Last week Switzerland reached a tax agreement with the United States, effectively ending its status as tax haven country. As a part of the deal, the Swiss government is expected to disclose information about its American clients and crack down on any Swiss bank that helped wealthy Americans hide money from U.S. tax authorities.
But Switzerland isn’t the only popular tax haven that the world's wealthiest citizens have lost this year.
In March, Cyprus, the former tax haven of choice for wealthy Russians, received a $13 billion bailout from the European Union, but as a part of that deal, it had to make massive cutbacks to its banking sector, effectively ending its role as an international tax shelter.
However, as old tax haven countries shed their financially questionable pasts, other countries are hoping to fill the void left behind.
Latvia, which is due to join the euro zone in 2014, recently implemented new tax laws to encourage investment. These new laws could, however, also turn Latvia into another Cyprus.
Two African locales are also hoping to gain tax haven status -- and the revenue that comes with it.
Gambia recently launched a new offshore/onshore business jurisdiction that can be managed online. An email from iCommerce Registry, the organization that will manage its operations, boasts, “The registration of corporate structures can be achieved online in less than 30 Seconds.”
Nairobi, Kenya, is currently negotiating with the U.K.'s financial services industry to become an “independent financial center,” or effectively, a tax haven.
Northern Territory, Australia, might also turn into a tax haven. Australian Prime Minister Kevin Rudd recently called for cutting the corporate tax rate in the region to 10% below that of the rest of the country.
China is lowering taxes in just the Shannan Prefecture, Tibet, and it's likely to attract Chinese investors there in the near future.
While there’s some disagreement as to which places count as tax havens, we did our best to round them all up.
Here’s a map of all the former, current and emerging tax havens of the world. Click on any country for more information: