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Corporate America Flees Caribbean Tax Havens

For many businesses that have been “getting away with murder” for years, OECD crackdown is prompting shift of subsidiaries from zero-tax to low-tax jurisdictions.

By Laura Davison | Updated on November 15, 2018

Many U.S. multinational corporations have packed up subsidiaries based in the island destinations of the Cayman Islands and the Bahamas, or they are choosing to open entities in low-tax, rather than no-tax, countries that are seen as more legitimate.

They’re fleeing in response to regulations from the European Union (EU) that require them to justify the business purpose for their offshore operations. Low-tax countries that have been attractive destinations for multinationals—such as Singapore, Ireland, and the Netherlands—are becoming even more desirable, especially as they make changes to show they’re more legitimate.

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