TOKYO -- Many of the tax havens put under the spotlight by the Panama Papers furor are Caribbean islands with few resources and little industry that rely on this business for income, or countries such as Switzerland or Singapore that have made their name as financial hubs.
Though there is no formal definition of a tax haven, many impose no or minimal income and corporate taxes. They often have lax regulations allowing companies to be set up easily and quickly, or place a high value on privacy, letting financial institutions keep account information secret.
