Gin and tonics on the decking as the sun dips below the yardarm, a yacht moored in the marina, sun-kissed golf-courses and rococo mansions. Such is the popular perception of offshore tax havens, which have come in for extensive criticism culminating in this month’s G20 summit in London.

Private equity has been a prime user of offshore centres, with most firms having an office or registration in one to help avoid tax.