A former chief economist at McKinsey estimates that wealthy individuals worldwide may have as much as $32tn (£21tn) stashed in overseas havens. As well as Britons, an extraordinary array of government officials and rich families from Canada, the US, India, Pakistan, Indonesia, Iran, China, Thailand and former communist states have offshore accounts. The largest share of the people setting up offshore accounts live in China, Hong Kong, Taiwan, Russia or another former Soviet republic. In turbulent Greece, both the upper and middle class are increasingly keeping their money in offshore accounts and a number of the world’s largest art collectors use offshore accounts to buy and sell art without paying taxes.
The Isle of Man and the two Channel Islands are self-governing possessions of the British crown and not part of the U.K.- 50,000 UK companies are listed on the Isle of Man and 20,000 are listed in Guernsey in the Channel Islands. The Isle of Man has an excellent double taxation avoidance agreement (DTAA) with the UK making it a particularly safe and appealing tax haven. The Isle of Man and the Channel Islands are probably the best places in the world to have retirement or pension plans or assets for the expat who considers living overseas for a substantial part o their lives.
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