Tax havens of the world.
The main advantages of the offshore tax havens are no income taxes, no estate taxes, no capital gains, and bank secrecy laws are the strictest in the world. Everday millions of dollars go in and out of these offshore zones. The famous offshore tax havens of the world are Switzerland, Austria, Latvia, cook islands, cayman islands, Leichenstein, Luxemburg and in the carribean countries like panama, bahamas, belize and dominica. It is estimated that more than 50% of the worlds wealth is being deposited in these tax havens. Out of them more than 200 billions of dollars are from switzerland and cayman islands
'Tax evasion' is a serious crime considered by many countries. It all depends on how properly you plan your taxes. 'Tax Avoidance' , 'Tax Evasion', 'Tax cuts' are very different terms, have different meanings with one another. 'Tax avoidance' is perfectly legal, which 'evasion' is a crime. Tax laws vary from country to country and laws are subjected to change anytime. We highly recommend you to consult and ask advice from tax authrorities or attorneys, before you properly structure tax planning. It is very important that you use your offshore bank accounts for legitimate purposes. It is fully LEGAL to own your private bank account. If you are a U.S citizen, the IRS will ask you to file Treasury Form 90.22.1, if you own a offshore or foreign bank account. You might need to report to IRS if your foreign bank account value is more than 10'000 USD annually.
Illegal Activities & Money Laundering
Switzerland can be a safe bet as far as money and privacy is concerned. But there is no room for moving any kind of dirty money into switzerland. Very recently, the swiss authorities are forced to cooperate with international community against combating drug trafficking and money laundering, which is a growing menace against world. Thus drug trafficking, terrorism, arms and money laundering etc. considered crime in switzerland. That is why most of the banks in switzerland ask about proof for economic origin of funds and every bank in switzerland operates on 'know your customer' policy. So there is no such thing called 'anonymous accounts' in