Tax havens: what they are and where they are
A view of the coastal belt of Panama
Tax havens are jurisdictions with privileged taxation that allow a reduction of the tax burden considered by the OECD to be unfair in competitive terms compared to OECD countries with high taxation. Tax havens have streamlined and very liberal pro-enterprise legislation which provides for:
- Territorial Taxation
- Tax residence for individuals and companies
- Corporate secret or Corporate veil
- Banking secrecy under certain conditions to be met
Tax havens: what they are and residence rules
Tax havens are also countries where taking up tax residence evokes the specter of the reverse burden of proof on the individual who takes up residence in that tax haven. For example Dubai, Panama are countries subject to the reverse burden of proof. This always and in any case you subscribe to AIRE. In the absence of AIRE registration, no one would know of your residence in these countries but you would not be able to benefit from the AIRE registration and therefore from the cancellation of any obligation towards the Italian tax authorities. In fact, Aire allows you to say goodbye to the obligations with the Italian taxman and therefore we always encourage you to register with AIRE in the country where you take up residence, provided that you really live there. Tax havens are therefore subject to more humane and balanced laws, because they offer the right compromise between costs/efficiency for maintaining companies, accounts and accounting management. Tax havens are present all over the world. In the Americas, the tax havens of Panama, Uruguay, Paraguay, Belize, Cayman, Bermudas, Bahamas, Delaware are famous. There are tax havens in Europe, as well as tax havens in Oceania and Asia. Tax havens have different laws depending on the chosen country and chosen geographical area. The procedures for doing business in tax havens change a lot and range from stringent due diligence in certain tax havens, to leaner procedures in other tax havens. The certain thing is that all tax havens respect the laws and are obliged to recognize the final customer/beneficiary much better and diligently than any European country. The reason why tax havens must carry out the correct identification is because they are subject to scrutiny by the IMF, FATF, FINCEN, OECD and a single error in their identification practice leads to the exclusion of their banking system from international circuits or to sanctions international clients doing business with companies incorporated in sanctioned tax havens. So it is good to understand that tax havens are not countries where it is even remotely possible to transgress the rules of identification and due diligence. Tax havens are very strict in this and always apply the laws to the letter. Tax havens benefit anyone who wants to legally pay less tax by subjecting themselves to the due diligence that individual countries reserve for international customers always with respect for international laws. Tax havens have been at least 20 years since they no longer accept hardened tax evaders or who make black money. These are things of the distant past in these highly technological countries with fully digitized finance. The general cleaning up of tax havens benefits the same tax havens in order to be able to access an infinitely wider and richer market of honest customers to whom we can legally offer excellent services without running into accepting subjects deemed unsuitable for this type of service and therefore being able count on the opening of the corporate and banking market to customers from countries that were previously difficult to access.
In general, any country that can allow you to reduce the burden compared to the country of origin should be ascribed to a tax haven. In the same OECD, for some legal short circuit, countries such as Andorra, Liechtenstein, Luxembourg, Holland, Austria, Malta, Belgium, Cyprus, and Switzerland coexist, which are all tax havens.
Tax havens are countries that can be visited freely and where you can freely do business.