78-592: Rainier III (Rainier Louis Henri Maxence Bertrand Grimaldi; 31 May 1923 – 6 April 2005) was Prince of Monaco from 1949 to his death in 2005. Rainier ruled the Principality of Monaco for almost 56 years. Rainier was born at the Prince's Palace of Monaco , the only son of Hereditary Princess Charlotte and Prince Pierre . During his reign, he was responsible for the transformation of Monaco's economy, shifting from its traditional casino gambling base to its current status as
156-454: A tax haven and cultural destination. The Prince also coordinated the substantial reforms of Monaco's constitution , which limited the powers of sovereign rule. Rainier married American film star Grace Kelly in 1956, which generated global media attention. They had three children: Caroline , Albert and Stéphanie . Rainier died in April 2005 from complications relating to a lung infection as
234-554: A tax haven , commercial centre, real-estate development opportunity, and international tourist attraction. The early years of his reign saw the overweening involvement of the Greek shipping tycoon Aristotle Onassis , who took control of the Société des Bains de Mer and envisioned Monaco as solely a gambling resort. Prince Rainier regained control of SBM in 1964, effectively ensuring that his vision of Monaco would be implemented. During his reign,
312-648: A § Top 10 tax havens in all three quantitative lists, Hines 2010, ITEP 2017 and Zucman 2018 (above); all nine such § Top 10 tax havens are listed below. (♣) Appears on the James Hines 2010 list of 52 tax havens; 17 of the 20 locations below, are on the James Hines 2010 list. (Δ) Identified on the largest OECD 2000 list of 35 tax havens (the OECD list only contained Trinidad & Tobago by 2017); only four locations below were ever on an OECD list. (↕) Identified on
390-504: A car crash caused by a cerebral hemorrhage in 1982, making it impossible to expand the film for an American release. After Grace's death, Rainier refused to remarry. He established the Princess Grace Foundation-USA in 1982 in her honor, to support fledging American artists. Rainier smoked sixty cigarettes a day. In the last years of his life his health progressively declined. He underwent surgery in late 1999 and 2000, and
468-406: A consequence they have few bilateral tax treaties . Modern corporate tax havens have non-zero "headline" rates of taxation and high levels of OECD compliance, and thus have large networks of bilateral tax treaties. However, their base erosion and profit shifting ("BEPS") tools enable corporates to achieve "effective" tax rates closer to zero, not just in the haven but in all countries with which
546-472: A hybrid "territorial" tax system, and proposed EU Digital Services Tax regime, and EU Common Consolidated Corporate Tax Base ). While areas of low taxation are recorded in Ancient Greece, tax academics identify what we know as tax havens as being a modern phenomenon, and note the following phases in their development: There is no established consensus regarding a specific definition for what constitutes
624-476: A list of 52 tax havens , which he had scaled quantitatively by analysing corporate investment flows. Hines' largest havens were dominated by corporate tax havens, who Dharmapala noted in 2014 accounted for the bulk of global tax haven activity from BEPS tools. The Hines 2010 list was the first to estimate the ten largest global tax havens, only two of which, Jersey and the British Virgin Islands, were on
702-534: A loss of tax revenues to countries which are not tax havens. Estimates of the § Financial scale of taxes avoided vary, but the most credible have a range of US$ 100–250 billion per annum. In addition, capital held in tax havens can permanently leave the tax base (base erosion). Estimates of capital held in tax havens also vary: the most credible estimates are between US$ 7–10 trillion (up to 10% of global assets). The harm of traditional and corporate tax havens has been particularly noted in developing nations, where
780-496: A noted jewel thief known as René the Cane as her lover). Upon ascension, the Prince found a treasury that was practically empty. Monaco's traditional gambling clientele, largely European aristocrats, found themselves with reduced funds after World War II. Other successful gambling centres had opened to compete with Monaco. To compensate for the loss of income, Rainier decided to promote Monaco as
858-695: A postal museum in 1950: the Museum of Stamps and Coins , in Monaco's Fontvieille district by using the collections of the Monegasque princes Albert I and Louis II . The prestigious philatelic collectors organization, Club de Monte-Carlo de l'Élite de la Philatélie, was established in 1999 under his direct patronage. The club is headquartered at the postal museum, and its membership restricted to institutions and one hundred prestigious collectors. Rainier organized exhibitions of rare and exceptional postage stamps and letters with
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#1733084850698936-461: A result of frequent smoking; he was succeeded by his son, Albert II. Rainier was born at Prince's Palace in Monaco, the first native-born prince since Honoré IV in 1758. Rainier's mother, Charlotte, was the only child of Louis II, Prince of Monaco , and his lover, Marie Juliette Louvet ; she was legitimised through formal adoption and subsequently named heiress presumptive to the throne of Monaco. Rainier's father, Count Pierre of Polignac , who
1014-526: A tax haven. This is the conclusion from non-governmental organisations , such as the Tax Justice Network in 2018, from the 2008 investigation by the U.S. Government Accountability Office , from the 2015 investigation by the U.S. Congressional Research Service , from the 2017 investigation by the European Parliament, and from leading academic researchers of tax havens. The issue, however,
1092-471: A ten-year relationship with the French film actress Gisèle Pascal , whom he had met while a student at Montpellier University, and the couple lived at Saint-Jean-Cap-Ferrat. Rainier's sister, Princess Antoinette , wishing her own son to ascend the throne, spread rumors that Pascal was infertile. The rumours combined with a snobbery over Pascal's family origins ultimately ended the relationship. Rainier established
1170-796: Is a term, often used pejoratively, to describe a place with very low tax rates for non-domiciled investors , even if the official rates may be higher. In some older definitions, a tax haven also offers financial secrecy . However, while countries with high levels of secrecy but also high rates of taxation, most notably the United States and Germany in the Financial Secrecy Index (FSI) rankings, can be featured in some tax haven lists, they are often omitted from lists for political reasons or through lack of subject matter knowledge. In contrast, countries with lower levels of secrecy but also low "effective" rates of taxation, most notably Ireland in
1248-525: Is focused on quantitative analysis (which can be ranked), and tends to ignore very small tax havens where data is limited as the haven is used for individual tax avoidance rather than corporate tax avoidance. The last credible broad unranked list of global tax havens is the James Hines 2010 list of 52 tax havens. It is shown below but expanded to 55 to include havens identified in the July 2017 Conduit and Sink OFCs study that were not considered havens in 2010, namely
1326-422: Is material, as being labelled a "tax haven" has consequences for a country seeking to develop and trade under bilateral tax treaties. When Ireland was "blacklisted" by G20 member Brazil in 2016, bilateral trade declined. One of the first § Important papers on tax havens , was the 1994 Hines–Rice paper by James R. Hines Jr. It is the most cited paper on tax haven research, even in late 2017, and Hines
1404-437: Is the most cited author on tax haven research. As well as offering insights into tax havens, it took the view that the diversity of countries that become tax havens was so great that detailed definitions were inappropriate. Hines merely noted that tax havens were: "a group of countries with unusually low tax rates". Hines reaffirmed this approach in a 2009 paper with Dhammika Dharmapala . In December 2008, Dharmapala wrote that
1482-526: The Cayman Islands , as Google, Facebook and Apple do not appear on Orbis. Even so, Zucman's 2018 list of top 10 havens also matched 9 of the top 10 havens in Hines' 2010 list, but with Ireland as the largest global haven. These lists (Hines 2010, CORPNET 2017 and Zucman 2018), and others, which followed a purely quantitive approach, showed a firm consensus around the largest corporate tax havens. In October 2009,
1560-402: The Financial Secrecy Index ), but not on corporate tax haven or traditional tax haven lists, are: Neither the U.S. nor Germany have appeared on any tax haven lists by the main academic leaders in tax haven research, namely James R. Hines Jr. , Dhammika Dharmapala , or Gabriel Zucman . There are no known cases of foreign firms executing tax inversions to the U.S. or Germany for tax purposes,
1638-732: The Free French Army in September 1944, and served under General Joseph de Goislard de Monsabert as a second lieutenant . As soldier, he witnessed action during the German counter-offensive in Alsace . Rainier received the French Croix de Guerre with bronze star (representing a brigade level citation) and was given the rank of Legion of Honor in 1947. Following his decommission from the French Army , he
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#17330848506981716-680: The Institut Le Rosey in Rolle and Gstaad , Switzerland from 1939, before continuing to the University of Montpellier in France, where he obtained a Bachelor of Arts degree in 1943, before studying at Sciences Po Paris in Paris. In 1944, the day before his 21st birthday, Rainier's mother renounced her right to the Monegasque throne and Rainier became Prince Louis's direct heir. In World War II , Rainier joined
1794-803: The NBER listed the key tax havens as: "Ireland, Luxembourg, Netherlands, Switzerland, Singapore, Bermuda and [the] Caribbean havens". (*) Appears as a top ten tax haven in all three lists; 9 major tax havens meet this criterion, Ireland, Singapore, Switzerland and the Netherlands (the Conduit OFCs), and the Cayman Islands, British Virgin Islands, Luxembourg, Hong Kong and Bermuda (the Sink OFCs) . (†) Also appears as one of 5 Conduit OFC (Ireland, Singapore, Switzerland,
1872-750: The OCDE . CRS countries require banks and other entities to identify the residence of account holders, beneficial owners of corporate entities and record yearly account balances and communicate such information to local tax agencies, which will report back to tax agencies where account holders or beneficial owners of corporations reside. CRS intends to end offshore financial secrecy and tax evasion giving tax agencies knowledge to tax offshore income and assets. However very large and complex corporations, like multinationals , can still shift profits to corporate tax havens using intricate schemes. Traditional tax havens, like Jersey , are open about zero rates of taxation – as
1950-543: The Societé Monégasque de Banques et de Métaux Précieux , a bank which held a significant amount of Monaco's capital, was bankrupted by its investments in a media company in 1955, leading to the resignation of Monaco's cabinet. In 1962, Rainier ratified the Principality's new constitution, which significantly reduced the power of the sovereign. He had suspended the previous constitution in 1959, saying that it "has hindered
2028-403: The Tax Justice Network introduced the Financial Secrecy Index ("FSI") and the term "secrecy jurisdiction", to highlight issues in regard to OECD-compliant countries who have high tax rates and do not appear on academic lists of tax havens, but have transparency issues. The FSI does not assess tax rates or BEPS flows in its calculation; but it is often misinterpreted as a tax haven definition in
2106-585: The § Top 10 tax havens lists, namely: Caribbean tax havens (e.g., Bermuda, the British Virgin Islands, and the Cayman Islands), Channel Islands tax havens (e.g. Jersey) and Asian tax havens (e.g., Singapore and Hong Kong). As discussed in § History , the United Kingdom created its first "non-resident company" in 1929, and led the Eurodollar offshore financial centre market post–World War II. Since
2184-430: The 2015 U.S. Congressional Research Service investigation into tax havens, as being restrictive, and enabling Hines' low-tax havens (i.e. to which the first criterion applies), to avoid the OECD definition by improving OECD cooperation (so the second and third criteria do not apply). Thus, the evidence (limited though it undoubtedly is) does not suggest any impact of the OECD initiative on tax-haven activity. [...] Thus,
2262-698: The European Union's first 2017 list of 17 tax havens; only one location below is on the EU 2017 list. Sovereign states that feature mainly as major corporate tax havens are: Sovereign states or autonomous regions that feature as both major corporate tax havens and major traditional tax havens: Sovereign (including de facto) states that feature mainly as traditional tax havens (but have non-zero tax rates): Sovereign or sub-national states that are very traditional tax havens (i.e. explicit 0% rate of tax) include (fuller list in table opposite): Post–2010 research on tax havens
2340-458: The FSI rankings, appear in most § Tax haven lists . The consensus on effective tax rates has led academics to note that the term "tax haven" and " offshore financial centre " are almost synonymous. In reality, many offshore financial centers do not have harmful tax practices and are at the forefront among financial centers regarding AML practices and international tax reporting. Developments over
2418-857: The Grimaldi family's acquisition of various fiefs ; they no longer imply ownership or territorial authority, although the princes of Monaco have long been substantial owners of land and chateaux in France. Most were granted or recognised by the Kingdom of France or the Papal States and could only pass through the male line; they therefore became extinct as French dignities on the death of Albert's great-grandfather Prince Louis II in 1949. Thereafter, some of these titles were implicitly re-created as distinctly Monegasque titles. The Prince's complete titles and styles are, in precedent order of rank: All palace correspondence features capitalized pronouns when referring to
Rainier III, Prince of Monaco - Misplaced Pages Continue
2496-508: The Netherlands, and the United Kingdom), in CORPNET's 2017 research; or (‡) Also appears as a Top 5 Sink OFC (British Virgin Islands, Luxembourg, Hong Kong, Jersey, Bermuda), in CORPNET's 2017 research. (Δ) Identified on the first, and largest, OECD 2000 list of 35 tax havens (the OECD list only contained Trinidad & Tobago by 2017). The strongest consensus amongst academics regarding
2574-645: The OECD initiative cannot be expected to have much impact on corporate uses of tax havens, even if (or when) the initiative is fully implemented In April 2000, the Financial Stability Forum (or FSF) defined the related concept of an offshore financial centre (or OFC), which the IMF adopted in June 2000, producing a list of 46 OFCs . The FSF–IMF definition focused on the BEPS tools havens offer, and on Hines ' observation that
2652-410: The OECD process had removed much of the need to include "bank secrecy" in any definition of a tax haven and that it was now "first and foremost, low or zero corporate tax rates", and this has become the general "financial dictionary" definition of a tax haven. Hines refined his definition in 2016 to incorporate research on § Incentives for tax havens on governance, which is broadly accepted in
2730-547: The OECD's 2000 list. In July 2017, the University of Amsterdam 's CORPNET group ignored any definition of a tax haven and focused on a purely quantitive approach, analysing 98 million global corporate connections on the Orbis database . CORPNET's lists of top five Conduit OFCs , and top five Sink OFCs , matched 9 of the top 10 havens in Hines' 2010 list, only differing in the United Kingdom, which only transformed their tax code in 2009–12 . CORPNET's Conduit and Sink OFCs study split
2808-507: The OECD's new Global Forum on Transparency and Exchange of Information for Tax Purposes , and therefore would not meet Criteria ii and Criteria iii . As the OECD has never listed any of its 35 members as tax havens, Ireland, Luxembourg, the Netherlands, and Switzerland are sometimes defined as the "OECD tax havens". In 2017, only Trinidad & Tobago met the 1998 OECD definition; that definition thus fell into disrepute. (†) The 4th criterion
2886-629: The Palace announced that Rainier's doctors believed his chances of recovery were "slim". On 6 April, Prince Rainier III died at the Cardiothoracic Centre of Monaco at 6:35 am local time at the age of 81. His son subsequently became the new Prince of Monaco as Albert II. His funeral was held on 15 April 2005 beside his wife, Princess Grace, at the Cathedral of Our Lady Immaculate , the traditional burial place of princes and princesses of Monaco, and
2964-681: The Palace on 18 April, with the religious wedding being held on 19 April at the Saint Nicholas Cathedral . Rainier wore a military dress of his own design, based on the uniforms of Napoleon Bonaparte . Presided over by Bishop Gilles Barthe, the marriage was broadcast by MGM Studios, and viewed by over 30 million people across the globe. The couple honeymooned in the Mediterranean on their yacht, Deo Juvante II . Princess Grace gave birth to their first child, Princess Caroline , on 23 January 1957. Their second child and heir, Prince Albert ,
3042-472: The Palace scheduled to support her trip to the Cannes Film Festival . After a year-long courtship described as containing "a good deal of rational appraisal on both sides," Prince Rainier married Kelly in 1956. The union was met with mass attention from the public, and was described as the "wedding of the century" and the "world's most anticipated wedding" by the media. The civil ceremony took place at
3120-459: The United Kingdom) were cited as the world's leading tax havens. The longest list from Non-governmental, Quantitative research on tax havens is the University of Amsterdam CORPNET July 2017 Conduit and Sink OFCs study, at 29 (5 Conduit OFCs and 25 Sink OFCs). The following are the 20 largest (5 Conduit OFCs and 15 Sink OFCs), which reconcile with other main lists as follows: (*) Appears in as
3198-427: The United Kingdom, Taiwan, and Curaçao. The James Hines 2010 list contains 34 of the original 35 OECD tax havens; and compared with the § Top 10 tax havens and § Top 20 tax havens above, show OECD processes focus on the compliance of tiny havens. (†) Identified as one of the 5 Conduits by CORPNET in 2017; the above list has 5 of the 5. (‡) Identified as one of the largest 24 Sinks by CORPNET in 2017;
Rainier III, Prince of Monaco - Misplaced Pages Continue
3276-472: The above list has 23 of the 24 (Guyana missing). (↕) Identified on the European Union's first 2017 list of 17 tax havens; the above list contains 8 of the 17. (Δ) Identified on the first, and the largest, OECD 2000 list of 35 tax havens (the OECD list only contained Trinidad & Tobago by 2017); the above list contains 34 of the 35 (U.S. Virgin Islands missing). U.S. dedicated entities: Major sovereign States which feature on financial secrecy lists (e.g.
3354-489: The academic lexicon. Tax havens are typically small, well-governed states that impose low or zero tax rates on foreign investors. In April 1998, the OECD produced a definition of a tax haven, as meeting "three of four" criteria. It was produced as part of their "Harmful Tax Competition: An Emerging Global Issue" initiative. By 2000, when the OECD published their first list of tax havens, it included no OECD member countries as they were now all considered to have engaged in
3432-530: The accounting flows from BEPS tools are "out-of-proportion" and thus distort the economic statistics of the haven. The FSF–IMF list captured new corporate tax havens, such as the Netherlands, which Hines considered too small in 1994. In April 2007, the IMF used a more quantitative approach to generate a list of 22 major OFCs , and in 2018 listed the eight major OFCs who handle 85% of all flows. From about 2010, tax academics considered OFCs and tax havens to be synonymous terms . In October 2010, Hines published
3510-504: The administrative and political life of the country". The changes ended autocratic rule, placing power with both the Prince and a National Council of eighteen elected members. At the time of his death, he was the world's second longest-serving living head of state , just below the King of Thailand , Bhumibol Adulyadej , and the longest-reigning monarch in Europe. In the 1940s and 1950s, Rainier had
3588-614: The artificial debt-to-GDP). This can lead to severe credit cycles and/or property/banking crises when international capital flows are repriced. Ireland's Celtic Tiger , and the subsequent financial crisis in 2009–13, is an example. Jersey is another. Research shows § U.S. as the largest beneficiary , and use of tax havens by U.S corporates maximised U.S. exchequer receipts. Historical focus on combating tax havens (e.g. OECD– IMF projects) had been on common standards, transparency and data sharing. The rise of OECD-compliant corporate tax havens, whose BEPS tools were responsible for most of
3666-454: The case of British Empire–related tax havens, do not have a senior OECD member at their core. Some have suffered setbacks during various OECD initiatives to curb tax havens (e.g. Vanuatu and Samoa). However, others such as Taiwan (for AsiaPAC), and Mauritius (for Africa), have grown materially in the past decades. Taiwan has been described as "Switzerland of Asia", with a focus on secrecy. Although no Emerging market-related tax haven ranks in
3744-532: The club's members. Throughout his reign, Rainier surveyed all the process of creation of Monaco stamps. He preferred stamps printed in intaglio and the art of engravers Henri Cheffer and Czesław Słania . Rainier's car collection was opened to the public as the Monaco Top Cars Collection in Fontvieille. The Prince met Academy Award –winning actress Grace Kelly in 1955, during a photocall at
3822-546: The countries that received more than one US tax inversion since 1982 (see here ). In addition, six of these major tax havens are in the top 15 GDP-per-capita , and of the four others, three of them, the Caribbean locations, are not included in IMF-World Bank GDP-per-capita tables. In a June 2018 joint IMF report into the effect of BEPS flows on global economic data, eight of the above (excluding Switzerland and
3900-438: The courts and tribunals which render justice in his or her name. Pursuant to Article 16 of the 1962 Constitution, the Prince confers orders , titles and other distinctions (see Awards and decorations of Monaco ) as the fons honorum of the Principality of Monaco. In 2005, The New York Times reported that loyalty to the princely family is fierce; few residents of Monaco want to be quoted saying anything negative about
3978-460: The financial media, particularly when it lists the US and Germany as major "secrecy jurisdictions". However, many types of tax havens also rank as secrecy jurisdictions. While tax havens are diverse and varied, tax academics sometimes recognise three major "groupings" of tax havens when discussing the history of their development: As discussed in § History , the first recognized tax haven hub
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#17330848506984056-403: The five major global Conduit OFCs or any § Top 10 tax havens lists, both Taiwan and Mauritius rank in the top ten global Sink OFCs. Three main types of tax haven lists have been produced to date: Research also highlights proxy indicators , of which the two most prominent are: The post-2010 rise in quantitative techniques of identifying tax havens has resulted in a more stable list of
4134-476: The global flows to tax havens, with three of the five major global Conduit OFCs being European (i.e. the Netherlands, Switzerland, and Ireland). Four European-related tax havens appear in the various notable § Top 10 tax havens lists, namely: the Netherlands, Ireland, Switzerland, and Luxembourg. Many tax havens are former or current dependencies of the United Kingdom and still use the same core legal structures. Six British Empire–related tax havens appear in
4212-498: The haven has tax treaties; putting them on tax haven lists. According to modern studies, the § Top 10 tax havens include corporate-focused havens like the Netherlands, Singapore, Ireland, and the U.K., while Luxembourg, Hong Kong, the Cayman Islands, Bermuda, the British Virgin Islands, and Switzerland feature as both major traditional tax havens and major corporate tax havens. Corporate tax havens often serve as "conduits" to traditional tax havens. Use of tax havens results in
4290-522: The largest tax havens. Dharmapala notes that as corporate BEPS flows dominate tax haven activity, these are mostly corporate tax havens. Nine of the top ten tax havens in Gabriel Zucman 's June 2018 study also appear in the top ten lists of the two other quantitative studies since 2010. Four of the top five Conduit OFCs are represented; however, the UK only transformed its tax code in 2009–2012. All five of
4368-606: The laws, and the National Council which votes on them. Executive power is retained by the monarch, who has veto power over all legislation proposed by the National Council. The minister of state and the Government Council are directly responsible to the Prince for the administration of the principality. Judiciary powers also belong to the monarch. The present Constitution states that the prince has full authority in
4446-491: The lost taxes, led to criticism of this approach, versus actual taxes paid. Higher-tax jurisdictions, such as the United States and many member states of the European Union, departed from the OECD BEPS Project in 2017–18 to introduce anti-BEPS tax regimes, targeted raising net taxes paid by corporations in corporate tax havens (e.g. the U.S. Tax Cuts and Jobs Act of 2017 ("TCJA") GILTI–BEAT–FDII tax regimes and move to
4524-516: The monarch still plays an active role in day-to-day politics. The Prince of Monaco exercises his authority in accordance with the Constitution and laws. He represents the principality in foreign relations, and any revision, either total or partial, of the Constitution must be jointly agreed to by the monarch and the National Council . Legislative power is divided between the Prince who initiates
4602-448: The monarchy. The princely family receives annual allocation from the budget of Monaco, €43.5 million in 2015. The Prince is styled His Serene Highness . Although used only formally, the Prince also bears several other hereditary titles, some of which are occasionally bestowed on his relatives or their spouses. Some of these titles have merged with the Crown of Monaco as a result of
4680-507: The name of the House of Grimaldi . When Prince Rainier III died in 2005, he was Europe's longest reigning monarch. The Grimaldi family, which has ruled Monaco for eight centuries, is Europe's longest-ruling royal family. The reigning prince is Albert II , who ascended in April 2005. Monaco, along with Liechtenstein and Vatican City , is one of only three states in Western Europe where
4758-592: The past decade have substantially reduced the ability for individuals or corporations to use tax havens for tax evasion (illegal non-payment of taxes owed). These include the end of banking secrecy in many jurisdictions including Switzerland following the passing of the US Foreign Account Tax Compliance Act and the adoption of the CRS by most countries, including typical tax havens, a multilateral automatic taxpayer data exchange agreement, initiative of
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#17330848506984836-400: The place where Prince Rainier and Princess Grace had been married in 1956. Rainier's death was overshadowed in the media as it occurred shortly after that of Pope John Paul II . and Princess Grace Prince of Monaco The sovereign prince ( French : prince de Monaco ) is the monarch and head of state of the Principality of Monaco . All reigning princes and princesses have taken
4914-475: The prince. The tradition of the monarchy of Monaco was that the flag flying from the staff on the tower above his office be hoisted when the prince was present in Monaco. The current prince flies the flag whether he is present or not, preferring to keep his location private. Monaco is officially protected by France, according to terms set forth in the Treaty of Versailles in 1919. Tax haven A tax haven
4992-420: The reform of its corporate tax code in 2009–2012, the UK has re-emerged as a major corporate-focused tax haven. Two of the five major global Conduit OFCs are from this grouping (i.e. the U.K. and Singapore). In November 2009, Michael Foot, a former Bank of England official and Bahamas bank inspector, delivered an integrated report on the three British Crown Dependencies (Guernsey, Isle of Man and Jersey), and
5070-497: The six Overseas Territories (Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Turks and Caicos Islands), "to identify the opportunities and challenges as offshore financial centres", for the HM Treasury . As discussed in § History , most of these tax havens date from the late 1960s and effectively copied the structures and services of the above groups. Most of these tax havens are not OECD members, or in
5148-456: The tax revenues are needed to build infrastructure. Over 15% of countries are sometimes labelled tax havens. Tax havens are mostly successful and well-governed economies, and being a haven has brought prosperity. The top 10–15 GDP-per-capita countries, excluding oil and gas exporters, are tax havens. Because of § Inflated GDP-per-capita (due to accounting BEPS flows), havens are prone to over-leverage (international capital misprice
5226-501: The top 5 Sink OFCs are represented, although Jersey only appears in the Hines 2010 list. The studies capture the rise of Ireland and Singapore, both major regional headquarters for some of the largest BEPS tool users, Apple , Google and Facebook . In Q1 2015, Apple completed the largest BEPS action in history, when it shifted US$ 300 billion of IP to Ireland, which Nobel-prize economist Paul Krugman called " leprechaun economics ". In September 2018, using TCJA repatriation tax data,
5304-448: The understanding of a tax haven into two classifications: In June 2018, tax academic Gabriel Zucman ( et alia ) published research that also ignored any definition of a tax haven, but estimated the corporate "profit shifting" (i.e. BEPS ), and "enhanced corporate profitability" that Hines and Dharmapala had noted. Zucman pointed out that the CORPNET research under-represented havens associated with US technology firms, like Ireland and
5382-445: The world's largest tax havens is therefore: Ireland, Singapore, Switzerland and the Netherlands (the major Conduit OFCs), and the Cayman Islands, British Virgin Islands, Luxembourg, Hong Kong and Bermuda (the major Sink OFCs), with the United Kingdom (a major Conduit OFC) still in transformation. Of these ten major havens, all except the United Kingdom and the Netherlands featured on the original Hines–Rice 1994 list . The United Kingdom
5460-553: Was born on 14 March 1958. Their youngest, Princess Stéphanie , was born 1 February 1965, with all children having been delivered at the Palace. In 1979, the Prince made his acting debut alongside the Princess in a half-hour independent film, Rearranged , produced in Monaco. After its premiere in Monaco, Princess Grace showed it to ABC TV executives in New York in 1982, who expressed interest if extra scenes were shot. However, Grace died in
5538-568: Was continuing to deteriorate; however, on 27 March, he was reported to be conscious, his heart and kidney conditions having stabilized. His prognosis remained "very reserved". On 31 March 2005, following consultation with the Crown Council of Monaco , the Palais Princier announced that Hereditary Prince Albert would take over the duties of his father as regent since Rainier was no longer able to exercise his princely functions. On 1 April 2005,
5616-400: Was fine, though he was suffering from bronchitis . On 7 March 2005, he was again hospitalized for a lung infection. On 22 March, he was then moved to the hospital's intensive care unit. The following day, it was announced he was on a ventilator , suffering from renal and heart failure. On 26 March, the palace reported that despite intensive ongoing efforts to improve the prince's health, he
5694-618: Was half- French and half- Mexican , adopted his wife's dynasty, Grimaldi, upon marriage and was made a Prince of Monaco by his father-in-law. Rainier had an older sister, Princess Antoinette, Baroness of Massy . His parents divorced in 1933. Rainier's early education was conducted in England, at the public schools of Summerfields in St Leonards-on-Sea , Sussex, and after 1935 at Stowe School , in Buckinghamshire. Rainier then attended
5772-530: Was hospitalized in November 2002 for a chest infection. He spent three weeks in hospital in January 2004 for what was described as general fatigue. In February 2004, he was hospitalized with a coronary lesion and a damaged blood vessel. In October of that year, he was again in hospital with a lung infection. His son, Hereditary Prince Albert, later appeared on CNN 's Larry King Live and told Larry King that his father
5850-562: Was not a tax haven in 1994, and Hines estimated the Netherlands's effective tax rate in 1994 at over 20%. (Hines identified Ireland as having the lowest effective tax rate at 4%.) Four of these: Ireland, Singapore, Switzerland (3 of the 5 top Conduit OFCs), and Hong Kong (a top 5 Sink OFC), featured in the Hines–Rice 1994 list's 7 major tax havens subcategory; highlighting a lack of progress in curtailing tax havens. In terms of proxy indicators , this list, excluding Canada, contains all seven of
5928-527: Was promoted by the French government as a captain in April 1949 and a colonel in December 1954. Rainier became the Sovereign Prince of Monaco upon the death of his maternal grandfather, Prince Louis II, on 9 May 1949, at the age of 25. After ascending the throne, Rainier III worked to recoup Monaco's lustre, which had become tarnished through financial neglect and scandal (his mother, Princess Charlotte, took
6006-474: Was the Zurich-Zug-Liechtenstein triangle created in the mid-1920s, later joined by Luxembourg in 1929. Privacy and secrecy were established as an important aspect of European tax havens. However, modern European tax havens also include corporate-focussed tax havens, which maintain higher levels of OECD transparency, such as the Netherlands and Ireland. European tax havens act as an important part of
6084-460: Was withdrawn after objections from the new U.S. Bush Administration in 2001, and in the OECD's 2002 report the definition became "two of three criteria". The 1998 OECD definition is most frequently invoked by the "OECD tax havens". However, that definition (as noted above) lost credibility when, in 2017, under its parameters, only Trinidad & Tobago qualified as a tax haven and has since been largely discounted by tax haven academics, including
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