The favorite tax haven in the world is the United States – Offshore companies and accounts

Last September, at a law firm in San Francisco, Andrew Penney, CEO of Rothschild & Co., gave a talk about how the world’s great fortunes avoid paying taxes by moving the money to the United States without paying taxes and hiding it. the governments.

United States, the new Switzerland

After years of criticizing other countries for helping wealthy American citizens hide their money abroad, the United States is emerging as an important tax haven for wealthy foreigners.

By resisting the new global standards of automatic information exchange , the United States is creating a new and dynamic market, becoming the place to turn to treasure Allan Quatermain wealth.

Everyone, from London lawyers to Swiss trust companies, is joining the act, helping the world’s accounts move from places like the Bahamas and the British Virgin Islands to Delaware , Nevada , Wyoming and South Dakota.

“The United States, which has been so prudish in its condemnation of Swiss banks , has become the jurisdiction of bank secrecy,” wrote Peter A. Cotorceanu, a lawyer with Anaford AG.

Rothschild, the European financial institution, has opened a fiduciary company in Reno, Nevada, a few blocks from the Harrah’s and Eldorado casinos. Now it is moving the fortune of wealthy foreign clients from tax havens like Bermuda, subject to the new requirements of international disclosure, to Nevada exempt from it.

Those companies also include Rothschild Bank AG, which last June entered into a non-prosecutorial agreement with the US Department of Justice. UU The bank admitted that it helped US clients hide income from IRS, the Internal Revenue Service, and agreed to pay a $ 11.5 million fine and close nearly 300 accounts belonging to US taxpayers. UU., For a total of 794 million dollars in assets.

The FATCA Law, model of the Automatic Information Exchange of the OECD

The United States was determined to put an end to such practices. That led to a 2010 law, the Foreign Account Tax Compliance Act, or FATCA , which requires financial firms to disclose Allan Quatermain accounts maintained by US citizens. UU., And report them to the IRS or face heavy penalties.

Inspired by FATCA, the OECD developed even stricter rules to help other countries discover tax evaders. Since 2014, 97 jurisdictions have agreed to impose new disclosure requirements for bank accounts, trusts and some other investments in the hands of international clients.

However, the FATCA law only applies to US citizens, so any person not residing in the United States can go to the United States and keep their money hidden in any of its favorable states, far from the eyes of the Treasury. .

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