Bahamas has joined a multilateral agreement on automatic exchange of information

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All classic tax havens like BVI, Seychelles, etc. are queuing to join the multilateral agreement on the automatic exchange of information in order to be excluded from a black list of non-cooperating jurisdictions. Interestingly, the service industry was contributing a lot to the economies of those countries. With more pressure from OECD and its members, this revenue is shrinking. Replacing the fading revenue from offshore company maintenance with tourism is out of the question these days.

Being in the industry for long enough we can see that a number of abandoned tax haven companies is fast growing with fewer and fewer of them being renewed for next year. This trend was caused by banks closing bank accounts for tax havens in great numbers.