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Financial Services Like Convergex Caribbean Discuss Tax Havens

By Cameron Scott

The primary reason for engaging in offshore investment is the low tax rate. Taxes may be inevitable, but who says you need to pay more? In the U.S., corporate tax rates have remained unchanged at 40 percent, not including state and local taxes (although they can deduct local taxes when computing for federal tax).

On paper, this makes the U.S. the nation with the second highest corporate tax rate in the world (the top spot belongs to the United Arab Emirates at 55 percent). While this hasn’t taken several additional factors into account, it’s safe to say that many taxpayers look forward to doing business in a country with low or no tax rates. Financial services like Convergex Caribbean refer them to “tax havens.”

Contrary to popular belief, tax havens aren’t necessarily countries; they can also be overseas territories or protectorates of the host country. As these places usually aren’t tied to the state, they’re free to enact their own tax laws. For example, the Cayman Islands, a British overseas territory, does not charge any corporate tax.

Companies flocking to tax havens are all but common; reports indicate that around $21 trillion worth of investments are under the protection of these places. As a matter of fact, the Cayman Islands, home to roughly 57,000 people, is also home to almost 85,000 registered companies and organizations. That’s right; there are more companies than people on the islands.

For most of these tax havens, foreign investment may as well be their bread and butter in a highly-competitive world. With limited natural resources, it’s difficult for them to run an export-based economy. Making the place attractive enough to investors in search of tax havens has proven its worth in gold, case in point: Singapore.

You can thank globalization for this. Cash flow is no longer limited to the country of residence, thanks to free trade, an ideology upheld by major economies and economic institutions. Tax havens are likely to be around for the foreseeable future, providing a tax-friendly alternative for companies who like to make the most out of their income.

If you want to know more about tax havens, visit the website at TaxHavensGuide.com. You can also consult financial services like Convergex Caribbean for tips on how to invest in one.

Article kindly provided by UberArticles.com

Topics: Taxes | Comments Off

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Article Citation
MLA Style Citation:
Scott, Cameron "Financial Services Like Convergex Caribbean Discuss Tax Havens." Financial Services Like Convergex Caribbean Discuss Tax Havens. 28 Apr. 2014. uberarticles.com. 21 Jul 2014 <http://uberarticles.com/finance/taxes/financial-services-like-convergex-caribbean-discuss-tax-havens/>.

APA Style Citation:
Scott, C (2014, April 28). Financial Services Like Convergex Caribbean Discuss Tax Havens. Retrieved July 21, 2014, from http://uberarticles.com/finance/taxes/financial-services-like-convergex-caribbean-discuss-tax-havens/

Chicago Style Citation:
Scott, Cameron "Financial Services Like Convergex Caribbean Discuss Tax Havens" uberarticles.com. http://uberarticles.com/finance/taxes/financial-services-like-convergex-caribbean-discuss-tax-havens/


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