These are the 10 most significant secrecy jurisdictions in the world, in the opinion of the Tax Justice Network: the U.S. (Delaware), Luxembourg, Switzerland, Cayman Islands, the U.K. (City of London), Ireland, Bermuda, Singapore, Belgium and Hong Kong.
That final list is going to surprise, shock or even annoy a lot of people, but there is good reason for listing places like London and Delaware as tax havens among those which might be considered the more usual suspects.
Secrecy is not something, as many like to think, that happens “over there.” It is really happening at home too. Delaware provides a degree of corporate secrecy for those who operate there that makes it highly significant. Incidentally Nevada and other states also offer this feature, but because more companies use Delaware, it stood out from the crowd.
London richly deserves its place on the list too. It’s not just because many of the more “usual suspect” jurisdictions–everywhere from Jersey to the Cayman Islands–are all beneficiaries of British protection and support. The truth is that each of these operates as a branch office for the City of London, the square mile that is the epicenter of finance in London.