Everybody has an opinion on tax havens. But how many people actually understand what they do?

This week on Business Without Bullshit, Andy and Gemma are joined by Tom Dugdale, a lawyer who has led Harneys’ Offshore Funds team in the UK for the last eight years, working across jurisdictions including the BVI, Cayman Islands, Bermuda, Jersey and beyond.

Together, they get beyond the headlines and ask what tax havens — or international finance centres, are actually for.

Are they simply places for the wealthy to hide money? Or are they an important piece of the plumbing behind international business, investment funds and the global economy?

They discuss why offshore structures exist, the difference between tax avoidance and tax evasion, why “zero tax” doesn’t necessarily mean no tax is ever paid, the role offshore jurisdictions play in investment funds and pensions, and whether tax competition actually puts a useful limit on governments.

They also get into the Panama Papers, offshore secrecy and transparency, regulation and anti-money-laundering rules, America’s unusual position in the system, and the surprising history of Britain’s own offshore territories.

And there’s a bigger question underneath it all:

What would global finance actually look like without tax havens?

No slogans. No easy villains. Just a proper look at how the system actually works.

🎙️ Business Without Bullshit

Featuring Tom Dugdale, Andy and Jemma.