Tax havens attract a record number of Slovak firms

They prefer the USA to Cyprus.

Illustrative stock photoIllustrative stock photo(Source: SME)

A increasing number of Slovak companies are attracted by tax havens, leading to a new record in 2019.

“Even if the number of Slovak firms in tax havens grows year-on-year, we are convinced tax havens have reached their maximum,” said Petra Štěpánová, analyst of the Bisnode data and analytics company, as quoted in a press release.

A total of 4,996 Slovak companies currently have their seat in tax havens. Last year’s highest growth was registered in the third quarter, when 64 firms decided to move to a tax haven.

The owners of Slovak companies residing there have a capital of €10.5 billion today.

USA is the favourite

There is a change in the preference of countries where Slovak companies want to set up their headquarters. While in the previous years the Netherlands dominated, it was pushed down to second by the United States, Štěpánová added.

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