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.
The last sign of Iceland‘s foray into globalization is gone. The small Arctic country is going to lose its three McDonald’s restaurants. Three locations were owned by Lyst Hr., all in the capital city, Reykjavik. According to Lyst, the economic situation was just too difficult, especially since the company had to by its supplies from Germany. The decline in the Icelandic krona relative to the euro just pushed costs too high. In order to be profitable, the Icelandic Big Mac would have to become the most expesnive in the world, at $6.36. Right now, it’s priced at $5.29, with the most expensive in Norway and Switzerland at $5.75.