Oxfam, a UK based charity with international reach, has just published a list of the world’s “worst tax havens”, in which, perhaps rather curiously, it has placed Bermuda in pole position. The Government of Bermuda and Bermuda’s Business Development Agency both disagree.
The facts are what they are, of course – although ideally they would be presented, by both sides, fully and fairly.
Above and beyond that, it’s simply a question of political perspective: one person’s “international financial centre” is another person’s “tax haven” or “paradis fiscal”.
If nothing else, from Bermuda’s point of view, it’s hard to understand why Bermuda should be chosen to rank higher than the BVI or the Cayman Islands, or jurisdictions such as the Bahamas, Panama, or the Marshall Islands …