Romney gained no personal tax benefit from the legal operations in Bermuda and the Cayman Islands.

FORBES: Mitt Romney and Bain Capital Were Right to Utilitize So-Called Tax Havens

Jurisdictions such as Bermuda and the Cayman Islands are good platforms for business activity, which is no different than a state like Delaware being a good platform for business activity.

FORBES: Mitt Romney and Bain Capital Were Right to Utilitize So-Called Tax Havens

Through user data, value is created where applications are used by people, not only in Bermuda or in the Cayman Islands.

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This process has been going on for decades, with companies giving up their U.S. charters (a form of business citizenship) and redomiciling in low-tax jurisdictions such as Bermuda, Ireland, Switzerland, Panama, Hong Kong, and the Cayman Islands.

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These are the 10 most significant secrecy jurisdictions in the world, in the opinion of the Tax Justice Network: the U.S. (Delaware), Luxembourg, Switzerland, Cayman Islands, the U.K. (City of London), Ireland, Bermuda, Singapore, Belgium and Hong Kong.

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