The best countries to hide your money offshore, and some not to

The OECD has come out with a report on ten countries, most of which are offshore banking hubs, and shown how their systems hold up to international requests for information.

We support an offshore banking system that keeps home countries honest.  The United States is the only country in the world that taxes its citizens on income made abroad.  Many of the requests to these banking systems comes from the US. 

If you really want keep the spooks out, it would be wise to read these reports as they detail the weaknesses of these countries in regards to privacy laws.  Also note these are not the only Jurisdictions that people do offshore banking.  The reports at a glance Via OECD
Barbados: Some deficiencies have been identified in Barbados bilateral treaties and Barbados has not yet signed new agreements with all jurisdictions wishing to do so. The implementation of recommendations made in the report to address these and other matters will be reviewed in the next 12 months, and only then Barbados will be considered for moving onto the next phase of the evaluation.

Guernsey: The review of Guernsey showed that its legal and regulatory framework is largely in place to ensure effective exchange of information, notably sound access powers and an expanding network of bilateral agreements. Improvements to some accounting rules should nevertheless be made. The evaluation of the practical implementation of this framework will take place in 2012.

San Marino: The peer review has identified some deficiencies in the domestic laws of San Marino, notably including limitations in the authorities’ powers to obtain information mainly on civil tax matters for the purpose of international cooperation. As a result it is not yet ready to move to the next stage of the evaluation. San Marino has in the recent months passed a number of laws with a view to overcome these shortcomings. Its position will therefore be reviewed.

Seychelles: The review of the Seychelles showed deficiencies as regards the availability of ownership and accounting information in respect of offshore entities. In addition, powers to access information should be strengthened. Amendments to its legal and regulatory system are necessary in order for the Seychelles to qualify for the next phase of the evaluation.

Trinidad and Tobago: Trinidad and Tobago is party to a number of bilateral treaties and a multilateral convention. However, it is unable to exchange information to the international standard since not all but one of these agreements has restrictions on access to information by Trinidad and Tobago’s tax authorities. The implementation of the recommendations made in the report will be reviewed in the next 12 months, before Trinidad and Tobago is considered for the next phase of the evaluation.

Australia: Australia is exchanging information to the standard with almost 80 countries. Australia’s legal and institutional framework supports effective access to and provision of information requested by competent authorities of other jurisdictions.

Denmark: Denmark is exchanging information to the standard with almost 100 countries. Denmark’s legal and institutional framework supports effective access to and provision of information requested by competent authorities of other jurisdictions.

Ireland: Ireland is exchanging information to the standard with over 50 countries. Ireland’s legal and institutional framework supports effective access to and provision of information requested by competent authorities of other jurisdictions.

Mauritius: Mauritius has revised its legal and regulatory framework to give its competent authority broad access to most relevant information. However accounting information is not available in all cases and powers to obtain some information are untested. A further analysis will be undertaken in 6 months to assess whether Mauritius exchanges this information effectively and in a timely manner.

Norway: Norway is exchanging information to the standard with more than 100 countries. Norway’s legal and institutional framework supports effective

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