Tax Haven

A tax haven is a country or territory that offers low or no taxes, along with financial secrecy, to individuals and businesses. They attract companies and wealthy individuals seeking to reduce their tax liabilities and protect their privacy. These jurisdictions typically have stable governments, legal systems, and minimal reporting requirements, making them appealing for tax planning. While legitimate use is possible, tax havens are often associated with tax avoidance and sometimes illicit activities, as they provide opportunities to minimize tax obligations and conceal assets from authorities.