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Tax Haven

Term Definition
Tax Haven

A territory, country or state where specific taxes are imposed on individuals and corporations at lower rates than in their country of residence or not at all. Also know as an offshore financial centre (OFC), these jurisdictions with low taxation specialise in furnishing company formation and trade services to non-resident offshore companies, and investing opportunities for offshore capital. It can be financially compelling to both corporate entities and people to form subordinate companies or relocate themselves to places with lower to zero taxation levels (proportionate to common global tax levels) to lower their tax burden.

http://en.wikipedia.org/wiki/Tax_haven