BVI became most popular tax haven for Icelandic companies

According to the statistics published by the Central Bank of Iceland, country residents held US$247mln in the British Virgin Islands by the end of 2014. This does not include all assets of Icelanders and Iceland companies having assets in BVI. The Directorate of Tax Investigations in Iceland states that the tax haven does not provide banking or financial information about companies incorporated there, also no bookkeeping or annual financial reports are required.

BVI, especially Tortola, was the most popular place for Icelandic companies to keep their assets and holdings in during the financial boom in this Nordic country, because of its high bank secrecy level. Hundreds of companies were registered in Tortola, most of them established by KaupĆ¾ing bank in Luxembourg, with the purpose to avoid paying taxes on investments in Iceland.

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