IMF tax havens accumulate 8% of world GDP
According to a recent report of the International Monetary Fund, the capital accumulated in the so-called tax havens amounts to approximately 7 billion of dollars, the equivalent of 8% of the global Gross Domestic Product.
Tax havens are characterized by being territories with little corporate transparency, an advantageous taxation and the use of bank secrecy, so they attract capital from both large companies and personal fortunes and the benefits of all types of illegal businesses.
Although international organizations and numerous governments have implemented policies to limit and control the functioning of these territories since the 2008 crisis, the figures only grow, despite the fact that the average corporate taxes have been reduced from 1995 to the present, going from 49% to the current 29%.
Although there is an extended belief that so-called tax havens are located in distant and exotic places, various reports indicate that only Switzerland accumulates 50% of the offshore banking center in the world, while countries such as Luxembourg appear in the list of tax havens With only 600,000 inhabitants, it has the largest foreign investment in the world, several US states, the Netherlands, in addition to the traditional ones such as Panama, Singapore, Hong Kong, Jersey, Cayman Islands, Bermuda, Bahamas or British Virgin Islands.