The Secret World of Tax Havens: In Pictures

Galimberti and Woods divided the project into three strands to convey these ideas: a metaphorical strand tells the story of the tax havens; a journalistic strand uses captions to convey key information about the people and structures of tax avoidance; and a final strand shows what these places look like. The idea was to get beyond the glamorised stereotype of the palm- fringed island paradise and show the functional side of tax avoidance. “You have to show what these places look like, that some of them, such as Delaware, are extremely bleak or extremely uninteresting. And in these places literally billions of dollars go through the accounts in ugly, badly decorated offices.”
In doing this, Galimberti and Woods have created images that show what lies behind the façade; a flock of seagulls flying over a ragged towel bearing an image of a $100 bill on a beach near Delaware, children swimming in a beautiful seawater pool amid the mud and rocks of a Jersey beach, or the racks of bicycles beneath the mass of a steel-and-glass corporate headquarters in Amsterdam.
But there are also more complex images in the book, for which Galimberti and Woods had to find ways of combining the literal and the metaphorical to convey a visual message. “One example of how we did this was in Panama,” says Woods. “We were in an apartment in a 50-storey building, but most of the apartments were empty. And all around us there was construction – there were skyscrapers coming up like mushrooms. They were all new but they were also empty. Because the thing that was fuelling this building boom was money coming in from outside, [reportedly] mainly drug money from Colombia and Venezuela. The money comes to Panama, and they invest it in property.

The entrance of Ocean Sun Casino, the largest such establishment in Panama.
The entrance of Ocean Sun Casino, the largest such establishment in Panama.
“This property boom is not for people who are living there, it’s like a bank account that is a money-laundering scheme. So how do you show this? Eventually we made this picture of a lady at the top of a hotel, which is Trump Towers, and she’s sitting in a swimming pool looking at the skyline at sunset. But all the skyscrapers are dark, they’re not lit up. So you see this beautiful sunset scene and then you read the caption, which explains the reason those skyscrapers are dark is because they are there to launder money, they’re not for people living there. So you go back to the image and have a different reading of it. That’s the way it works.”
“This property boom is not for people who are living there, it’s like a bank account that is a money-laundering scheme. So how do you show this? Eventually we made this picture of a lady at the top of a hotel, which is Trump Towers, and she’s sitting in a swimming pool looking at the skyline at sunset. But all the skyscrapers are dark, they’re not lit up. So you see this beautiful sunset scene and then you read the caption, which explains the reason those skyscrapers are dark is because they are there to launder money, they’re not for people living there. So you go back to the image and have a different reading of it. That’s the way it works.”

And while The Heavens includes evocative photographs of places, the majority of the shots show the people who serve the infrastructure that supports tax avoidance. “In Jersey we have an image of one of the biggest investors in online gambling, in Delaware we have the chief deputy secretary of state,” says Woods. “He’s been very prominent in bringing Delaware to where it is today as a tax haven [it took Galimberti and Woods 15 minutes to set up their own non-tax paying company called The Heavens in Delaware]. And in Cayman we have the islands’ ex-[acting] governor, who is today the head of Cayman Finance. In every situation we have the more metaphorical or symbolic images but we also have the more journalistic images. Which is extremely important for us because, although there is an artistic element to it, it is at heart very journalistic.”
John E. Chapoton (standing) is the guest speaker at the monthly luncheon of the Wilmington Tax Group, Delaware.
John E. Chapoton (standing) is the guest speaker at the monthly luncheon of the Wilmington Tax Group, Delaware.
Outcomes
Galimberti and Woods say the main reward for the project has been the public response to the book, published by Dewi Lewis Media, and the exhibition, which was shown at Les Rencontres d’Arles in 2015. “We have been really astonished by the reaction,” says Woods. “Something like 60,000 people visited the exhibition in Arles. They would stay for a long time and read all the captions – and people aren’t used to captions as long as the ones we have. There was an outpouring of enthusiasm, and not necessarily from people from the photographic world but from the Ordinary Joe, who would come up to us and say: ‘Thank you for telling us this, we had no idea’.”
A trader at work at the Hong Kong Stock Exchange, Hong Kong
A trader at work at the Hong Kong Stock Exchange, Hong Kong
Beyond this, Galimberti and Woods are sceptical that The Heavens can make any difference to tax law by itself, but they do see it as connecting to wider movements seeking 6 to get global tax avoidance addressed. “A lot of things can be done,” says Woods. “Laws can be changed. Things are changing in Europe. The EU is investigating Luxembourg and I think, in the future, it won’t be able to do things in the same way. Switzerland is changing but tax havens are an ever-mutating thing. I don’t think the problem will ever be completely resolved.
Mark Loane flies one of his drones at his home in Jersey.
Mark Loane flies one of his drones at his home in Jersey.
“But if the pressure is sustained, companies such as Google, Facebook and Amazon will feel that the money they’re saving in taxes no longer makes sense because it’s so bad for their images. Just think, a few months ago if you bought a book from Amazon in Italy, the company was in Italy, the book came from a warehouse in Italy, the delivery was in Italy, but the invoice came from Luxembourg so there was no VAT included. It was a financing scam that said they have an office in Luxembourg. But the laws are changing. It’s a very small measure but we are helping make people picture that. If you have an image in your head, it’s a much easier thing to understand.”
To see more work from the series, see their INSTITUTE page.
First published in our February 2016 issue, Shooting the Rich, focusing on photographers documenting the 1%. Buy the issue here.