These are the obscure and beautiful locations that rich people use to keep their money offshore

The recent leak of files known as the Panama Papersthat revealed the dealings of Panama-based law firm Mossack Fonseca hasbrought low-tax countries into the spotlight.Mossack Fonesca set up companiesin low-tax countries such as the British Virgin Islands, Panama, and the Bahamas. Many of its clients used Mossack Fonesca's services in order to make their companies more tax-efficient.While Mossack Fonesca mainly set up companies in a small handful of countries, there are plenty more nationsaround the world whichwealthy individuals and companies use in order to reduce their tax bill. As well as having low tax, many of these countries arelocated in obscure and often idyllic locations. Here are some of them.The Cayman IslandsABritish Overseas Territory in the Caribbean. In 2008, during a Democratic debate, Barack Obama once called a building in the Cayman Islands that wasthe registered office of 18,000 companies "either the biggest building or the biggest tax scam on record."JerseyACrown dependency of the UK located in the English Channel, there is no inheritance tax, capital gains tax, or standard corporate tax in Jersey. The Panama Papers revealed one Jersey bank appeared to have set up over 900 offshore companies for its clients.PanamaThe central American country is the home of Mossack Fonseca, the law firm whichset up 214,000 offshore companies.See the rest of the story at Business Insider
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