@fiddlegal This was my introduction to the concept.
After that it was just a lot of googling.
In Europe Andorra is a decent shout.
"Corporate entities are subject to a 10% corporate tax, applicable on profits. Collective investment undertakings (funds and sociétés d'investissement à capital variable) are subject to a 0% corporate tax."
Set up shop, pay 20% less tax, and have a shell corp there should you need it for anything else.