Jurisdictions and countries offering a low-tax regime to domiciled and/or foreign companies are most commonly referred to as tax havens. Generally speaking, a tax haven is a jurisdiction in which taxes are either applied at a low rate or not at all. Well-known examples include Panama, Belize, the Seychelles, the Cayman Islands, the Isle of Man and Hong Kong. Very often, such territories are also called offshores, with companies registered under these jurisdictions described as offshore companies.
An offshore company (also called an international company) is a company established in order to operate and perform business activities outside the jurisdiction in which it was officially incorporated, as well as outside (or off the shores of) the place of residence of its directors, shareholders and beneficial owners, which may be crucial for tax planning in certain legal systems. Usually, an offshore company is established in order to receive certain legal or tax benefits, to allow for a p
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