How do billionaires hide their money

Where corporations and billionaires hide their money

you can have a wonderful holiday.

According to the “Tax Justice Network” (TJN for short), Switzerland is ranked 24th in the ranking of the most popular tax havens, ahead of Hong Kong and the USA, and Austria in 24th place.

In any case, the most popular tax havens are also a worthwhile destination for travelers. Let's take a closer look at the countries in the above ranking in terms of tax evasion and tourism:

1. Switzerland

Switzerland is the mother of all tax havens, the secrecy of Swiss banking institutions is legendary. Despite tentative steps towards more transparency, the Swiss still value their status as the world's safest haven for more or less legal financial transactions. Switzerland pays off for tourists because of the wonderful mountains, clean cities and high-quality infrastructure. However, Switzerland is anything but cheap.

Conclusion: For tax evaders and tourists alike a not cheap, but still worthwhile destination.

2. Hong Kong

The former British crown colony is becoming increasingly popular as a tax haven. So it's no wonder it's teeming with billionaires. The discretion of the Chinese authorities and their aversion to requests for cooperation from other countries ensure that money can be transferred here on a large scale. As a travel destination, Hong Kong is consistently attractive, the hectic bustle in the city is a special attraction. The metropolis is ideally suited for extensive shopping tours.

Conclusion: ideally suited for avoiding taxes and for unique big city experiences.

3. USA

The world's most important economy not only has a large number of corporations with extremely tax-friendly behavior, but the USA itself is also popular as a tax haven. This is due to the size of the financial market there, which is responsible for around a fifth of all offshore investments worldwide. The United States is extremely popular with Austrians as a travel destination, and the dollar exchange rate has made traveling there more attractive again for some time.

Conclusion: Corporations with opaque tax behavior and tourists alike live the “American Dream”.

4. Singapore

The city-state in Southeast Asia has a stable, innovative economy - in combination with the increasingly important stock market, the traditional secrecy of financial institutions (mainly due to British history) and the top infrastructure, Singapore will remain one of the most important tax havens in the world in the future. For travelers, this is an atypical Asian city with strict rules and well-planned attractions, which is also popular with Europeans thanks to its proximity to interesting bathing destinations.

Conclusion: cleanliness and top hotels for tourists, discretion for investments of all kinds.

5. Cayman Islands

The archipelago in the Caribbean is one of the overseas territories of Great Britain, has just 50,000 inhabitants and 20,000 banks. An estimated 150,000 companies have their "headquarters" here without employees actually working there (if there are any employees at all). Some changes have been made under international pressure, but nothing has changed in terms of the basic orientation as a safe haven for money that should not be seen by official bodies. The Cayman Islands are no less attractive as a travel destination, especially cruise ships head for George Town every hour. The diving areas in front of the islands are also known.

Conclusion: dream destination with beautiful nature, not only for tax pirates.

6. Luxembourg

Here comes the EU country that made it the highest in the inglorious tax haven ranking. It is not for nothing that Luxembourg is regularly criticized for its financial sector within the Union, but the tradition as a founding member of the EU and strong political clusters have prevented major reforms so far. For tourists, the small state is often a stopover when traveling to France and Belgium; Above all, the capital of the Grand Duchy of the same name with its numerous castles and impressive parks is worth a few extra days.

Conclusion: Tax haven feeling in the middle of Europe.

7. Lebanon

The small country with four million inhabitants has taken in around two million refugees from Syria - an achievement that should shame EU nations. The situation in the Mediterranean country has calmed down somewhat in recent years, but terrorist attacks and kidnappings are the order of the day. Lebanon is popular as a tax haven because of the generous exemptions from various tax levies and the lack of transparency in the banks. A trip is only partially recommended for tourists.

Conclusion: investment yes, travel not recommended because of the instability in the region.

8. Germany

Dictators, international criminal organizations and tax evaders from all over the world are welcome guests in Germany - at least at those financial institutions that devote themselves to their money. The stability and size of the German economy are very attractive for this target group; politicians do little to curb money laundering, for example. German cities such as Berlin, Hamburg and Munich are particularly popular with tourists as travel destinations; the good flight and train connections to Austria make Germany an interesting destination all year round (and vice versa).

Conclusion: money launderers, dubious despots and travelers are equally enthusiastic about German thoroughness and friendliness.

9. Bahrain

The kingdom on the Persian Gulf does not have the same oil reserves as other countries in the region, which is why its position as a financial port has been expanded for years. In particular, investors from the Middle East who value discretion like to send their money to Bahrain. Tourism does not play a crucial role, although there are some good bathing beaches and large shopping centers.

Conclusion: Not a priority destination for European tax evaders and travelers.

10. Dubai

The emirate is well known as a tourist destination, but it also offers a number of opportunities for the creative investment of funds away from attentive tax authorities, for example because of its function as a hub between Europe and Asia. The economy is stable and growing - that is also important. As a destination for travelers without the ominous suitcase of money, Dubai remains attractive with its combination of beach, city and shopping; from Austria, the country can be reached in a few hours by plane.

Conclusion: megalomania in tourism, discretion for investors.

Other countries

Also on the other ranks there are destinations that are interesting for travelers in terms of leisure time as well as in terms of tax avoidance. For example, the Marshall Islands in 15th place or the British Virgin Islands in 21st place. Austria is only one place behind Mauritius, which is 23rd among the tax havens.

Text: Content Agency Prazak