Forget the Cayman Islands, the United States is now the place

 The white sandy beaches of Bermuda probably spring to mind, or else the private banks of Switzerland?

In fact, the world’s most affluent are increasingly piling their wealth into American states.

That is according to claims from the Tax Justice Network’s latest Financial Secrecy Index

Vietnam has a financial secrecy score of 81 – but it ranks 24th on the index, owing to its relatively smaller influence on the world stage.

South Dakota is a sparsely populated state in the American Midwest – close in size to Romania but with fewer than 900,000 residents.

So what is the reason for the South Dakotan trust industry’s rapid expansion? The answer is favourable tax laws and deregulation, experts say. There is no state income tax in South Dakota, and trusts can be held secretly.

Alaska, in 1997, passed a law allowing the creation of domestic asset protection trusts. This means someone setting up a trust can also be the beneficiary, allowing the person to shield their assets from creditors and tax authorities. 

Many states have followed suit, including Nevada, South Dakota and Delaware.

The development of the Common Reporting Standards (CRS) in 2014 marked a major shift in global tax transparency

Moran Harari, of the Tax Justice Network, says: “The US is the only country in the OECD that has not signed up to the CRS. The US has never agreed to join and is unwilling to.”

Charlotte Gifford Telegraph 14 August 2023

https://www.telegraph.co.uk/money/consumer-affairs/forget-cayman-islands-united-states-avoid-tax/

Charlotte Gifford

https://www.telegraph.co.uk/authors/c/cf-cj/charlotte-gifford/

A Sunny Place for a Shady Online Business

What the heck is happening in the Cayman Islands?

https://englundmacro.blogspot.com/2021/12/a-sunny-place-for-shady-online-business.html

Kim Salomon: Själv befann jag mig i FNL-rörelsens utkanter, men blev häpen när jag några decennier senare under arbetet med min bok i arkiven läste om hur marxist-leninistiskt tankegods genomsyrade rörelsens ledarskikt. 

https://englundmacro.blogspot.com/2014/11/tiden-nar-nationalteatern-ljudsatte.html

Kim Eskild Salomon, född 31 juli 1948 i Danmark, är professor emeritus i historia vid Lunds universitet 

och en produktiv författare, bland annat på temat fredsrörelser och flyktingpolitik. Han medverkar regelbundet i Svenska Dagbladet, där han bland annat skrivit ett sjuttiotal Under strecket.

https://sv.wikipedia.org/wiki/Kim_Salomon

År 2020 utkom hans bok "Jag anklagar...! De intellektuellas historia" 

https://www.bokus.com/bok/9789127147782/jag-anklagar-de-intellektuellas-historia/

Defense Secretary Donald H. Rumsfeld and Vietnamese Minister of Defense Gen. Pham Van Tra participate in a ceremony officially welcoming Rumsfeld to Hanoi

https://www.internetional.se/vietnamseger.htm#rumsfeld