Tax Havens 101: the High Cost of Going Offshore
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- Опубліковано 15 жов 2024
- What are offshore tax havens, who uses them, and how do they work? Find out in our explainer, and get the full story at icij.org/offshore.
Written by Kimberley Porteous and Marina Walker Guevara, with Scott Higham. Animations by Sohail Al-Jamea and Patterson Clark.
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sounds like a good idea, thank you!
monngonmipk
+ohmusicsweetmusic Give me a call if you need a nominee.
This video inadvertently makes setting up an offshore account really easy and convienent. Lol
+zfan2591 Time to get cracking.
Or 'Advertantly'
Ironically I was worried that it would be too expensive or difficult to incorporate offshore. After watching this video I will definitely be going ahead with it if its as easy as they say.
Beautiful islands with no taxes. Why don't more people live there?
It is good. These people are just jealous they can't watch rich people have their money stolen.
Nomad Capitalist spot on! God bless off shores
Appreciate it..I was looking for a how to guide
I think that's the point, Lee! People try to leave their country (one they were born in through no choice of their own) and the government wants to tell them they can't... or that they're "unpatriotic". You don't owe your country ANYTHING.
Nomad Capitalist ❤
I wish I had known all this before I got married. Is it too late?
god bless offshore
I love to move to the Cayman Islands when I retire! :)
Flow taxes like income tax and sales and VAT make life HARDER for people and REMOVE CHOICE. Individuals can spend their money better then those who steal money via taxes.
If only more people could do this. What the people actually want may matter to the government then once they're unable to collect a dime.
How is this a bad thing? Sounds good.
Good idea.
The piggies looked so cute!
Would anyone be kind enough to answer me, why would people want to hide their identity when creating a company in one of these tax havens? Are there any reasons to do so if whatever you are doing is legal?
scandal
Put the money in my name in one of these islands, I will not get involved in your company, just trust me
to save your money from being taxed sounds like a fair reason to me. No body want's their money to be taxed. And the US asks for too much from us as it is. But no, I don' think it always has to be for scandalous or immoral reasons.
They should be called "banking havens". Not only tax is evaded. It's used to evade banking regulations that target hiding criminal activity as well, as the BBC panorama showed quite explicitly.
"all perfectly legal as long as you declare it"
Declare what and to who?
Use taxed money to safe taxes in the future. If you take some money back, you'll have to tell your taxman. So just the rise of your Account is tax-free.
+John Burns I suppose they're using the statement for dramatic effect, but I still wondered who's going to declare this sort of stuff considering the accounts are being used to hide money.
@@jaypleski7779 In the U.S. you declare it on your tax return. Just by checking a couple of boxes you're compliant and effectivly deferred your taxes by shifting profits to other countries.
@@ThePorschefan Well the joke here is that most "smaller fish" don't declare it, even US ones. That's the whole point of anonymous offshoring
J.A. Peleski how do you know they don’t declare it? Maybe they do using a Delaware LLC which also provides anonymity. There’s nothing wrong with that
Exactly.
sounds good!
how about a flat tax? That would solve alot of problems
+Anthony Rainero A flat tax only helps the rich, as the tax they are paying is chump change compared to the average citizen.
johan liebert So you're saying that we should punish those who actually worked hard to get that money?
agree!
Just a question that struck my mind. If I give my money to a nominee, how do I guarantee it back? the nominee would simply say that's not your money (as it is in their name)?
There are only 101 comments compared to 88,000 views, but if the people in these comments are representative of everyone else, then it is truly a sad and ignorant world we live in.
+AFastidiousCuber No matter what is your age, you've have learn this super late.
Why each nation doesn't ban to trade with the tax heaven countries? All of them are very small and don't make anything. So they don't contribute on any import and export of other sane countries.
For example, if US ban to trade money and products with the tax heaven, why global companies makes paper company there?
Because elite and corrupt politics needs them to steal money/taxes, as long as normal people doesnt knows how they work thats fine for them
excellent. keep up the great work ICIJ !
What is the moto ?don't let to happen or the journaliste will to notice ?
How can I get a Spanish version of this video?
Is this clip available in Spanish?
OK. This is nice scheme. I even like it. Ant it also means that tax agencies and governments have to find a new business model. :P
Thank you so much ❤
Am Joseph from Kenya so it means by having $1000/500 I can open a company in this british virgin islands?
Yes，Every year you need to pay that amount to BVI
Question: Are these accounts, which apparently hold billions, reinvested or is the money just sitting there loosing value due to inflation? I can't see someone who is worth billions not reinvesting their money in something, that just seems silly do to the every decreasing value of the paper dollar.
Maybe trustee invest money somewhere through holding company for beneficiary 🤔👍🏻
beautiful
Love it
videos very nice
So, working people pay more taxes because rich people have the means to hide their wealth. Remarkably, some working people are happy with this! This shows just how effective the corporate-media has become to manipulate the public into accepting conditions that are so unfair to them.
What crimes specifically? Drug crimes? Gambling crimes? Things the government shouldn't even have their nose into to begin with? Who cares!
Well said.
Yes, can't be happier to be said *very* stupid by someone who have so exciting arguments to reply.
if its secret bank account offshore it sure makes it easy to be ripped off
by some criminals or even by the bank.
whose police are you going to call to recover your stolen money ?
Really?
You're so right man. Regulation is a both way street, has it's perks.
pure beauty
Literally only gave reasons why its a good thing
It's like If cancer became a huge, worldwide epidemic, people would despise the healthy and tell them "you should have cancer like everybody else". Well fuck that!
There's another lesson to be learned here. You don't just need privacy from avaricious governments, but also your family, and the people you think are your friends. If you have offshore pursuits, never tell a living soul about it.
Important.
Crabs in a barrel. When crabs are captured and put in a barrel, if any of them try to escape, the other crabs will work together to pull down the one escaping.
Let's be honest, most people HATE tax, whether they believe it's for the "greater good" or not. But they can live with it as long as everyone else lives with it too. So when they see someone avoiding tax (like they wish they could do) it makes them feel like shit, and they cry "pay your fair share like everyone else".
LOL its my property, i earned it, and i will put it wherever i want.
From The Guardian: "Sources close to the investigation said forensic accountants examining Madoff's books believed he had regularly sent large sums of money to offshore accounts in the Caribbean and Europe."
as long as there is a tax treaty in place in theory it should work
Wrong, full privacy, you have to pay a tariff fee to the haven and pay taxes in what ever country you are doing business in, tariff fee get pay as of counteract (5 years is the usual or 20 years for inheritance trust) & other taxes gets added up in an account and paid at the end of the year....England is not that bad😥
With the government you'll get a little, with the companies you'll get nothing.
the paradise papers is exactly this. Havens are a rich man's law.
This is WHY WE NEED AN HONEST MAN who will STAND to the wealthy in OFFICE.. #BERNIESANDERS2016 #FEELTHEBERN
A world wide problem requiring a world wide solution coupled with VIGOROUS world wide action.
If you don't pay taxes on your income to the country where the money was made the person should not be allowed to do business there.
(-_+) Operation no.16 is a GO special agent 33!!!
She had a boyfriend 33!
She is a no fly zone!
(0_+) Good boy
Nothing.
oh, of course, if you are rich why should be inconvenienced by taxes and laws?.....
Hmmm... I'd say #2. But these people want to spread the misery around.
Why whole world can not be like that ._.
look at the poverty and taxation of bermuda. Bermuda biggest income is tourism. UK makes that money. not bermuda. same w any other offshore island under the "kings" rule lmao
If govts didnt overreach on taxes for wasteful spending itd be a non issue
Putin dislikes this video.
oh no you here ?
They keep enough money to last several lifetimes for themselves instead of using it for something useful.
Anonymity, it's just a name. As long as it ain't mine. Fuck the thieves and the geeks, why should I expose myself in the act of honest business to creeps after someone else's 💰💰💰 ???
It's wrong to hide money from the country in which it was made.
why is that wrong. Why should the government be worried about money that isn't in the US?
Yeah, investing in mansions and luxurious goods. Whoopdy doo da day.
If the info in the video is dumb why don't you go start your own country somewhere else that way you won't have to pay taxes.
So it is useless, you still have to declare it
Screw the rules I have money
you're wrong m on all those points
How Dumb We Are 😠😡
We do not want to see Nawaz Sharif P/m again.
You are joking right!?
its completely illegal kind of....
use bitcoin instead!
bbglas007 Won't bitcoin crash eventually though? The currency isn't really stable. Yeah, if you invest now it will become profitable but you have to convert your earnings before the bitcoin crashes.
lol
killuminati
Eat the rich!
I do it....just seems like a risk
gooogle bites keep thanking that :-) I'm broke :-) sure :-)
This video is dumb, taxation is theft. Cook Island secrecy? I think Its More like privacy LOL. People keeping their money is not a crime.
Thank you so much ❤
lol