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The Unspoken Truth about Cyprus

By   Follow Me on Twitter     Message Peter Kellow       (Page 2 of 2 pages) Become a premium member to see this article and all articles as one long page.     Permalink

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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 e'migre's.

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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