BVI Earning $200 Million A Year As A ‘Legitimate’ Tax Haven
ROAD TOWN, Tortola, BVI — Stashing money overseas isn’t just for criminals. Legitimate banks and law firms have entire departments devoted to moving wealth offshore.
They call it “aggressive tax planning” or “tax avoidance” and it’s perfectly legal — though it costs Canada an estimated $6 billion to $7.8 billion in lost taxes annually. With that money, we could build a downtown relief subway line every year.
Instead, tiny countries like the British Virgin Islands (population 30,000) have grown rich by funneling streams of cash from one corner of the world to another and siphoning off tiny sums for themselves. They’re the global economy’s ATM.
As any bank card user knows, those fees add up. The BVI government collects more than $200 million in corporate fees every year, paying for a $100-million hospital and a massive pier, capable of docking the largest of the world’s cruise ships.
Critics of tax havens call them parasite economies that feed off other countries’ tax revenues.
To read more about this issue, please click on the following link to read an article John McCarthy wrote in The Moderate Voice.