Estimated excess profit reported in global tax havens by leading EU banks 2015

This statistic illustrates estimated excess profit reported by the leading twenty European Union (EU) banks in tax havens worldwide as of 2015. A tax haven is understood to be a country, which offers minimal tax liability business conditions to foreign individuals, and at the same time provides a relatively stable financial and political environment. Residence within the tax haven country is not a requirement and therefore, they become controversial places with regards to offshore taxes. Countries such as Andorra, the Bahamas, Hong Kong or Lichtenstein belong to that definition. According to data presented, more than one fifth of global profits (25 billion euro) declared by the twenty leading banks in the EU were declared in tax havens as of 2015. It can be seen that the estimated excess profits reported, when using productivity as the measure, reached a total of 18 billion euro at that time.