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9Aug/070

Tax Havens Narrowed to Three (Andorra, Liechtenstein and Monaco)

The OECD announced on August 7, 2007, that all the world's tax havens have been narrowed down to three. The Marshall Islands for example are no more a tax haven.

Only three countries remain on the list: Andorra, Liechtenstein and Monaco.

The OECD's work in this area is designed to enable countries to enforce their tax laws fully and fairly, notably by ensuring that they can obtain from other countries relevant information when needed. Today most countries have made considerable progress in implementing transparency and exchange of information standards.

Interesting is also what Prince Hans-Adam II is telling aobut Liechtenstein's Future As a 'Clean Tax Haven' at Herald Tribune.

On Bloomberg the Prince says 'Liechtenstein to Keep Bank Secrecy Laws' ...

Tax Havens [wiki]: A tax haven is a place where certain taxes are levied at a low rate or not at all:

  • Andorra: No personal income tax.
  • Liechtenstein: Personal income tax around 6%
  • Monaco does not levy a personal income tax.

There are several reasons for a nation to become a tax haven. Some nations may find they do not need to charge as much as some industrialised countries in order for them to be earning sufficient income for their annual budgets. Some may offer a lower tax rate to larger corporations.

Because of money laundering; although several tax havens have appeared on the FATF Blacklist from time to time.

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