Though both go hand in hand to help high-net-worth individuals (HNWIs), and others, legally decrease their income tax burdens, there is an important difference between tax havens and tax shelters. Tax havens are locations around the globe known for having lax or nonexistent tax laws that allow individuals or companies to reduce their tax liabilities by holding their assets offshore vastly. Tax shelters are simply investment accounts, securities, investment, and tax-planning strategies that minimize tax liability within your own country’s tax system.
Tax Havens
A tax haven is simply a locale, whether a country, state, or territory, that has less-than-stringent tax laws.
