Highest Rated Comments

schnarf9999943 karma

How have the structures and entities that are used to hide assets changed since the Panama Papers, Lux Leaks, and Paradise Papers? To the extent that there has been some reform to curtail the use and abuse of certain mechanisms to hide assets from tax collectors (bearer shares come to mind as an instrument that has been curtailed by some jurisdictions), do you see new mechanisms, structures and entities popping up?

schnarf999993 karma

I really appreciated the reporting on Baker McKenzie as an enabler to the offshore world. It’s important to flag the role of this firm that many view as legitimate and even prestigious in creating what some might call “aggressive tax planning” (or as Kent Brockman put it, “avoision”) Do you plan to do more reporting on some of these enablers? Is there any particular point you would like to make about some of the financial institutions, lawyers, accounting firms, consultants, and wealth managers that are involved in creating these structures?

schnarf999991 karma

Can you discuss the similarities and differences between the offshore structures that an international company like Apple may use to minimize their tax burden and the structures that might be used by an Ultra High Net Worth Individual to shield assets, minimize taxes, and provide secrecy? My rudimentary understanding is that while both may take advantage of certain vague or unclear points in the law by crossing jurisdictions, they are largely very different structures. The former involving, primarily, corporations in multiple jurisdictions to shift taxes and regulatory burden to a minimum, and the latter more likely to involve a mix of trusts and corporations in jurisdictions that provide secrecy (such as a South Dakota Trust or a Wyoming corporation). Is that correct? To what extent might the structures blend?