Cloaks and daggers abound when you cross from New Jersey into its southern neighbor, according to a new study. The small state which is known for little other than its favorable incorporation laws – not unlike Monaco, but without the weirdo royalty – is also a land of secrets. The Tax Justice Network, which is billed as a tax justice rights group, has found that Delaware is the most secretive financial jurisdiction in the world.
So, if you think your cash is hidden in that Swiss bank account, maybe it’s time to bring that bread home.
According to the Tax Justice Network, Delaware pulled in $2.6 trillion in deposits from non-resident corporations and individuals in 2007. The survey by Tax Justice Network, which evaluated the laws, practices and size of inflows of 60 jurisdictions, put Delaware ahead of Luxembourg and Switzerland, which came in second and third. The Cayman Islands and United Kingdom came in fourth and fifth.
