Tax havens are countries or territories where little or no tax is payable that are used by companies and individuals to carry out tax fraud and tax evasion.
The main characteristics of tax havens are that taxation is zero or very low, they have very flexible tax regulations and, above all, they do not exchange information with other countries on the owners of accounts and companies in the country.
The European Union and other institutions such as the OECD and the IMF regularly create lists of territories that are considered tax havens.