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The Unspoken Truth about Cyprus

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The other major countries in the eurozone that can be justifiably classified as tax havens are Luxembourg, the Netherlands, and Ireland. (The UK would certainly be in this list if it were in the eurozone.) The fact that Ireland is a tax haven may have influenced its treatment by the EU and certainly, as in Cyprus, the citizens are being expected to bear the brunt. But, as I mentioned, not all tax havens are of the same type. Ireland is not a conduit of the Cyprus type. It works by sheltering companies from tax with low corporation tax -- a far less dangerous ploy as you are dealing with supposedly "respectable' companies not emigres.

Interestingly, there have been mutterings in the Scottish independence camp that an independent Scotland could pursue a future as a tax haven. Frankly given its relationship to England and the fact that countries are crazy enough to permit companies to pay tax, on business activity taking place in their own jurisdiction, in low tax foreign jurisdictions, you can see the argument.

But we live in changing world. As the EU has shown, being a tax haven, especially as a conduit for funds with doubtful provenance, can leave you on the outside when crises arise -- with nowhere to go.

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Tax havens cannot be looked at without questioning... by K V Ramani on Tuesday, Apr 2, 2013 at 10:44:32 AM
What you are ignoring is that it is only the very ... by Peter Kellow on Tuesday, Apr 2, 2013 at 2:52:32 PM
I agree the super rich do not pay high taxes like ... by K V Ramani on Tuesday, Apr 2, 2013 at 10:27:42 PM
If you know of a way of using tax havens efficient... by Peter Kellow on Wednesday, Apr 3, 2013 at 12:49:58 AM
Alas, I just put my savings into fixed deposits in... by K V Ramani on Wednesday, Apr 3, 2013 at 2:02:09 AM