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The USA - best place to hide ill gotton gains?

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  • The USA - best place to hide ill gotton gains?

    Interesting item on this mornings BBC news. Two opposing pundits/spokespersons on offshore companies agreed that the best place in the world to hide your illicit dough was the USA - especially in Delaware or Nevada. This is now especially so since the USA has not signed up to the new reporting standards sponsored by the OECD that makes transparency to tax and law enforcement agencies of the identity of beneficial owners a big issue. These come into force next year and so far over a hundred countries have signed up including many jurisdictions hitherto known as tax havens. These can still offer low or zero tax rates but the ownership of the companies benefiting becomes clear - this is designed to flush out money laundering and hiding of the proceeds of crime and corruption. As a result large numbers of companies based in the Bahamas and BVI have begun transferring to Delaware and Nevada.
    Human history becomes more and more a race between education and catastrophe (H G Wells)
    Mit der Dummheit kaempfen Goetter selbst vergebens (Friedrich von Schiller)

  • #2
    Originally posted by MarkV View Post
    Interesting item on this mornings BBC news. Two opposing pundits/spokespersons on offshore companies agreed that the best place in the world to hide your illicit dough was the USA - especially in Delaware or Nevada. This is now especially so since the USA has not signed up to the new reporting standards sponsored by the OECD that makes transparency to tax and law enforcement agencies of the identity of beneficial owners a big issue. These come into force next year and so far over a hundred countries have signed up including many jurisdictions hitherto known as tax havens. These can still offer low or zero tax rates but the ownership of the companies benefiting becomes clear - this is designed to flush out money laundering and hiding of the proceeds of crime and corruption. As a result large numbers of companies based in the Bahamas and BVI have begun transferring to Delaware and Nevada.
    It's a great place to hide money - IF you're not a US citizen then ?
    Major Atticus Finch - ACW Rainbow Game.

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    • #3
      I certainly got the impression from the divulgence of the Panama papers, that if you've got money in the US, the incentive to get... creative... in ferreting it away abroad isn't that great.

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