The tax haven list

No corporate income tax for BVI business companies, which are not permitted to trade locally with residents. Annual government licence fee starts at about US$450 (shares up to 50,000). Companies in relevant activities (banking, funds, financing, headquarters, shipping, holding, IP, distribution) must satisfy economic substance and file annual returns.

No corporate income tax. Businesses pay an annual business licence fee on turnover (about 0.25%–1.5% on a sliding scale) rather than a profit tax. A 15% Domestic Minimum Top-up Tax applies from 2025 only to in-scope multinational groups with revenue of EUR 750 million or more.

No corporate income tax. Exempted companies pay annual government fees instead (about US$1,000 for companies with authorised capital up to US$50,000). A 15% Domestic Minimum Top-up Tax is under implementation for in-scope MNE groups with EUR 750M+ revenue. Entities carrying out 'relevant activities' (e.g. fund management, headquarters, distribution, financing) must pass economic substance tests.

0% for the vast majority of companies. Bermuda's Corporate Income Tax Act 2023 imposes a 15% tax on in-scope MNE groups (revenue EUR 750M+) for fiscal years beginning on or after 1 January 2025, with a Tax Credits Act 2025 offering credits for certain activities. Exempted companies pay annual government fees based on authorised capital.

No corporate income tax, no capital gains tax, no dividend, interest or royalty withholding tax and no inheritance tax. Revenue comes from VAT, import duties and licence fees. Vanuatu has been subject to economic substance rules for relevant activities since 2019.

No corporate income tax. Companies pay annual licence and registration fees. A 15% minimum tax is under implementation for in-scope MNE groups. The EU listing concerns economic substance enforcement and tax transparency, and the territory disputes the characterisation.

9% on taxable profit above AED 375,000 (0% up to that threshold). 0% on qualifying income of a Qualifying Free Zone Person (QFZP) that meets substance and de minimis rules; non-qualifying income is taxed at 9%. Small Business Relief (revenue up to AED 3m) lets eligible companies be treated as having no taxable income; the Ministry of Finance has reportedly extended it to tax periods ending on or before 31 Dec 2029 (originally 2026), and QFZPs cannot use it. A 15% Domestic Minimum Top-up Tax applies from 2025 to multinational groups with consolidated revenue of EUR 750m or more. All taxable persons, including 0% free zone companies, must register with the FTA.

0% standard rate; 10% for banking, domestic insurance, fiduciary and regulated activities; 20% for utilities, Guernsey property income and large retailers. A reform consultation in 2026 proposes extending the 10% band from 2027; large multinationals pay a 15% minimum tax from 2025.

0% standard rate; 10% for regulated financial services businesses; 20% for utilities and income from Jersey land and property (including development). Large multinationals pay a 15% minimum top-up tax from 2025.

0% standard rate for most companies; 10% on banking business and retail profits above GBP 500,000; 20% on income from Manx land, property and petroleum. Companies must be managed and controlled in the Island to be Manx tax-resident; large multinationals face a 15% minimum tax from 2025.

Belize has no standard corporate income tax rate; domestic businesses pay Business Tax on gross revenue at rates from about 0.75% to 19% depending on sector (standard small business rates cited around 1.75%). Income tax (25%) applies to some entities and sources. Offshore-type companies earning foreign income with no Belize activity are generally outside the tax net, but must meet economic substance rules (introduced 2019). Rates differ across sources, so verify with the Belize Tax Service.

General 10% corporate income tax; 2% for new companies in their early years under certain conditions, reduced rates for qualifying holding and international trading income, and a minimum tax-payable mechanism.

25% on resident companies' profits; banks and some sectors differ. International Business Corporations (IBCs) are exempt from local tax on foreign income under the IBC Act, with annual fees. Antigua's ABST applies to local supply.

25% on profits of companies carrying on commercial activity that generate more than 25% of turnover outside Monaco; companies with mostly in-Monaco revenue are generally outside the scope of corporate income tax. New-company transitional relief may apply.

Flat 12.5% on profit, with a minimum annual tax of CHF 1,800. A notional interest deduction of 4% on adjusted equity can lower the effective rate to well below 12.5% for capital-heavy companies.

15% from 1 July 2024 under Legal Notice 217/2024 (previously 12.5% from August 2021 and 10% before); 20% for utilities, energy providers and companies abusing a dominant position. Tax applies only to income accrued in or derived from Gibraltar; a 15% global minimum tax applies to large groups.

33% on resident companies' profits (St Kitts). Nevis offshore entities (Nevis LLC, Business Corporation, trust) conducting no local business are exempt from Nevis tax, with annual registration fees. Hotel and approved enterprises may receive tax holidays.

Business tax on Seychelles-source income is progressive at 25% on the first SCR 1,000,000 of taxable income and 33% above, for resident and non-resident entities (bands amended by SI 107 of 2024, effective 2025; confirm with the Seychelles Revenue Commission). International Business Companies (IBCs) and Companies (Special Licence) are taxed on a territorial basis: foreign-source income is generally not taxed, and the old 1.5% preferential rate for special licence companies ended in 2021. The Economic Substance regime applies to relevant activities.

15% from 1 Jan 2026 (previously 12.5%). IP box gives an effective rate of about 2.5%; dividend income and share-sale gains are generally exempt; notional interest deduction on new equity.

12.5% on trading income, 25% on passive income; 15% under Pillar Two for groups with revenue of EUR 750m or more. Knowledge Development Box 10% and 30% R&D credit (a rise to 35% from 2026 was announced). Start-up relief exempts CT on early profits.

Federal CIT is 8.5% of profit after tax (about 7.8% pre-tax); cantons and municipalities add the rest. Combined rates run from about 11.8% in Zug (Schwyz, Nidwalden, Lucerne are close) to about 20-21% in Bern and Geneva area cantons; 14.6% is a rough mid-point. Large groups (EUR 750m+) face a 15% minimum top-up tax from 2024.

25% on Panama-source income; foreign-source income is not taxed (territorial principle). Group entities earning foreign passive income (dividends, interest, royalties, capital gains) keep 0% only if they meet economic substance requirements, otherwise 15% applies. Companies above USD 1.5M taxable income face the CAIR alternative minimum (4.67% of gross income). Annual Tasa Única of USD 300 for companies.

2025-2026 combined rate in Luxembourg City: 16% CIT plus 7% employment-fund surcharge plus 6.75% municipal business tax. Lower CIT bands apply to taxable income up to EUR 200,000. A further 1-point CIT cut from 2027 has been proposed in Budget 2027 but is not yet law.

19% on the first EUR 200,000 of taxable profit and 25.8% above that. Innovation Box 9% on qualifying IP income. Participation exemption on qualifying dividends and gains.

35% statutory rate; on distribution shareholders claim refunds (6/7 for trading income, 5/7 for passive income, 2/3 for participation-holding income), giving effective rates of about 5%–10%. An optional 15% final-tax route was introduced in 2025. Pillar Two applies to large groups.