Number of Slovak firms based in tax havens highest in twelve years

As many as 4,796 Slovak companies were based in tax havens at the end of 2017, which is the highest-ever number recorded for the past 12 years, according to data provided by transnational consulting company Bisnode. This makes an increase of 0.5 percent year-on-year. "Interest among Slovak businessmen in having their companies based in tax havens is constantly growing. ... The biggest increase was reported by Cyprus, to where 40 extra companies moved last year. The island currently serves as domicile for 1,106 parent companies of Slovak firms," said Bisnode analyst Petra Štěpánová. In addition to Cyprus, the top three most popular tax havens for Slovak companies also include the United Arab Emirates and Latvia. "Slovak firms currently control capital in tax havens amounting to €10.5 billion," stated Stepanova.