# Tax haven

URL: https://www.transparency.org/en/corruptionary/tax-haven
Type: Corruptionary
Published: 2019-12-23
Updated: 2020-04-25

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### Definition

Tax havens are jurisdictions, including cities, states or countries that grant favourable tax treatment which can benefit non-residents. They attract relocation of economic transactions to their territory by applying no or minimal tax rates. They typically host a range of financial service providers. Many tax havens are also secrecy jurisdictions.

### Why it matters

All jurisdictions including tax havens should ensure high standards of transparency, accountability and integrity, and take part in multilateral information sharing and mutual legal assistance schemes.