Offshore Bank Accounts

Offshore Banking Secrecy

offshore banking countries




Financial Secrecy Index

The Tax Justice Network’s Financial Secrecy Index(FSI) highlights global financial secrecy, tax evasion, money laundering, corruption and illicit financial flows. This index listed below was calculated in 2011 and includes data from 73 countries and territories (see map above). By ranking secrecy jurisdictions according to both their secrecy, and the scale of their activities, the Tax Justice Network aims to provide a politically neutral ranking of the biggest players.
73 countries and territories were included in the 2011 Financial Secrecy Index below.

Tax Havens:
The United States National Bureau of Economic Research has suggested that roughly fifteen percent of World countries are tax havens, and that these countries tend to be very small and affluent, and that better governed and regulated countries are more likely to become tax havens, and are more likely to be successful if they become tax havens. No two commentators can generally agree on a "list of tax havens", but the following countries are commonly cited as falling within the "classic" perception of a sovereign tax haven and do a lot of banking.
Andorra
The Bahamas
Cyprus
Liechtenstein
Luxembourg
Mauritius
Monaco
Panama
San Marino
Seychelles
Switzerland


Non-sovereign jurisdictions commonly labelled as tax havens include:
Bermuda (United Kingdom)
British Virgin Islands (United Kingdom)
Campione d'Italia an Italian exclave (Italy)
Cayman Islands (United Kingdom)
The Channel Islands of Jersey and Guernsey (United Kingdom)
Delaware (United States)
The Isle of Man (United Kingdom)
Jebel Ali Free Zone in the United Arab Emirates
Labuan, a Malaysian island off Borneo
Netherlands Antilles (Netherlands)
Nevada (United States)
Turks and Caicos Islands (United Kingdom)
United States Virgin Islands (United States)
Wyoming (United States)



In its December 2008 report on the use of tax havens by American corporations, the United States Government Accountability Office was unable to find a satisfactory definition of a tax haven but regarded the following characteristics as indicative of a tax haven:
nil or nominal taxes;
lack of effective exchange of tax information with foreign tax authorities;
lack of transparency in the operation of legislative, legal or administrative provisions;
no requirement for a substantive local presence; and
self-promotion as an offshore financial center.




2013 Financial Secrecy Index

Rank

Secrecy Jurisdiction
FSI - Value
Secrecy Score
Global Scale Weight
1
Switzerland
1,765.20
78
4.916
2
Luxembourg
1,454.40
67
12.049
3
Hong Kong
1,283.40
72
4.206
4
Flag Cayman Islands
1,233.50
70
4.694
5
Singapore
1,216.80
70
4.28
6
USA
1,212.90
58
22.586
7
Lebanon
747.8
79
0.354
8
Germany
738.3
59
4.326
9
Flag Jersey
591.7
75
0.263
10
Japan
513.1
61
1.185
11
Panama
489.6
73
0.19
12
Malaysia (Labuan)
471.6
80
0.082
13
Bahrain
461.1
72
0.182
14
Flag Bermuda
432.3
80
0.061
15
Flag Guernsey
419.3
67
0.257
16
United Arab Emirates (Dubai),
419
79
0.061
17
Canada
418.5
54
2.008
18
Austria
400.8
64
0.371
19
Mauritius
397.8
80
0.047
20
Flag British Virgin Islands
385.4
66
0.241
21
Flag United Kingdom
361.3
40
18.53
22
Macao
360.4
71
0.108
23
Marshall Islands
329.6
82
0.022
24
Korea
328.7
54
0.978
25
Russia
325.2
60
0.318
26
Barbados
317.4
81
0.021
27
Liberia
300.8
83
0.014
28
Seychelles
293.4
85
0.011
29
Brazil
283.9
52
0.768
30
Uruguay
277.4
72
0.04
31
Saudi Arabia
274.2
75
0.028
32
India
254.5
46
1.8
33
Liechtenstein
240.9
79
0.011
34
Flag Isle of Man
237.2
67
0.049
35
Bahamas
226.8
80
0.009
36
South Africa
209.7
53
0.26
37
Philippines
206.6
67
0.033
38
Israel
205.9
57
0.132
39
Netherlands
204.9
50
0.43
40
Belgium
199.2
45
1.031
41
Cyprus
198.9
52
0.264
42
Dominican Republic
193.7
73
0.012
43
France
190.9
41
2.141
44
Australia
168.1
47
0.394
45
Vanuatu
164.9
87
0.002
46
Costa Rica
157.6
71
0.008
47
Ireland
155.5
37
2.646
48
New Zealand
151.4
52
0.126
49
Flag Gibraltar
147.8
79
0.003
50
Norway
142.7
42
0.667
51
Guatemala
142.4
77
0.003
52
Belize
129.8
80
0.002
53
Latvia
128.1
51
0.09
54
Italy
118.9
39
0.748
55
Aruba
113.3
71
0.003
56
Spain
111.3
36
1.504
57
Ghana
109.9
66
0.005
58
Curacao
106.4
77
0.001
59
US Virgin Islands
102.8
69
0.003
60
Botswana
98.9
73
0.002
61
Flag Anguilla
96.7
76
0.001
62
St Vincent & the Grenadines
85.1
78
0.001
63
Flag Turks & Caicos Islands
81.8
78
0
64
Malta
78
44
0.079
65
St Lucia
66.8
84
0
66
Denmark
63.1
33
0.605
67
Antigua & Barbuda
60.4
80
0
68
San Marino
59.5
80
0
69
Portugal (Madeira)
57.9
39
0.092
70
Grenada
55.7
78
0
71
Sweden
55.7
32
0.44
72
Hungary
54.6
40
0.056
73
Brunei Darussalam
50.6
84
0
74
Andorra
43.3
76
0
75
Monaco
38.8
75
0
76
Samoa
31
88
0
77
Dominica
26.9
79
0
78
Cook Islands
25.2
77
0
79
Maldives
21
79
0
80
St Kitts & Nevis
18.4
80
0
81
Nauru
0
79
0
82
Flag Montserrat
0
74
0