Offshore Jurisdictions: List and Comparison

List of offshore jurisdictions worldwide in 2026

Below is a working list of the jurisdictions most often called offshore, with the corporate income tax rate and the status in three lists that banks and tax authorities look at. The data was checked as of October 24, 2026. The catalog above covers the ten countries where we register companies; the table adds jurisdictions from our knowledge base so they can be compared on the same criteria.

Which countries count as offshore jurisdictions

There is no single legal definition of an offshore jurisdiction. In practice the term means a jurisdiction where a non-resident registers a company to do business outside the country, and its profits are taxed at a zero or low rate, or stay outside local tax when earned abroad. Official documents use their own concepts: the Council of the EU keeps a list of non-cooperative jurisdictions for tax purposes, the FATF keeps lists of countries with anti-money laundering deficiencies, and individual states keep their own lists for transfer pricing and CFC rules. A country can be on one list and absent from another, so its status is checked against each of them.

Types of offshore jurisdictions

• Classic zero-tax jurisdictions. The British Virgin Islands, the Cayman Islands, The Bahamas, the Marshall Islands. An ordinary company there pays no corporate income tax, or the law exempts non-resident companies from local taxes. Formation and annual filings go through a licensed registered agent. In return for the zero rate, the jurisdiction charges annual fees and requires beneficial ownership information and, for certain activities, an economic substance report.
• Territorial and low-tax jurisdictions. Hong Kong and Panama tax locally sourced profits. Belize abolished corporate income tax in 2019 for all sectors except petroleum, and Seychelles applies rates of 15% and 25%. The group also includes countries with a moderate general rate: Andorra (10%), Cyprus (15%), Singapore (17%), plus Estonia and Georgia, where tax is paid when profits are distributed.
• Free economic zones. A part of a country's territory with a separate regime for the companies registered there. The federal Corporate Tax applies in the UAE free zones: a company with Qualifying Free Zone Person status gets the 0% rate on qualifying income if it meets the conditions, and other taxable income is taxed at 9%.

The United States often appears in "offshore" roundups too. Under IRS rules a single-member LLC is transparent for federal tax by default, and a foreign owner files Form 5472 with a pro forma 1120 every year. Annex I of the EU tax list includes three US territories: American Samoa, Guam and the US Virgin Islands; the states themselves are not listed.

Where offshore jurisdictions are located: table by region

Most classic offshore jurisdictions are islands in the Caribbean, the Indian Ocean and the Pacific. Some of them are British Overseas Territories: the British Virgin Islands and the Cayman Islands, as well as Anguilla and the Turks and Caicos Islands, which are currently in Annex I of the EU list. Low-tax jurisdictions are spread across Europe and Asia, and free zones with a separate tax regime operate in the Middle East.

The best-known and best offshore jurisdictions

The best-known offshore jurisdictions are the British Virgin Islands, the Cayman Islands, The Bahamas, Panama, Belize, Nevis, Seychelles and the Marshall Islands. The best offshore company is chosen for the task: one jurisdiction suits a holding company, another suits trade with Asia, a third suits services for European clients. The selection criteria and typical combinations are covered below, in the section "How to choose an offshore jurisdiction for your task".

European offshore jurisdictions

In Europe, the term offshore jurisdictions usually refers to countries with a low or deferred corporate income tax: Cyprus (15% from January 1, 2026), Andorra (10%), Estonia (22/78 on distributed profits) and Georgia (15% on distribution). The United Kingdom and Austria, with rates of 19–25% and 23%, are chosen for a European counterparty and clear reporting. In terms of lists: in the FATF version of June 19, 2026, Monaco and Bulgaria are on the grey list, while Andorra, Monaco, Gibraltar, Jersey, Guernsey and the Isle of Man are on Ukraine's transfer pricing list.

Offshore blacklists: what they are and what follows from them

"Offshore blacklist" can refer to several different documents. Each has its own author, its own criteria and its own consequences for the company and its owner.

The EU list of non-cooperative jurisdictions

The Council of the EU reviews the list twice a year, usually in February and October. The new offshore blacklist was approved on October 9, 2026: Panama and Viet Nam were removed from Annex I and moved to Annex II pending an in-depth review by the Global Forum on exchange of information. Annex I contains eight jurisdictions: American Samoa, Anguilla, Guam, Palau, Russia, the Turks and Caicos Islands, the US Virgin Islands and Vanuatu.

Annex II lists cooperative jurisdictions with outstanding commitments. It has ten countries, including the British Virgin Islands, Panama, Viet Nam, Montenegro and Türkiye. The British Virgin Islands committed to obtaining an in-depth Global Forum review by February 15, 2027. Belize was removed from Annex II after the Council recognised the steps it took to comply with the standard on exchange of information on request.

For business, Annex I matters more. EU member states coordinate defensive tax measures against these jurisdictions, and the laws of several offshore centers refer to it in their own rules. For example, in the BVI a tax resident of another country falls outside the economic substance requirements only if that country is not in Annex I.

FATF lists

The FATF updates its lists after each plenary; the current version is dated June 19, 2026. The list of high-risk jurisdictions subject to a call for action (the "blacklist") includes the DPRK, Iran and Myanmar: for the DPRK and Iran the FATF calls for countermeasures, for Myanmar for enhanced due diligence. The grey list of jurisdictions under increased monitoring has 22 entries, among them the British Virgin Islands (since June 2025), Monaco, Bulgaria, Vietnam, Kenya and Lebanon. For the grey list, the FATF states plainly that it does not call for enhanced due diligence on these jurisdictions: its Standards do not envisage de-risking or cutting off entire classes of customers and call for a risk-based approach, with a country's status taken into account in risk analysis. In June 2026 the FATF made an initial determination that Monaco and Bulgaria have substantially completed their action plans and warrant an on-site assessment; both stay on the grey list until its outcome.

The EU list of high-risk third countries for money laundering

The European Commission keeps one more list: high-risk third countries under Delegated Regulation 2016/1675. On January 29, 2026, the British Virgin Islands, Bolivia and Russia were added to it. EU banks and payment institutions must apply enhanced due diligence to business relationships and transactions involving these countries, so for a BVI company a European bank will ask for more documents on the structure, the beneficial owners and the source of funds.

National lists: the example of Ukraine

A number of states keep their own lists of low-tax jurisdictions. In Ukraine it is the list approved by Cabinet of Ministers Resolution No. 1045 of December 27, 2017, as amended by Resolution No. 1505 of December 27, 2024, in force since January 1, 2025. It names 46 states and territories, including the British Virgin Islands, the Cayman Islands, The Bahamas, Belize, Panama, Seychelles, the Marshall Islands, St Kitts and Nevis, Andorra and Monaco. Hong Kong, Singapore, the UAE, Cyprus and the United Kingdom are not on it. The list applies in the transfer pricing rules (Article 39 of the Tax Code of Ukraine): transactions of a Ukrainian taxpayer with counterparties from these countries can become controlled transactions, and then the arm's length level of prices has to be supported with a report and documentation.

What a country's status means for the bank and the owner's taxes

• Bank. A bank takes the status in the EU and FATF lists into account in its customer risk assessment. For a company from Annex I, the FATF grey list or the EU high-risk list, prepare detailed answers on beneficial owners, source of funds, counterparties and actual business.
• Owner's taxes. The EU list and national lists affect taxes in the country of the owner and of the counterparties: deductibility of expenses, withholding tax, transfer pricing, CFC rules. We calculate by the owner's country of residence and the countries the income comes from.
• Dates. The lists change: the EU usually reviews its list in February and October, the FATF after its plenaries. We check the status as of the date of registration, account opening or the transaction.

How to choose an offshore jurisdiction for your task

The country of registration determines the corporate law, the register and the annual obligations. The owner's taxes are determined by the owner's own country of residence. So the choice starts with questions about the business:

• where the clients and counterparties are and which banks the payments will go through;
• who the owners and directors are, and in which countries they are tax resident;
• whether the structure is needed for trading, services, asset holding or as a holding company;
• what annual costs and reports the structure can bear.

For holding companies and joint investments, the BVI and the Cayman Islands are often considered. For trading with Asia, Hong Kong and Singapore. For IT and consulting with European clients, a UK Ltd or an Austrian GmbH. If you need a structure faster than a new registration takes, see ready-made offshore companies. The bank opens an account under its own rules, so before registration we assess how bankable the structure is: for details, see the page on bank account preparation.

Pairwise comparisons, overviews of the UAE and Cyprus and a 24-month maintenance cost calculation are already in the knowledge base; see the links below.

Offshore company owner's taxes and CFC rules

Registering a company abroad is legal, and its profit may be taxed in the owner's country. In Russia, the CFC rules are described in the Federal Tax Service section: a controlling person is a resident with an interest of more than 25%, or more than 10% if the combined interest of all Russian residents exceeds 50%, and also a resident who exercises control over the structure. In Ukraine, controlling persons file a CFC report under Article 39-2 of the Tax Code. When an account is opened, the bank carries out its own check of the beneficial owners and the source of funds.

Reviews of other jurisdictions

The catalogue above leads to the service pages. The knowledge base contains reviews of other countries of incorporation: taxes, reporting, the agent and bank requirements for each jurisdiction.

• A company in the Bahamas
• A company in Cyprus
• A company in Delaware
• OÜ in Estonia
• A company in Georgia
• A company in the Marshall Islands
• A company in Seychelles (IBC)
• A UAE free zone company
• US LLC for non-residents
• Wyoming LLC

Jurisdiction comparisons

When two countries remain on the list, the decision comes down to details: who registers the company, which reports it files, what the bank will ask and how much maintenance costs over two years. The pairwise comparisons cover these questions in one table and with scenarios for the choice.

• BVI vs Belize

  Which offshore jurisdiction suits a holding company ahead of a future deal and which suits holding a single asset.

• BVI vs Seychelles

  A holding company that will pass investors’ due diligence against a budget holding structure.

• Cayman Islands vs BVI

  An investment fund for institutional investors against an SPV or a family holding company.

• Panama vs Nevis

  Trade with Latin America against holding shares and real estate.

• Hong Kong vs Singapore

  Trade with China against a regional team in Southeast Asia.

• UAE vs Singapore

  A team in Dubai under free zone conditions against an office in Singapore at 17%.

• Estonia vs Cyprus

  Tax on distributed profit against the 15% rate after the 2026 reform.

• UK Ltd vs US LLC

  Clients in the UK against a product for American buyers.

• Delaware vs Wyoming

  Venture plans and corporate law against the low annual cost of an LLC.

• Offshore vs an ordinary foreign company

  When a zero rate still pays off once CFC rules, the place of management and Pillar Two are taken into account.

Practical guides

Once the country is chosen, the owner’s obligations begin: annual reports, bookkeeping, beneficial ownership disclosure, the bank’s review and taxes in the country of residence. The guides take each of these topics step by step.

• How to choose a jurisdiction

  Seven filters, from clients and the owner’s taxes to the bank and the two-year budget.

• What an offshore company costs over 24 months

  One-off and recurring costs in a single estimate.

• Annual offshore maintenance

  A calendar of fees and reports by country.

• Accounting and audit

  Where a report to the agent is enough and where an audit is required.

• A bank account for a foreign company

  How to pass the review of a bank or an EMI.

• KYC and KYB

  Which documents on the company and its beneficial owners to prepare in advance.

• Beneficial owners (UBO)

  Who counts as a beneficial owner and who sees the ownership data.

• CFC rules

  How the owner’s country taxes the profit of a foreign company.

• Company tax residence

  The place of management and dual residence.

• Economic substance

  Who needs real presence in an offshore jurisdiction.

• International holding company

  Withholding tax on dividends and the choice of country for the parent company.

• Offshore asset protection

  Where separating risks works and where protection ends.

Solutions by industry

• SaaS
• IT agency
• Online store
• Crypto and Web3 projects
• Freelancers and consultants

Full Offshora knowledge base → · How to choose an offshore jurisdiction in 2026 · Frequently asked questions about offshore companies