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What is Tax Haven?
A tax haven is a state or a country or territory where certain taxes are levied at a low rate or not at all while offering due process, good governance and a low corruption rate.
Individuals and/or corporate entities can find it attractive to move themselves to areas with reduced or nil taxation levels. Most rich individuals and/or corporate entities intend to avoid heavy taxes in their respective tax jurisdictions and this creates a situation of tax competition among governments. Different jurisdictions tend to be havens for different types of taxes, and for different categories of people and/or companies.
A tax haven is a state or a country or territory where certain taxes are levied at a low rate or not at all while offering due process, good governance and a low corruption rate.
Individuals and/or corporate entities can find it attractive to move themselves to areas with reduced or nil taxation levels. Most rich individuals and/or corporate entities intend to avoid heavy taxes in their respective tax jurisdictions and this creates a situation of tax competition among governments. Different jurisdictions tend to be havens for different types of taxes, and for different categories of people and/or companies.