A tax haven is a low-tax country or territory where individuals or corporations shift their income to avoid the taxes of their home location. Tax avoidance involves using legal means to reduce one’s taxes, while tax evasion involves illegal methods for the same purpose. A U.S. Senate subcommittee has estimated that revenue losses from tax havens and abuses total upwards of $100 billion per year.

Tax Evasion

By channeling investments or passive income (e.g. interest) through foreign entities, some individuals evade taxes illegally by not reporting these assets or income on their tax returns. The U.S. estimates these tax revenues losses as being between $40 and $70 billion per year. Estimates of losses due to profit shifting by corporations to tax havens run between $10 billion and $60 billion.

Where Tax Havens Are Located

According to the OECD, the world’s most common tax havens are located in Caribbean, Europe, and Pacific in locations near large developed countries. Up to 50 countries are considered on a regular basis to have characteristics of tax havens. Major countries such as the United States, the United Kingdom, the Netherlands, Denmark, Hungary Iceland, Israel, Portugal, and Canada can be considered tax havens depending on the situation and context.

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