Freedman, Michael
April 2006
Forbes Asia;4/24/2006, Vol. 2 Issue 7, p50
The article discusses the possibility that Cyprus will be the next tax haven due to its reputation as a center for cigarette smuggling, money laundering and terror financing. It is said that Russians have transported their large and doubtful wealth to the country. Tax bills can be reduced by businesses in Luxembourg by establishing a holding company without any physical assets. The country is offering the lowest corporate tax rate in the European Union.


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