In light of the Panama Papers, everyone is a-buzz about tax havens. There seems to be a fine line between unscrupulous tax dodging and the legal loopholes/offshore banking strategies that those who can afford top accountants can take advantage of. The ethics of these financial plays are subject to great debate. On one hand, if it’s technically legal, why not use every strategy out there to maximize your assets? On the other hand, shouldn’t everybody pay their fair share of taxes? Think about the gazillions of dollars that are bypassing Uncle Sam’s coffers due to these overseas corporate shenanigans. It’s enough to make those bank bail-outs seem like pocket change. Panama is getting all the attention right now, but they’re only a small player in this game.
Watch this video for an overview of some of the top offshore tax havens and international banking centers where those in the know can stash their cash.