From Bahrain to Switzerland: Top 10 tax havens across the globe
New Delhi: The total amount of black money deposited in foreign banks by Indians is unknown. Some reports claim a total exceeding US$1.4 trillion are stashed in Switzerland.[1] Other reports, including those reported by Swiss Bankers Association and the Government of Switzerland, claim that these reports are false and fabricated, and the total amount held in all Swiss banks by citizens of India is about US$2 billion.
In February 2012, the director of the Central Bureau of Investigation said that Indians have $500 billion of illegal funds in foreign tax havens, more than any other country. In March 2012, the Government of India clarified in its parliament that the CBI Director’s statement on $500 billion of illegal money was an estimate based on a statement made to India’s Supreme Court in July 2011.
A report by Tax Justice Network, referred to as Financial Secrecy Index rated top 10 tax havens around the world. According to an estimate of the report, governments around the world lose approximately USD 250 billion in revenue every year.
This list is comprised of the 10 biggest tax havens in the world – countries that allow the highest level of client financial secrecy, tax evasion, and offshore accounts.
10- Bahrain
The country has a large number of financial institutions offering offshore banking services and bank accounts in the Island.
Bahrain gets tenth place because it has the lowest level of Financial Secrecy Index value based from the Tax Justice Network’s report, which is at 660.3. It also has a Secrecy Score of 78.
