In most of the world, offshore tax havens are facing dark days. In June, members of the G8 agreed to crack down on offshore tax evasion, and further reforms are expected at a G20 summit this month. Even some of the world’s best known tax shelters are starting to change their ways: the British Virgin Islands just entered talks with the US Treasury on compliance with US tax law, and the Swiss government just approved an agreement for Swiss banks to pay hefty fines for sheltering tax fugitives.
But in some countries, the appeal of secretive international capital remains too strong to pass up. Despite the broad crackdown on existing tax havens – or perhaps because of it – these countries and localities are loosening their tax and transparency laws in the hopes of becoming the next offshore destinations.
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