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Belgium has been known for its refusal to tax most types of capital gains. Indeed, citizens

of the Netherlands and some of the other European Union states have moved to Belgium

for a period long enough to sell their securities tax-free.76

Spain has sought and gained approval for offshore business. The European Union has

approved the Canary Islands Special Zone tax regime as a special low tax area where a

tax rate of between 1 and 5 percent.77

Italy has an even more peculiar situation78. In the case of the village of Campione

d’Italia, the residents of which pays no taxes whatsoever neither to Italy nor to

Switzerland its neighbor on the borders with Lake Lugano.79

Ireland still has many similarities in its laws to many of the established offshore financial

centers. An example of which are its laws which mirror that of the United Kingdom

which allows foreign sourced income earned by non-domiciled residents to be free of

taxes provided it is not remitted to Ireland.80

Mexico has a situation very similar to that of Italy mentioned above81. The Washington

Post has reported in an article that in the Mexican town of San Francisco Magu, the

76 77 78 79 80 81 Ibid Ibid See Langer, Marshall J. The Tax Exile Report Chapter 41 (Scope International, 6th Edition, 1997) Ibid at page 672 Ibid Jordan, Mary, “In The Mexcian Town, Only Certainty Is Death,” The Washington Post, September 25th, 2000 p. A14

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