9. Bahrain
Bahrain has transferred itself from “the island of oil and gas industry” to “the island of hospitality” to financial businesses, especially in banking sector. The banking sector in this country has the largest number of employment. It is contributing to over 25% of GDP (gross domestic product). And it is employing around 14,000 people.
Bahrain loosens its banking secrecy enough to comply with OECD requirements. It has signed 43 treaties and is able to exchange bank accounts information.
Setting up companies in Bahrain is expensive. And the process can take up to three weeks. So what makes this country a good place for billionaires to hide their money? As long as their companies do not engage in oil, gas, or petroleum activity, they will be exempt from any kinds of tax.
Bahrain allows offshore companies to conduct business in the jurisdiction. As for the shareholders and directors detailed information, the records are available for public due to signed treaties.
