We have for many years been describing Delaware as an offshore secrecy jurisdiction (or tax haven) inside the United States. It is not so much tax, as secrecy and laissez-faire corporate governance (and ugly related matters) that are the tiny state’s core offerings, along with all that judicial experience that comes with being the ask-no-questions incorporation capital of the United States. Read more about Delaware and the U.S. as secrecy jurisdictions, here.
Our weekly Offshore Wrapper, by George Turner
The end of decency
For years the attitude towards Russia from major offshore financial centres such as the City of London has been: “Give us your money, we don’t care where it comes from.”
Following our widely read analysis on Russia, Ukraine, the City of London, and national security – here’s another must-read article in the New York Times from the same author, Ben Judah, who wrote the original one we cited.
Swiss parliament relaxes terms for tax data exchange swissinfo
“Parliament has approved a legal amendment that tax evaders will not always have to be told if Switzerland sends information about them to other countries.” But to what extent is this just lip-service? How do trusts, foundations and shell company structures factor in? See also: Credit Suisse U.S. Clients in Limbo as Probe Inches Ahead Bloomberg, and very insightful commentary in The ongoing ethics struggle of banks Reuters
“The IMF is looking into how the tax policies of different countries can potentially interact to unintentionally facilitate tax evasion, aggressive tax planning, and excessive profit shifting.”
We have written at length about the European Union Savings Tax Directive (EUSD), a scheme involving 43 European countries and other participating jurisdictions to tackle tax evasion by exchanging appropriate information automatically with each other.