Rich Indians love to park their wealth offshore, away from the public glare and the scrutiny of
Income Tax Department. The
Panama Papers Leak is testimony to this fact. Now the world knows how Panama was used by some very influential names across the globe to stash unknown millions. Well, Panama isn't the only
tax havens the rich use to hide assets.
Before the leaks, an estimated $1 trillion of Indian “black” money was believed to be stashed abroad, according to government’s estimates. It was more than India’s annual GDP. Moreover, only 3% of the population, World Bank estimates show, was actually paying taxes in our country.
Every successive government promises to bring back this
black money. The Modi government is hoping to choke India’s black-money culture with mandatory tax number declarations for people shopping with large sums, linking biometric identities to every bank account, opening new payment gateways and promoting credit card use, but India’s rich still find their ways out, just like they have been for years now.
We give you the names of 15 of the world's most popular tax havens where the rich store their millions, sometimes legally and sometimes not so legally!
