Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009.

As Europe cracks down on tax havens, “offshore” banking is booming in the

22.3%

The EU is increasing supervision of firms that provide financial services to people who want to park their money in high-secrecy jurisdictions. Meanwhile, the US is becoming a prime destination for shadow banking.

Published   |  Photo by Reuters/Rick Wilking
Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009.
22.3%

US banks have become the biggest offshore banking destination, according to British anti-corruption group Tax Justice Network. Its market share has grown from 19.6% in 2015 to 22.3% in 2018.

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009.
22.3%

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009.
22.3%

The US plays a much larger role in the global offshore market than famous tax havens like Switzerland and Luxembourg, or Caribbean tax havens like the Cayman Islands.

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009.
22.3%

Besides financial services, the US also provide financial secrecy. Many US firms operate in low-cost, high-privacy states like Delaware, Wyoming, and Nevada.

home our picks popular latest obsessions search