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Forget the mattress: how to hide riches from the law

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I an see a movie being made about this! Who would play Putin I wonder? C'mon Hollywood!

1 ( +1 / -0 )

Institutions which are nominally non-profitmaking, nominally intended for the 'good' of society and which also might promote the 'good' name of the, let's call them the perpetrator, are also common enough.

In the US, religions are one example (think Scientology, and all the controversy linked to them ), and charities of course. In Japan, museums are an example - tax-free. For instance, excluding in Hiroshima and Nagasaki which have the same quite reasonable excuse, there are a number of 'peace museums' in Japan, with corporate and other commercial links.

2 ( +2 / -0 )

Who would play Putin I wonder?

Gotta be Ed Harris.

2 ( +2 / -0 )

I would convert it all to cash and hide it in my basement.

0 ( +1 / -1 )

FBAR every year gets old. Maybe 2018 that will be eliminated.

0 ( +1 / -1 )

I thought shell companies and trusts were known to everyone. It only makes sense that you should use them if you are dealing with large amounts of money.

Oh, yeah, you can be the honest dork in the crowd and pay all your cash like a sucker to the government, which will tax you more and more each year, but you can be sure the members of that government are all using the same schemes to minimize or eliminate tax.

If governments really wanted to avoid these kinds of things they would make tax laws more simple. As it is you need the same number of years of training as a doctor or dentist would just to be able to operate as a top accounting professional.

In Japan the top tiers of the accountant's tests are some of the only few remaining "impossible exams" with pass rates something like 2 or 3%. This kind of tax law insanity virtually ensures that clever people will manipulate money.

4 ( +4 / -0 )

We are all brainwashed to pay and want the other to pay only because we feel jealous, but seriously, since when taxes differs from a world wide organized slavery system ? I am dreaming of a world based on knowledge development globally, without frontiers and wars and not longer based on money principle of the few, running and living for money will bring us nowhere, the whole industry is actually doing things for the people who can afford it so they can get more money to continue, this ain't evolution.

0 ( +0 / -0 )

The use of offshore entities is not illegal in itself. But to remain legal, assets kept offshore usually must be declared to the tax authorities in your country of residence.

Not everyone follows that rule.

And, of course, there are jurisdictions that are all too happy to assist in hiding assets from taxing authorities to maximize personal profits of billionaires.

That's why billionaire Donald J. Trump has been under investigation by the IRS for the past decade.

As reported, Trump's finances are a morass of assets and endorsements that are renown for creative accounting.

0 ( +0 / -0 )

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