the second special administrative region of China, after Hong Kong. It is also considered as the world’s largest casino market. In fact, it generates five times more revenue than Las Vegas.
Despite being a part of China, Macau retains political autonomy with separate executive, legislative, and judicial power. And it has its own stable currency, the Macanese Pataca (MOP).
Unlike the previous tax havens on this list, offshore companies in Macau are required to have business activities. The first 600,000 MOP (approximately $75,098.57) earned by the company is tax exempt. Thereafter, income exceeding the exempt threshold is taxed at a top rate 12%.
So how do billionaires’ companies dodge the tax? Offshore companies can be fully tax exempt if they do not operate in MOP currency, target Macanese people, or focus on other Macanese companies.
