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What is a Tax Free Jurisdiction? |
• 50 years ago special legal financial system created by Monaco, Luxembourg, Liechtenstein, Panama, Hong Kong and Switzerland.
• BVI joined.
• Allows wealthy individuals to move their wealth, or at least part of it, out-with their home country where they were being taxed.
• The wealthy benefited from low taxes and financial privacy. Nowadays, anyone can use and benefit from this system.
• The term ‘offshore’ is now recognized widely in most sectors of the economy.
• Companies and individuals take advantage of the seclusion of wealth.
• Very low or no tax burdens are levied.
• International business can be less complicated allowing profitability to increase.
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