Introduction
Taxes have always been a hinderance to individuals and corporations alike. As a result, parties try to avoid or exempt themselves from having to complete this state ridden obligation on them. One of the means for such avoidance is also in the form of tax havens. Liechtenstein emerged as a tax haven with the establishment of the Anstalt in 1926, whereas Israel enacted tax haven legislation in 1969. In the Caribbean basin, the tax havens began expanding their presence in the market primarily during the late 1950s, which is viewed either positively or negatively depending on the observer. It is worth noting that there was a considerable surge in the adoption of tax haven practices during the 1960s to 1980s period, with numerous tax havens such as the Cayman Islands, Bahamas, Bermuda, Antigua, British Virgin Islands, Israel, Hong Kong, and others entering the market.[1]
[1] Orlov, Mykola. “The Concept of Tax Haven: A Legal Analysis.” Intertax, vol. 32, no. 2, 2004, pp. 95-105.