Haven-sent opportunities

Boris Becker once declared himself a resident of Monaco but when it was discovered that he had stayed in Germany at his sister's house for a considerable period, he could not be treated as a non-resident in Germany. He would have avoided euro 1.6 million in taxes but ultimately had to pay euro 3 million as fine and undergo two-year probation. Such incidents make interesting reading but they give the wrong impression that tax havens are marginal aberrations, a mere sideshow, a playground for the rich and the famous. That is a myth.

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