Taking shelter

THE mention of tax havens conjures up pictures of mixing with royalty in Monaco, living under blue skies on creamy beaches in the Caribbean or interminable ski holidays on the romantic slopes of Switzerland.

But the list of safe countries for the very rich has grown considerably since Liechtenstein started the business of providing a safe haven for the wealth many years ago.

Offering tax shelters and engaging in robust tax competition has developed into a huge global business that encompasses a whole range of options and elements, including International Financial Services Centres like that in Dublin.