WEB DESK: Three overseas British Islands have more business firms than its inhabitants. With 20,000 companies registered in five-story office block called Ugland House, other 80,000 are registered elsewhere on the British Overseas Territory, meaning there are twice as many firms as inhabitants.
So why these three Islands, primarily known for their beaches and resort, is a haven of business firms- It is because they don’t have to pay any tax.
They may not be breaking the law, but legal tax avoidance – as opposed to illegal tax evasion – is thought to keep £20 billion a year out of the British Treasury.
President Obama once said Ugland House symbolised what was wrong with tax havens, saying of the block and its 20,000 firms: ‘Now, that’s either the biggest building or the biggest tax scam on record.’