When it comes to the dubious world of offshore wealth and the respective tax losses subsequently inflicted on other countries, not only does the UK rank second, but a further three British overseas territories make the top 10.
In fact, when these tax losses to other nations via this offshore wealth are combined, it sits at a staggering £64.5bn, according to new research.
By taking advantage of the tax loopholes available through offshore investment, wealthy individuals and organisations around the world are able to streamline the tax they pay.
While it’s a very grey area that often attracts some unsavoury practices and people, it’s not, in itself, illegal.
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UK and British overseas territories top every other offshore tax haven in the world