This paper offers the first detailed characterization of the labor market in a tax paradise and the first assessment of how a reform aimed at discouraging tax avoidance affected workers. We show that incumbents were highly educated, performed specialized tasks, and benefited from a wage gap, particularly at the top. Immediately after the reform announcement, several workers exited. Stayers experienced wage increases of around 8% and a higher probability of working for several firms simultaneously. New hires earned, on average, 30% less than incumbents, frequently on temporary contracts. The results offer insights into policies promoting economic substance in low-tax jurisdictions.