Secrecy Jurisdictions

The term ‘Washington Consensus’ was created in 1989 by John Williamson. It originally described the economic policy prescriptions used by Washington DC-based institutions such as the International Monetary Fund and World Bank, but subsequently evolved to denote a belief and vigorous advocacy of free-market fundamentalism.

A tax on a person’s declared wealth, typically imposed annually at a very low rate. Once commonplace in Europe these are now little-used since they are thought to encourage people to hide assets offshore.

Tax deducted from a payment made to a person resident outside the jurisdiction in which the payment originates. Generally applied to investment income, such as interest, dividends, royalties and licence fees. The use of withholding taxes has reduced considerably in the last two decades as they are thought to impede the free movement and flow of capital.