Tax Havens

Did you know that despite the widespread and long-standing tradition of taxation all over the world, there are actually some countries where taxes can be avoided? These include Luxembourg, Cook Islands, Cayman Islands, Channel Islands, Bermuda, Dubai, Lichtenstein, British Virgin Islands, Andorra, Switzerland, Gibraltar, Belize, Vanuatu, Greneda and Cyprus. Wonder how this phenomenon is possible in this day and age? These countries are able to generate revenue from other forms of income, including tourism and abundant natural resources, so they are not dependent on taxation for continued sustenance.

So there, we have it. Unless you live in one of the few tax havens mentioned above, make an effort to understand why taxes are important for a country and learn to embrace them.