Monday , 4 November 2024

Tax Havens: How & Where the Wealthy Stash Their Cash Around the World

From wealthy citizens trying to pay less tax, to savvy swindlers and drug lords with riches to hide, people have spent decades stealthly shifting money into the tax havens of European principalities, Caribbean archipelogos and Pacific islands. Unravel the mystery of how they do it in this exclusive interactive.

So says the introduction to an exclusive interactive post* on Canada’s CBC News website (www.cbc.ca) entitled Tax havens explained: How the rich hide money.

This post is presented compliments of www.FinancialArticleSummariesToday.com (A site for sore eyes and inquisitive minds), www.munKNEE.com (Your Key to Making Money!) and the Intelligence Report newsletter (It’s free – sign up here) and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. Please note that this paragraph must be included in any article re-posting to avoid copyright infringement.

The post goes on to say: “Recent leaks of secret banking information have helped authorities around the world crack down on tax cheats who go offshore, resulting in billions of dollars recovered for the public purse. Now, in one of the biggest ever leaks of financial data, the International Consortium of Investigative Journalists has released data on a whopping 120,000 secret offshore entities in 10 different jurisdictions. Read more about how unscrupulous investors hire high-priced lawyers and financial advisers to move money offshore in this interactive. (Select the blue button to make choices and move through each step.)”

[The interactive covers the tax havens of:

Central America: Panama; Belize

Caribbean: Bahamas; Barbadoes; Bermuda; British Virgin Islands; Cayman Islands; Nevis

Europe: Channel Islands (Guernsey & Jersey); Cyprus; Isle of Man; Liechtenstein; Switzerland Pacific: Cook Islands; Vanuatu]

*Original Source

Another interactive post** from CBC News entitled 38 media outlets probing one of biggest ever leaks of financial data says “A massive leak of financial data to media outlets around the globe has spurred a series of investigations into offshore banking and tax havens. Documents detailing secret accounts were leaked to the Washington, D.C.-based International Consortium of Investigative Journalists. The non-profit group granted 38 media organizations access to the database. Corporate moguls, property tycoons, lawyers and politicians are under scrutiny in the international investigation. [Go here and] select the red marker to open a window to read more about the investigations in each country.”

**Original Source [If you want to keep abreast of all the latest global news and analysis on tax havens and corruption you won’t hear anywhere else visit Taxcast – the Tax Justice Network’s monthly podcast: 15-20 minutes – here.]

The CBC post concludes by saying, “No one knows for certain how much of the planet’s private wealth is parked in tax havens. One estimate is that there’s $32 trillion stashed offshore; a more conservative calculation puts it at a minimum of $8 trillion. Either way, that means tens – if not hundreds – of billions of dollars in lost tax revenues for the world’s governments.”

Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.

 Related Articles:

1. How the Poor, Middle Class and Rich Spend Their Money

How do Americans spend their money and how do budgets change across the income spectrum? The graph below answers these questions. Words: 240

2.  2% of U.S. Households Earn $450,000/yr. or More; 50% Earn $43,000 on Average – Exactly Where Does Your Income Put YOU?

Visit wsj.com – HERE – to find their calculator which shows where your household income stands compared to others in the U.S.. $506,000 puts you in the top 1%; the much talked about $250,00 in the top 6%; $200,000 in the top 10% while an annual salary of $43,000 puts you in the top/bottom 50%. Where do you stand?

3. Taxes on “Rich” Vary Dramatically by Country – Take a Look

There is a lot of debate these days about the extent at which the “rich” among us should be taxed. That is an argument that no one is going to win but the findings of a study comparing the tax rates of such individuals on a comparative basis by country is most enlightening. Take a look to see how your country’s tax rates on the “rich” compare with other countries. Some of you will read this article and be quite displeased while the majority of you should realize that you have nothing to complain about (relatively speaking, that is). Words: 455

4. Are You a Millionaire? 10 Reasons You May Not Be and What to do About It

The reason you are not a millionaire (or even on your way to becoming one) is really quite simple. You probably assume it’s because you aren’t earning enough money but the truth is that, for most people, it does not matter how much money you make… [but, rather,] the way you treat money in your daily life. [Let me explain.] Words: 875

5. More Reasons You May Not be a Millionaire – Yet

Many people assume they aren’t rich because they don’t earn enough money. If I only earned a little more, I could save and invest better, they say. The problem with that theory is they were probably making exactly the same argument before their last several raises. Becoming a millionaire has less to do with how much you make, it’s how you treat money in your daily life. The list of reasons you may not be rich doesn’t end at 10. [Here are 10 more.] Words: 842

6. Is $1,000,000 Enough to Provide for a Successful 30-year Retirement?

Withdrawing from a $1,000,000 nest egg upon retirement using the familiar 4% rule to generate a successful 30-year inflation-adjusted (3% per annum) retirement proved to be totally inadequate as per the retirement withdrawal strategy that I put forth in a previous article (1). In fact, it crashed and burned in year 25 of the 30-year plan! In fact, as I show in this article, it will only succeed if your portfolio outperforms the S&P 500 by 5% every year for 30 straight years – and what is the likelihood of that? Words: 1533