Tax Haven Countries 2025

Tax Haven CTHI Score 2024 (0-100)

100

5 Countries with the Highest CTHI Score

Isle of Man

100.0

Country	Tax Haven CTHI Score 2024 (0-100)↓	Tax Haven CTHI Share 2024	Tax Haven CTHI Value 2024	Share of Global Inflicted Tax Loss 2024	FSI Score 2022	FSI Share 2022
Bahamas	100.0	3.1%	1,313	0.06%	75.5	1.13%
Jersey	100.0	4.1%	1,756	2.82%	63.5	1.35%
Isle of Man	100.0	2.7%	1,144	0.21%	65	0.56%
Cayman Islands	100.0	6.7%	2,891	9.19%	72.6	1.52%
Bermuda	100.0	5.8%	2,478	1.73%	70.1	0.72%
Guernsey	100.0	2.6%	1,122	0.1%	70.7	1.79%
Turks and Caicos Islands	100.0	0.4%	191	0.01%	75.7	0.17%
British Virgin Islands	100.0	7.1%	3,061	2.86%	70.7	1.83%
Anguilla	100.0	0.6%	277	0.01%	75.5	0.59%
Switzerland	88.9	5.3%	2,279	4.22%	70	3.43%
Singapore	85.6	4.8%	2,059	5.9%	67.2	3.43%
United Arab Emirates	81.6	2.2%	964	0.22%	79.2	1.91%
Mauritius	79.6	2.3%	1,005	0.28%	70.1	0.64%
Ireland	79.4	3.8%	1,622	8.3%	47.2	1.05%
Cyprus	79.4	2.4%	1,046	0.77%	61.5	1.5%
Hong Kong	77.8	4.5%	1,948	9.18%	65	2.73%
Malta	76.9	1.7%	747	0.39%	54.5	0.91%
Netherlands	74.0	4.5%	1,945	2.18%	64.6	1.63%
Lebanon	72.3	0.4%	187	0.01%	64.6	0.44%
Panama	72.2	1%	421	2.16%	72.7	1.4%
Curacao	72.2	0.7%	314	0.02%	76	0.35%
Latvia	71.2	0.6%	254	0.01%	55.3	0.33%
Aruba	70.6	0.3%	142	0.01%	70.9	0.47%
Costa Rica	70.4	0.7%	312	0.01%	55.8	0.27%
Hungary	69.6	1.6%	681	0.07%	55.2	0.46%
Seychelles	69.5	0.4%	184	0.01%	72.2	0.35%
Luxembourg	69.3	3.5%	1,480	3.49%	55	2.36%
Liechtenstein	67.0	0.7%	290	0.01%	72.2	0.64%
Liberia	66.6	0.4%	178	0.04%	73.2	0.84%
Gibraltar	66.3	0.6%	258	4.49%	66.8	0.32%
Monaco	65.9	0.2%	94	0.01%	73.5	0.19%
France	65.4	2.1%	883	0.97%	47.9	1.01%
Belgium	64.3	1.6%	698	0.55%	52.5	1.06%
Montserrat	63.8	0.1%	23	0.01%	73.8	0.01%
Andorra	62.7	0.2%	77	0.01%	55	0.24%
China	61.6	2.3%	974	3.22%	66.5	1.7%
San Marino	59.9	0.1%	44	0.01%	60.4	0.03%
Spain	59.8	1.3%	557	1.06%	56.6	1.02%
Finland	59.7	0.7%	309	0.16%	51.8	0.35%
United Kingdom	59.0	2.1%	894	4.76%	47.2	1.61%
Romania	58.4	0.5%	221	0.01%	59.4	0.52%
Mexico	58.2	1%	425	0.09%	53.1	0.41%
Sweden	57.4	1%	429	0.25%	44.6	0.5%
Lithuania	57.1	0.3%	148	0.04%	51	0.28%
Macau	56.6	0.4%	166	0.01%	63.1	1%
Bulgaria	56.0	0.4%	158	0.03%	52.8	0.26%
Kenya	55.9	0.2%	105	0.01%	66.7	0.83%
Germany	55.4	1.4%	590	0.75%	56.7	2%
Croatia	55.0	0.3%	137	0.01%	53.1	0.3%
Ghana	53.7	0.2%	90	0.02%	52.7	0.49%
Botswana	52.9	0.2%	66	0.01%	56.8	0.24%
Italy	52.7	0.8%	342	0.71%	54.9	1.16%
Austria	52.7	0.6%	270	0.33%	54.6	0.79%
Slovakia	52.3	0.3%	142	0.07%	53.2	0.3%
Greece	50.3	0.3%	124	0.01%	52.8	0.3%
Taiwan	48.7	0.4%	160	0.55%	60.1	1.42%
Denmark	48.5	0.5%	198	2.39%	49	0.41%
Slovenia	47.7	0.2%	79	0.01%	35.9	0.07%
Tanzania	47.4	0.1%	52	0.01%	68.8	0.33%
Portugal	46.2	0.3%	140	0.14%	56.9	0.59%
United States	46.1	1.2%	527	7.61%	67.4	5.74%
Gambia	45.4		12	0.01%	72.7	0.06%
Ecuador	42.6	0.1%	44	0.01%	52.2	0.21%
Peru	41.8	0.2%	68	0.08%	54.1	0.26%
Brazil	38.5	0.3%	126	1.79%	49.1	0.4%
Argentina	32.5	0.1%	42	0.01%	49.1	0.24%
India				0.01%	54.7	0.94%
Indonesia				0.01%	55.8	0.5%
Pakistan				0.01%	66.3	0.47%
Nigeria				0.01%	64.8	0.8%
Bangladesh				0.01%	74.6	0.68%
Russia				0.01%	59.6	0.8%
Japan				0.89%	63.1	2.25%
Egypt				0.02%	68.2	0.62%
Philippines				0.01%	67.1	0.48%
DR Congo				0.02%
Vietnam				0.03%	80.9	1.1%
Iran				0.01%
Turkey				0.01%	61.1	0.59%
Thailand				0.01%	69.8	1.12%
South Africa			175		60	0.77%
Myanmar				0.01%
Colombia				0.01%	54.3	0.26%
Algeria				0.02%	79.1	0.99%
Iraq				0.01%
Canada				6.34%	51.1	1.03%
Angola				0.02%	79.5	0.99%
Ukraine				0.01%	58.9	0.37%
Morocco				0.01%	66	0.43%
Poland			213	0.02%	46	0.36%
Uzbekistan				0.01%
Malaysia				0.06%	65.8	0.87%
Mozambique				0.01%
Saudi Arabia				3.23%	69	1.06%
Cameroon				0.01%	70.2	0.41%
Venezuela				0.01%	71.9	0.49%
Australia				0.31%	56.1	0.94%
Burkina Faso				0.01%
Sri Lanka				0.01%	75.8	0.71%
Kazakhstan				0.27%	62.9	0.43%
Chile				0.09%	59.8	0.47%
Senegal				0.01%
Guatemala				0.04%	74.8	0.78%
Cambodia				0.01%
Zimbabwe				0.01%
Guinea				0.02%
Rwanda				0.01%	72.1	0.31%
Bolivia				0.01%	79.2	0.26%
Tunisia				0.01%	59.6	0.3%
Jordan				0.01%	71.9	0.5%
Dominican Republic				0.01%	64.7	0.37%
Papua New Guinea				0.01%
Azerbaijan				0.03%
Israel				0.01%	59.3	0.99%
Laos				0.02%
Libya				0.11%
Paraguay				0.01%	66.2	0.21%
Serbia				0.01%	54.4	0.25%
El Salvador				0.01%	60.5	0.32%
Norway				0.44%	53.3	0.74%
Oman				0.02%	73.5	0.75%
New Zealand				0.04%	63	0.68%
Kuwait				0.03%	74.6	0.98%
Georgia				0.01%
Mongolia				0.02%
Uruguay				0.06%	58	0.48%
Puerto Rico				1.57%	78.3	0.52%
Bosnia and Herzegovina				0.01%
Qatar				0.12%	73.6	1.21%
Namibia				0.01%	71.3	0.33%
Albania				0.01%	54.5	0.14%
Gabon				0.05%
North Macedonia				0.01%	62	0.14%
Bahrain				0.06%	68.2	0.56%
Trinidad and Tobago				0.01%	69	0.12%
Timor-Leste				0.04%
Estonia			286	0.05%	44.2	0.14%
Eswatini				0.01%
Fiji				0.01%	70.3	0.17%
Montenegro				0.01%	60.7	0.18%
Maldives				0.01%	75.2	0.34%
Brunei				0.01%	73.3	0.08%
Belize				0.01%	75.1	0.22%
Iceland				0.01%	42.5	0.13%
Vanuatu				0.01%
New Caledonia				0.01%
Barbados				0.35%	73.7	0.52%
Samoa				0.01%	73	0.27%
Saint Lucia				0.01%	72.2	0.1%
Guam				0.01%	70.3	0.09%
Grenada				0.01%	65.9	0.11%
Antigua and Barbuda					77	0.13%
Dominica				0.01%	65.2	0.13%
Saint Kitts and Nevis				0.01%	77.2	0.49%
American Samoa				0.01%	69.3	0.09%
Marshall Islands				0.07%	71.2	0.69%
Cook Islands				0.01%	69.8	0.11%
Nauru				0.01%	59.1	0.04%

The definition of a tax haven and the algorithms utilized to determine whether a country qualifies as a tax haven vary significantly from one source to another. As such, different sources’ lists of tax havens often vary from one another.
The Haven Score for each jurisdiction is constructed from 20 Haven Indicators, which reflect the many different rules, laws and mechanisms that multinationals can use to escape tax. The index grades each country’s tax and legal system with a “haven score” out of 100 where a zero represents no scope for corporate tax abuse and a 100 is unrestrained scope for corporate tax abuse.
Corporate Tax Haven Index (CTHI) value: A measure of how intensely the jurisdiction enables multinational corporations to abuse corporate tax, calculated by combining Haven Score and Global Scale Weight.
The Financial Secrecy Index (FSI): A ranking of jurisdictions most complicit in helping individuals to hide their finances from the rule of law. Lower scores indicate less complicity.

A tax haven, or “offshore financial center,” is a country (or state) in which foreign investors pay taxes at an abnormally low rate, possibly even zero. By shifting their funds into or through tax havens, businesses and other investors can avoid paying taxes in high-tax countries. Residency or business presence is typically not required in order to benefit from a tax haven’s policies (though it may be in tax-free countries. Additionally, tax havens share little or none of their investors’ financial information with foreign tax authorities.

These policies attract a generous amount of capital inflow for tax havens, which may impose mild fees, charges, or a minimal tax on foreign investments in order to generate government revenue. This inflow of funds, which is substantial even with the haven’s low-to-zero tax rates, facilitates economic growth in the tax haven country.

Top 10 Tax Haven Countries in the World - Tax Justice Network 2021 (CTHI value)

Country	Tax Haven CTHI Score 2024 (0-100)
Bahamas	100.0
Bermuda	100.0
Guernsey	100.0
Turks and Caicos Islands	100.0
Isle of Man	100.0
Jersey	100.0
Cayman Islands	100.0
British Virgin Islands	100.0
Anguilla	100.0
Switzerland	88.9

Legal Issues with Tax Havens

Tax havens exist in a legal gray area in that many of the activities associated with them are legal, but many are not. For example, using a tax haven to store funds earned overseas, thereby avoiding paying higher taxes in one’s home country, is legal. So is funneling investments in a trust or company through a tax haven. On the other hand, using a tax haven to hide earnings entirely, or to launder money earned through illegal means, is not legal.

Although the definition of what exactly counts as a tax haven differs from source to source, modern tax havens typically adhere to guidelines set out by regulatory bodies such as the Organization of Economic Cooperation and Development (OECD) and the U.S. Government Accountability Office. Modern corporate tax havens have high levels of OECD compliance and establish bilateral tax treaties, which are legal agreements between two countries that reduce the rate of taxation for businesses located in one country but earning money in another. Many tax havens have the ability to legally enable tax treaties close to zero by using base erosion and profit shifting tools (BEPS).

The World’s Most Renowned Tax Havens

British Virgin Islands

Considered by many to be the world’s leading tax haven, this British Colony’s economy holds more than 5,000 times its worth in foreign investments. Local officials claim the country is not a tax haven, but this argument is undermined by the fact that the BVI has a mere 36,000 residents, but is the listed home of more than 400,000 companies and holds approximately $1.5 trillion (USD) in assets.

Luxembourg

One of the world’s richest countries, Luxembourg is also one of the world’s leading tax havens. According to a report from Citizens for Tax Justice and U.S. PIRG Education Fund, approximately 30% of U.S. Fortune 500 companies have subsidiaries in Luxembourg. For example, web retailer Amazon.com funnels all of its sales in Europe through its official European headquarters in Luxembourg.

Cayman Islands

The Cayman Islands recently held banking assets equal to one-fifteenth of the world’s $30 trillion in total banking assets. In addition to having no corporate tax, the Cayman Islands impose no direct taxes on residents, including property, income, and payroll taxes. The Caymans are especially popular with hedge fund managers because the corporate and income tax rates are 0%, even on interest or dividends earned on an investment. The Caymans are home to subsidiaries of Fortune 500 companies such as Pepsi, Marriott, and Wells Fargo.

Bermuda

Most consumers know this U.K. island territory for its tourist-friendly beaches, but those in the financial sector may also know it as a notoriously popular tax haven. Bermuda’s Gross Domestic Product (GDP) per capita is abnormally high thanks to its lack of taxes on corporate income, interest, dividends, and royalties. These tax rates have induced companies such as Google and Nike to park billions of dollars in accounts in Bermuda, thereby avoiding U.S. taxes.

Netherlands

The Netherlands’ former finance minister, Jan Kees de Jager, has been quoted as saying the country’s financial systems are far less exploitable than those of Switzerland or the Cayman Islands. However, it is likely that Google, Fiat Chrysler, IBM, and the many Fortune-500 companies lowering their taxes by funneling their profits through Dutch subsidiaries feel otherwise.

Switzerland

Switzerland is known worldwide for the secrecy of its banking sector, which holds the details of its clients’ financial accounts and dealings in strict confidence. This trustworthiness makes it easy for both individuals and corporations alike to hide wealth with great effectiveness. Moreover, although some of Switzerland’s laws regarding secrecy have been removed, the country’s tax rates remain quite favorable.

United States

Although not a tax haven to the same degree as the other countries listed, the United States offers a unique tax scenario thanks to the fact that each state sets its own income tax rates. As such, states with no income tax, such as Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming, can often be utilized as tax havens by countries wishing to minimize their tax burden.