Did “Tax Havens” Dissapear?
Did “Tax Havens” Dissapear?

Summary/Abstract: Purpose – The aim of this article is to analyze the evolution of the former tax havens in terms of tax and commercial legislation and to bring forward their progress in the implementation of the international agreed tax standards in a revised and more regulated legal framework that has conferred these states the possibility to be erased from the black list of tax havens. Approach – In performing this analysis, the tax havens have been grouped on the four main geographic areas where they are concentrated: Europe, Central America, Pacific Ocean and Indian Ocean. There have been analyzed the changes in both tax and commercial legislation of each state and the level of implementation of the standards of transparency and exchange of information. Also, the trends in terms of tax policy and offshore sector development have been identified in each region. Findings – The results of the analysis reveal the fact that although many of the states under consideration maintained their offshore sectors, the implementation of the international agreed standards of transparency and exchange of information imposed by the Organization for Economic Cooperation and Development was the key criteria in erasing the name of many states from the tax haven headline. Value/Practical implications – Contrary to the general opinion and to that of many specialty literature writers, this analysis reveals the fact that there are only two states left to meet the tax haven criteria – Nauru and Niue. The important changes brought to the tax legislation and the implementation of the international tax standards made possible for many of the black listed states to become fully compliant with the international norms.

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