Tax Haven
Also called: offshore jurisdiction, secrecy jurisdiction
A tax haven is a jurisdiction offering very low or zero tax plus, historically, secrecy — attracting profits and assets with no real activity behind them. Multinationals use them legally through structures that route intellectual property and financing; individuals have used them illegally to hide income. Automatic exchange of information and the OECD's 15% global minimum tax have narrowed but not closed the space.