8. Germany
Offshore companies incorporated in Germany are not required to disclose their beneficial owners to the authorities. Therefore, they remain confidential. Besides that, the profits earned in and out of Germany are tax-levied.
In terms of bank accounts, they are tax exempt as long as no interest is gained. Therefore, the accounts’ owners are not required to report to tax authority.
However, despite being known as one of the world’s tax havens, Germany recently appealed for a fight against tax havens. As a proof of commitment, Germany signed treaties with about 90 other countries.
Nevertheless, Germany still has a long way to go to fight tax crimes in the jurisdiction itself. It is reflected by negligent enforcement of anti-money laundering rules and the insufficient tax-related information exchange.
