Countries whom offer offshore banking

Most countries impose taxes on income earned or gains realised within that country regardless of the country of residence of the person or firm. Most countries also tax their residents (individuals and companies) on all their worldwide income. One way a person or company takes advantage of tax havens is by moving to, and becoming resident for tax purposes in, an appropriate country. Another way for an individual or a company to take advantage of a tax haven is to establish a separate legal entity (an offshore company, offshore trust or foundation), subsidiary or holding company there. Assets are transferred to the new company or trust so that gains may be realised, or income earned, within this legal entity rather than earned by the beneficial owner.
 

Country List offering offshore banking services

Asia
Andorra
Anguilla
Aruba
Bahamas
Barbados
Belize
British Virgin Islands
Cayman Islands
Cook Islands
Cyprus
Dubai
Ireland
Panama
St Kitts
Switzerland
Turks and Caicos

Some tax havens including some of the ones listed above do charge income tax as well as other taxes such as capital gains, inheritance tax, and so forth. Criteria distinguishing a taxpayer from a non-taxpayer can include citizenship and residency and source of income. For example, in the Cayman Islands, one pays no tax if one earns all one's revenue from outside the country but one does pay tax if one earns income from within the country.

 

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