The Lessons in the Panama Papers

The Lessons in the Panama Papers

"The Panama Papers reveal the widespread use of shell corporations in the British Virgin Islands, the Seychelles in the Indian Ocean, and Panama. Historically, North American investors prefer tax havens in the Caribbean or Panama, with an estimated 54 percent of offshore investments going to those areas. Other popular tax dodging destinations were Switzerland, Ireland, and the Channel Islands, off the coast of England. Transnational corporations also have an estimated $2 trillion in assets hidden in offshore tax havens or stashed in subsidiary corporations in countries with minimal or no corporate taxation."