Offshore Tax Havens: A Long And Complex History
Offshore tax havens have a long and complex history, dating back to the French revolution when the wealthy used them to protect their assets from civil unrest and also to take advantage of the effects of compound interest in a zero tax environment. A little over 25 years ago, there were only a few offshore tax havens or offshore centers. Because they were relatively few in number, there was little need for offshore professionals to specialize in offshore practices, and those that did tended to stick to their particular jurisdictions. As a result of a combination of people’s ignorance, limited accessibility to offshore tax havens and offshore professionals, the mystique surrounding the offshore world grew to mythical proportions.
Over the last 15 years, advances in telecommunications and technology have made it easier to gain access to offshore facilities. As a result, today’s offshore industry has developed into a major global industry spanning the entire globe. Due to the proliferation of technology and offshore tax havens, almost half the world’s financial transactions have some form of involvement with these offshore centers.
To read more, go to the Offshore Tax Havens website by clicking on this link.
