It can be simple to open a bank account in the tax haven, but it can be very expensive to get it out. If you try to transfer money from a tax haven to Europe, the tax office of the EU country where the money arrives can take 52% of that amount as a fine for fraud. For that reason, managing your money and/or forming a company in a tax haven is only a good idea if you are planning to live in that country and keep your savings there.
The following list of countries have been blacklisted by the EU as tax havens.
1. Andorra
2. Dutch Antilles
3. Aruba
4. Bahrain
5. Brunei
6. Cyprus
7. United Arab Emirates (Removed: the Agreement between Spain and the United Arab Emirates to avoid double taxation came into force on 2 April, 2007)
8. Gibraltar
9. Hong Kong
10. American Anguilla
11. Antigua and Barbados
12. The Bahamas
13. Barbados
14. Bermudas
15. Cayman Islands
16. Cook Islands
17. Dominican Republic
18. Grenada
19. Fiji
20. Islands of Guernsey and Jersey (Channel Islands)
21. Jamaica
22. Malta (Removed: the Agreement between Spain and Malta to avoid double taxation came into force on 12 September, 2006)
23. Falkland Islands
24. Isle of Man
25. Mariana Islands
26. Mauritius
27. Montserrat
28. Nauru
29. Solomon Islands
30. Saint Vincent and the Grenadines
31. Saint Lucia
32. Trinidad and Tobago
33. Turks and Caicos Islands
34. Vanuatu
35. British Virgin Islands
36. United States Virgin Islands
37. Jordan
38. Lebanon
39. Liberia
40. Liechtenstein
41. Luxembourg, for purposes of income received by Companies referred to in paragraph 1 of the Protocol appended to the Agreement, to avoid double taxation, dated 3 June 1986
42. Macao
43. Monaco
44. Oman
45. Panama
46. San Marino
47. Seychelles
48. Singapore
(July, 2008)