Some of medtech's largest players, including Medtronic, Johnson & Johnson and Abbott, rank high on the list of companies with the most money housed in offshore tax havens, according to a new report. There are no awards handed out for companies with the most money housed in overseas accounts, but keeping cash in tax havens is its own reward for at least a dozen top medical device makers, according to a new study. ndustry titans such as Medtronic (NYSE:MDT), Johnson & Johnson (NYSE:JNJ), Boston Scientific (NYSE:BSX) and St. Jude Medical (NYSE:STJ) have billions in cash stored in overseas subsidiaries in countries such as Bermuda, the British Virgin Islands and the Cayman Islands, where corporate tax rates are famously low or even non-existent.
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