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Small European countries reign as big tax havens
Small European countries reign as big tax havens

Is it any coincidence that some of the smallest countries in the world are also the world's best tax havens? Hardly. Beginning with Switzerland and Bermuda after World War I, little countries with stable governments and strong currencies but scant job-producing resources have gone into the offshore banking business. The Organisation for Economic Co-operation and Development, a Paris-based research and policy group that monitors banking practices around the world, lists Andorra, Liechtenstein and Monaco as "uncooperative tax havens." In tax havens, low -- or nonexistent -- taxes and obfuscating banking practices attract rich retirees, corporations and holders of anonymous...