12 notorious tax havens around the world

Media outlets around the world are examining and reporting on the Paradise Papers, a collection of 13.4 million leaked financial files taken from a combination of offshore service providers and company registries, according to the International Consortium of Investigative Journalists. The investigation reveals the offshore interests of wealthy and powerful individuals and examines how multinational corporations use tax shelters to their advantage.

Key to these dealings are offshore tax havens, which are countries or territories where taxes are assessed at a low or nonexistent rate. At least 366 companies in the Fortune 500 operate one or more subsidiaries in tax haven countries, according to a 2017 report by the Institute on Taxation and Economic Policy.

Just like major corporations, individuals can take advantage of the financial loopholes foreign countries offer. Click through to discover 12 of these tax havens, and learn about the tax strategies the rich use.

This article originally appeared on GOBankingRates.com: Where Are the World’s Most Notorious Tax Havens?

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