A tax haven is a country or region that offers low or no tax rates, making it attractive for individuals and businesses to relocate their assets. These locations often have laws that provide financial secrecy, allowing people to minimize their tax liabilities legally. Common examples of tax havens include places like the Cayman Islands, Bermuda, and Switzerland. Many multinational corporations and wealthy individuals use tax havens to reduce their tax burdens. By shifting profits or assets to these jurisdictions, they can take advantage of favorable tax laws. This practice has raised concerns about fairness and the impact on public finances in higher-tax countries.