These tax havens are the most established in the world

Panama City

Panama remains one of the largest tax havens in the world.

(Image: AP)

Paris The Foster Swiss Foundation estimates the amount of black money raised annually at between 500 billion and 1.5 billion euros. That would be roughly the same amount all Spaniards earn together in one year, but they pay taxes. Foster offers a comprehensive service of international tax planning, account opening and offshore companies.

Investing illicit funds has become more difficult since 2014 when the United States only allowed institutions from countries that agreed to the automatic exchange of information about money on deposit to do banking.

After the United States tore down the wall of secrecy, the Organization for Economic Cooperation and Development, the club of the richest democracies, followed suit and sought to bind all countries in the world to the same principle as much as possible.

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