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"Our country is wherever we are well off." - John Milton.

"The hardest thing in the world to understand is the income tax." - Albert Einstein.

"There is no such thing as a good tax." - Winston Churchill.

"To be governed is to be watched, inspected, spied upon, directed, law-ridden, regulated, penned up, indoctrinated, preached at, checked, appraised, seized, censured, commanded, by beings who have neither title, nor knowledge, nor virtue.

To be governed is to have every operation, every transaction, every movement, noted, registered, counted, rated, stamped, measured, numbered, assessed, licensed, refused, authorized, endorsed, admonished, prevented, reformed, redressed, corrected." - Pierre-Joseph Proudhon.

"A wise and frugal government, which shall restrain men from injuring one another, which shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned. This is the sum of good government." - Thomas Jefferson.

A TAX HAVEN is a country or territory where certain taxes are levied at a low rate or not at all. Individuals and/or corporate entities can find it attractive to move themselves to areas with reduced or nil taxation levels. This creates a situation of tax competition among governments. Different jurisdictions tend to be havens for different types of taxes, and for different categories of people and/or companies.

The following characteristics are indicative of a tax haven: nil or nominal taxes; lack of effective exchange of tax information with foreign tax authorities; lack of transparency in the operation of legislative, legal or administrative provisions; no requirement for a substantive local presence; and self-promotion as an offshore financial center. An offshore financial center, although not precisely defined, is usually a low-tax, lightly regulated jurisdiction which specializes in providing the corporate and commercial infrastructure to facilitate the use of that jurisdiction for the formation of offshore companies and for the investment of offshore funds.

An OFFSHORE FINANCIAL CENTER (or OFC), although not precisely defined, is usually a small, low-tax jurisdiction specialising in providing the corporate and commercial services to non-residents in the form of offshore companies and the investment of offshore funds.
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