Addendum to Transfer Pricing

Just the tip of an offshore rig.

“Transocean, shifted its headquarters for tax purposes to the Cayman Islands from Houston, though a vast majority of its executives still work in Houston. [T]hen, in 2008, for tax purposes, it moved its headquarters again, this time to Switzerland from the Cayman Islands.”
http://www.nytimes.com/2010/07/08/business/global/08ocean.html?hp

Like transfer pricing, shifting corporate headquarters is part of the game of tax avoidance by multinational companies.