What exactly is a tax haven? As far as we are aware, there is no universally accepted definition. Typically, the term is used to describe a jurisdiction that offers favorable tax or other conditions. It is therefore a relative term. So relative to Indonesia, Singapore appears to be a tax haven. Relative to Singapore, the BVI appears to be a tax haven.

It’s important to point out however, that while there is no generally accepted definition of what constitutes a tax haven, some of the criteria that make such places attractive extend far beyond tax.