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The Daily

Sun, Sand, and Tax Dodges: Bermuda, Cayman Islands and British Virgin Islands IDed as Biggest Tax Havens

Chris Gaetano
Published Date:
Oct 6, 2015
WorkingVacationIn addition to being great places to take a relaxing beach vacation, the tropical islands of Bermuda, the Cayman Islands and the British Virgin Islands have also been identified by a recent report as the best places to park money you don't want your government to tax, according to CNN Money. Profits funneled through U.S.-controlled subsidiaries on these three island totaled $155 billion in 2010, a sum that dwarfs the $10 billion GDP of all three places combined. Of that $155 billion, most was processed in Bermuda: $94 billion. 

The report comes at a time when the G20 prepares to meet in Lima, Peru to discuss, among other things, an international reform program, which will be implemented through a series of bilateral treaties, aimed at reducing aggressive corporate tax avoidance, according to the Guardian