Offshore activities in Luxembourg tax haven for leading EU banks in 2015

This statistic illustrates a breakdown of business activities of the leading twenty European Union (EU) banks in the tax haven of Luxembourg as of 2015. A tax haven is understood to be a country, which offers minimal tax liability business conditions to foreign individuals, and at the same time provides a relatively stable financial and political environment. Residence within the tax haven country is not a requirement and therefore, they become controversial places with regards to offshore taxes. Countries such as Andorra, the Bahamas, Hong Kong or Lichtenstein belong to that definition. It can be seen that a share of 5.2 percent of total global profit for leading EU banks was reported in Luxembourg as of 2015 In contrast, 0.5 percent of global employees for leading EU banks were reported as working in the country at that time.