The best tax incentive in the world
The best tax incentive in the world by Simon Black – Sovereign Man
In a move almost destined to prove that laws and policies have absolutely zero meaning, the European Union released a list of “tax havens” last week… with a massive, giant, highly conspicuous omission.
The blacklist contains the names of the usual suspects– Panama, United Arab Emirates, etc., along with a few additions like Mongolia and Marshall Islands.
But, again, conspicuously missing from this list is far and away the biggest tax haven in the world– none other than the United States of America.
It’s hard for US taxpayers to imagine the Land of the Free being a tax haven.
Americans are taxed heavily on ALL of their income, no matter where in the world they live.
Americans are taxed when they earn, when they save, when they spend and when they die.
And yet, for non-Americans, the US is a treasure trove of tax-free anonymity.
Non-Americans can register completely anonymous corporations and LLCs in nearly every state in the US, with some of the stronger jurisdictions being Delaware, Nevada, Wyoming, New Mexico and South Dakota.
And their name need never appear, ever, on any of the documents.
They can establish bank accounts and brokerage accounts with those anonymous corporations. They can purchase real estate with those anonymous corporations.
Moreover, non-Americans can easily establish bank and brokerage accounts overseas, and use their anonymous US companies to engage in business all over the world.
And in many cases, non-Americans can generate unlimited capital gains on their stock and bond investments and pay absolutely zero tax to Uncle Sam.
It’s a hell of a deal, far better than what the countries on the EU blacklist offer.
The EU’s list is supposed to call out a handful of nations for refusing to comply with international tax reporting and information sharing agreements– most notably the worldwide “Common Reporting Standards” (CRS) that came into effect last year.
CRS is basically a worldwide information-sharing agreement about taxes, banking transactions, and business activity.
Dozens of countries have signed up for it.
What’s totally bizarre is that a number of jurisdictions on the EU’s blacklist are already reporting, or scheduled to begin reporting, in accordance with CRS.