Outlaw Paradise: Why Countries Become Tax Havens

Tax havens are used as a conscious economic development strategy by countries with the ability to write and implement laws that create a virtual resource: banking secrecy. They are well-governed, stable, and relatively wealthy, making them attractive partners for international banking, legal, and accounting firms. This strategy outweighs any penalties assessed by anti-tax haven international collective action activities, such as naming and shaming campaigns. Outlaw Paradise offers policy prescriptions and surveys recent developments resulting from the Panama Papers.

Format: Hardback
Length: 190 pages
Publication date: 18 August 2021
Publisher: Lexington Books

As the author delves into the topic of Outlaw Paradise, they present a compelling argument that countries adopt the status of tax havens as a deliberate and strategic economic development approach. These nations, lacking the natural resources or population to pursue conventional economic development strategies, have harnessed the power of law to create a virtual resource: banking secrecy. By virtue of their well-governed, stable, and relatively wealthy status, these countries attract international banking, legal, and accounting firms, which drive offshore finance. The inherent qualities of tax havens enable them to assess that the benefits derived from pursuing this strategy outweigh any penalties imposed by anti-tax haven international collective action activities, such as the naming and shaming campaigns of 2000 and 2009. While these campaigns may appear to comply with legal norms, the author contends that they have little impact on actual financial behavior. Furthermore, the author argues that this outcome is predetermined by the nature of international regimes and the historical concept of sovereignty, as well as the complex relationships between tax havens and other entities.

In conclusion, Outlaw Paradise offers insightful policy prescriptions and provides a comprehensive overview of recent developments stemming from the Panama Papers. The book sheds light on the complex dynamics and implications of tax havens, challenging prevailing narratives and offering a fresh perspective on the global financial landscape.

Weight: 476g
Dimension: 228 x 161 x 18 (mm)
ISBN-13: 9781793619914