The term lsquo Tax Haven rsquo is appeared in various newspapers What does it mean ........

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The term ‘Tax Haven’ is appeared in various newspapers. What does it mean ?

It is a country where certain taxes are levied at a very low rate.

It is a country where people can dump their illegal money without any problem.

It is a place where foreigners can work without paying any tax on their income

Both (a) and (b) only

Both options 1&2 are correct.

A tax haven is a country that offers foreign individuals and businesses a minimal tax liability in a politically and economically stable environment, with little or no financial information shared with foreign tax authorities. Tax havens do not require individuals to reside in or businesses to operate out of their countries to benefit from local tax policies. Due to the globalization of business operations, an increasing number of U.S. corporations, including Microsoft, Apple and Alphabet, are keeping cash in offshore tax havens to minimize corporate taxes. Some of the tax haven countries are Switzerland, Panama, Luxembourg, The Cayman Islands, Bermuda, The British Virgin Islands, the Netherlands, etc. Hence option 4th is correct.