5 Top Tax Havens for the Filthy Rich

If you’re loaded with money and would like to shelter it somewhere, you should know that there are no less than 80 countries that would love to “handle” your money for you. They are secrecy jurisdictions with no taxes (or very low taxes) that are excellent tax havens.

However, it should be noted that the IRS has announced plans to crack down on U.S. citizens who prefer to hide money in offshore accounts. As of this writing, though, that hasn’t been a deterrent to wealthy people who are trying to preserve their assets.

Here are 5 top tax havens for the filthy rich.

1. Belize

Belize might be well-known for scuba diving, but it’s also a great place to park your cash if you’re looking for a little added security.

If you never been there, it’s a Barrier Reef in the Caribbean and a fantastic place to vacation with some of that extra money you have. English is the country’s native language, but you’ll also encounter citizens who speak Spanish.

If you’ve used your ROTH IRA calculator to determine that you can offload some money and still manage to live comfortably, consider giving Belize a shot with that excess cash.

2. British Virgin Islands

Belize isn’t the only Caribbean haven for your assets. The British Virgin Islands (BVI) has been widely recognized for some time as an excellent locale for banking secrecy.

Here’s the best part: the tax rate there is a big, fat goose egg. That’s right, it’s 0 percent. There’s no sales, profit, inheritance, capital gains, or gift tax in BVI.

Property tax there is minimal. It runs about 1.5 percent of the assessed value of the property per year.

3. The Cayman Islands

Many people think of the Cayman Islands as a famous resort in the Caribbean. However, it’s also a great place for you to secure some assets.

Fortune 500 companies are known to use a Cayman Islands address for their own subsidiaries. That’s how they save money in taxes. The country has no corporate, estate, capital gains, or income taxes.

However, the Caymans have been watched by the IRS for quite some time. It you want to put money in an offshore account there, it might be a good idea to start saving now.

4. Costa Rica

Not every place that’s a great haven for your money is in the Caribbean. Costa Rica is another excellent location.

The Central American country is not only known for its waterfalls, beaches, and rainforests, but also for its generous tax policy. Corporations pay no interest, dividend, or capital gains tax.

5. Seychelles

The Seychelles is a cluster of more than 100 islands off the west coast of Africa. It’s a beautiful location for a long-term vacation. It’s also an outstanding tax haven.

There is no property, gift, capital gains, or income tax in the Seychelles.

You’ve worked hard for your money. Fortunately, there are legal ways that you can transfer it offshore to minimize your tax bite. However, you should also evaluate the geopolitical risks associated with moving your money into another country.