Table 4 examines the small tax havens listed in Table 1 for which data are available. In Bermuda,
the British Virgin Islands, and the Cayman Islands profits are multiples of total GDP and in all
cases have grown substantially. Profits are well in excess of GDP in four jurisdictions for 2004
(the three above plus the Marshall Islands), although data for the Marshall Islands are not available for 2010. In other jurisdictions in Table 4, profits are a large share of output. These
numbers clearly indicate that the profits in these countries do not appear to derive from economic
motives related to productive inputs or markets but rather reflect income easily transferred to lowtax
jurisdictions