Tax havens benefit from Iceland collapse money

tortolIcelandic assets in the tax havens of Tortola, Cyprus, Isle of Man, Jersey, Guernsey and the Cayman Islands increased by 40 percent last year while total Icelandic assets abroad took a significant tumble.

Direct assets of Icelanders in known tax havens went up by ISK 27.2 billion last year and amounted to ISK 72.5 billion at the end of the year.

In the same period, total overseas Icelandic assets went down by a third, or by ISK 463 billion, MBL.is reports. The reduction is even starker when it is taken into consideration that the Icelandic krona lost 44 percent of its value in 2008, meaning the amounts of foreign assets look bigger when viewed in kronur.