In good and in bad times, investments tend to be highest in countries with the least regulations and taxes. This year tax havens once again outperform more conventional economies. While the US, Japan and EU countries see meager economic growth that, adjusted for inflation amounts to nothing at all, the Emirate of Ras al Khaimah is enjoying one of its most successful years yet.

This month the Financial Times Business and FDI magazine ranked the the RAK Free Trade Zone as the fourth most competitive, out of 115 free zones world-wide. Commenting on the announcement, Oussama El Omari, CEO of RAK FTZ, said: "(...)The recognition goes to prove our strong credentials across various attributes, including our cost-effectiveness and economic potential on offer. RAK FTZ has gone to great lengths to create a conducive and business-friendly environment over the last 10 years, and this honour sends out a clear message to the global business community that RAK FTZ is indeed the Home for Business in the Middle East."

Meanwhile Panama is showing double digit economic performance of 11.4% in the second quarter, with a strong performance of the canal and its ports. Particularly noteworthy is an increase of economic activity in the Colon Free Zone of 31% in the first quarter this year (which saw a 9.7% increase overall). Sale in real estate increased with 50% in the first quarter after numerous skyscrapers being recently completed. The World Economic Forum´s annual Global Competitiveness Index now ranks Panama as the second most competitive country in Latin America after Chili.

While not all tax havens demonstrate such a strong showing as Ras al Khaimah or Panama, they certainly manage to stay miles ahead of the bleak and stagnating economies of Europe, North America and Japan. The economy of Singapore is expected to grow between 5% and 7%, Hong Kong by 7%, and low-tax nations like Taiwan and Malaysia by 4.5% and 6% respectively. It should not be hard for investors to figure out where their money is best spent.

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