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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe World’s Favorite New Tax Haven Is the United States
Shifting money from offshore secrecy havens to the U.S. has become a brisk business for Rothschild & Co. One Turkish client is moving assets from the Bahamas to Nevada. Illustration: Steph Davidson
Last September, at a law firm overlooking San Francisco Bay, Andrew Penney, a managing director at Rothschild & Co., gave a talk on how the worlds wealthy elite can avoid paying taxes.
His message was clear: You can help your clients move their fortunes to the United States, free of taxes and hidden from their governments.
Some are calling it the new Switzerland.
After years of lambasting other countries for helping rich Americans hide their money offshore, the U.S. is emerging as a leading tax and secrecy haven for rich foreigners. By resisting new global disclosure standards, the U.S. is creating a hot new market, becoming the go-to place to stash foreign wealth. Everyone from London lawyers to Swiss trust companies is getting in on the act, helping the worlds rich move accounts from places like the Bahamas and the British Virgin Islands to Nevada, Wyoming, and South Dakota.
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http://www.bloomberg.com/news/articles/2016-01-27/the-world-s-favorite-new-tax-haven-is-the-united-states
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The World’s Favorite New Tax Haven Is the United States (Original Post)
LiberalArkie
Jan 2016
OP
LittleBlue
(10,362 posts)1. Honestly, there are so many of these things. This is just one more.
The Singapore Sling. The Dutch Sandwich. The Irish Double. The Irish double with Dutch sandwich (Apple's preferred strategy).
Now that the Irish double+Dutch is being scrutinized, watch out for Malta. That will be the new one. No taxes on patents means US companies can transfer their patents to Maltese corporations and pay them for the use, reducing their US taxes and creating virtually no tax in Malta.
Malta has introduced a Patent & Copyright Box whereby royalty income arising from patents and copyright of intellectual property is exempt from taxation i.e. effective tax rate 0%.
https://www.world.tax/articles/tax-opportunities-using-malta-ip-regime.php
The structure of the EU makes tax avoidance so easy.
shraby
(21,946 posts)2. They better watch out cause the money men in the U.S. are experts at getting the cash into their
own pockets.