No, the best place to hide cash as a way to evade taxes is not under your mattress, it’s probably in an offshore bank. And according to a report by Tax Justice Network, the best banks for this unlawful practice are in Switzerland.
Switzerland is the world leader in financial opacity, only grudgingly conforming with disclosure agreements among developed countries while courting tax evaders in developing nations.
~ TJN Report
No big surprise, right? Maybe not, but what about the 10 UK territories that made the list? And what about the United States coming up 5th on their list?
U.S. tax evaders rob the Treasury and force average taxpayers and small businesses to pick up the tab . . . the U.S. loses about $100 billion a year in taxes lost to assets held in offshore jurisdictions.
~ Nicole Tichon, executive director of the Tax Justice Network
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