Delaware has been named the most secretive financial jurisdiction, even more secretive than Switzerland. I guess some day we’ll be talking about Delaware bank accounts:
The United States, led by the eastern seaboard state, took in $2.6 trillion in deposits from non-resident corporations and individuals in 2007, according to a survey of financial jurisdictions analyzed by the Tax Justice Network.
[…]
The ranking is based on a composite of total offshore activity and measures such as whether a jurisdiction obtains beneficial ownership information about companies and the degree of cooperation in turning over requested financial information.
Delaware is attractive because it does not tax profits realized outside the state and does not require companies to be physically present, according to the Tax Justice Network.
UBS and Credit Suisse have about 200 entities in the state, according to the group.
There are nearly 700,000 active entities registered in Delaware — and about half of those publicly traded in the United States, according to the group.
I think the question we need to ask is whether this benefits the citizens of Delaware? Are Delaware’s citizens getting benefits out of being a tax haven? ING just announced they were leaving the state and most of these corporations are registering here without having a physical presence. Personally, I’d rather see corporations like Fisker in the state then some shell company that is transferring money back and forth.