From Comment

Financial Symbiosis And The Race To The Top

Opponents of tax neutral jurisdictions accuse them of parasitic behaviour, facilitating tax avoidance and evasion, and causing a tax and regulatory “race to the bottom”. However, such characterisations fundamentally misconstrue the role and value of such jurisdictions. A more accurate characterisation would be symbiosis, as is demonstrated by the development of the captive insurance industry and, more recently, the FinTech industry.