How To Hide Large Amounts Of Money – In the fall of 2020, journalists from three continents coordinated the publication of the investigation, which they called Jersey Offshore. Their stories lifted the veil from the private world of offshore banking. More than 350,000 documents obtained from the La Hougue trust on the island of Jersey in the English Channel reveal information the public rarely sees.
Among the data, one document stood out for its clarity. That was in 2000. A July 6 memo from La Hougue’s CEO offers several ways a trust company can help a client move money abroad. According to experts who have reviewed the memorial, these options can result in high tax payments, potentially exceed the limits of legality and even blur the line between legal tax evasion and criminal tax evasion. Journalists covering the defense refer to the document as “The 11 Lines,” a memo that begins with a line warning the reader “not to fall into the wrong hands.”
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Here are 11 ways to look at offshore money flow and read Jersey Offshore about financial principles. But we’re also releasing this memo because it’s something you’ve never seen before: a customer-facing document obtained in an offshore data breach that details the dollar amounts held by multiple people at the same time.
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In short, it allows you to imagine yourself as a member of the global 1 percent who wants to outperform your government. For most of us, this is a fantasy.
Let’s say you are very rich. You have chosen to pay taxes. Cost, stress, humiliation
That’s all. You’re already an experienced tax evader and are now open to the idea of hiring a trust company in an offshore tax haven to take things to the next level. However, searching for “how to avoid taxes” from your work computer isn’t convenient. It’s not like coworkers are browsing tax pages on Yelp. Getting started is the hardest part.
At that time. Walk eleven paths through a wide table made from unethical Amazonian hardwoods. These days you can’t call it La Hougue, if you will: even the thriving company hasn’t operated in Jersey since 2007, when the company’s bosses left the tiny island. (and the concerns of newly focused regulators) about setting up a company in Panama. However, the tax haven is known in 2015. his license revoked. January 2021. A third secret company called La Hougue Trustees Limited is registered in the British Virgin Islands. Numerous calls to the BVI Financial Services Commission went unanswered. The author of this memo did not respond when contacted for comment by Jersey Offshore reporters. Therefore, we cannot say whether these methods are used anywhere.
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At least we can whistle your wheels, who among thousands of people distributed this document to journalists. Think of it as a menu for a smart capitalist like you to see the opportunities available to you now that you’ve accumulated wealth that even your government, family, ex-spouse or business partner couldn’t match. must have permission to even know about it.
You will find that each of the 11 methods has a basic assumption. We’ve broken them down below and grouped them accordingly to help you see the patterns at work. Each of the options offers a fictitious business arrangement by transferring money to an unspecified offshore account. And here’s the genius: They engineer these deals to give you some kind of tax break, fake expenses, incur big expenses, or artificially eliminate capital gains.
The result is a win for you. Well, it’s your win if neither you nor the person you care about uses roads, hospitals, courts, or other public goods funded by taxpayer dollars. “Only the little people pay taxes,” Leona Helmsley famously said 19 months in federal prison, so you know she really meant it.
So yes. The question, of course, is: will you actually commit a crime if you follow these methods to the end? The answer depends on your country or state’s laws against tax evasion and government fraud. It should be noted that depositing money into an offshore account is not illegal in itself. Conducting business transactions that provide tax benefits does not in itself violate the law. However, activities that involve intentional deception or outright dishonesty, such as: B. entering into business transactions to avoid paying taxes may be of interest to government investigators and tax authorities. Because many of these methods describe what most countries would consider a scam, they can invite people with briefcases and badges to knock on your door.
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We gave memorials to several tax law professors (one in California and one in British Columbia, Canada) to analyze the proposals in their pages. Their Consensus: This document is exceptionally clear, of course you can understand your entire career as a tax professional without pressure, and it describes potential violations of U.S. and Canadian tax laws if done as written.
Admittedly, these rules have tightened in the two decades since the memoir. But even then they were cocky.
“I can tell you that some of these strategies should have been transparent under Canadian tax law (e.g., avoiding Canadian taxes) because the law was in effect when the memorandum was written in 2000,” writes Canadian law professor Jeff Loomer . University of Victoria, British Columbia, email Loomer studies tax policy and previously worked in tax law at a large Canadian law firm. “Here are some other related businesses. Some of these are certainly “fraudulent” transactions within the meaning of Canadian tax law. Finally, I am talking about transactions related to tax evasion, i.e. intentional violations of Canadian law.
Of course you can argue for the legitimacy of some methods. However, this can be difficult if the authorities put pressure on you. Law professor Omri Marian, director of economics at the Graduate Tax Program at the University of California, Irvine, School of Law, looked at the document and responded almost immediately: “I have to say, I don’t know anything else. Can I add a non-WTF? (You can quote me). The tax authorities will not determine that all of the proposed transactions constitute criminal offenses under U.S. law.
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But wait until you get cold feet, we have to say that none of La Hougue’s executives have been charged with a crime related to anything in this document. There are other nuances here. Of course, it is common for people to “avoid” taxes, i.e. reduce their tax payments within the law. Tax lawyers, Marian says, test the law for criminals when actions or financial transactions on behalf of a client lead them to boldly go against the letter of those laws.
“I have to say that some of the deals are enforceable in different circumstances,” he says. “I can imagine, I don’t want to say it’s legal, but I can imagine settlement structures that could work. The IRS may not like it, but it’s not a crime. And even if it’s not legal, the worst thing is, you’ll get civil penalties and pay some taxes.
“But when you say that these are essentially empty payments, no real services are being provided, and you are implying a desire to defraud the government because of the nature of the transaction?” Honestly, I have never seen anything like that.
Marian and Loomer’s analysis of specific methods follows. For those who want to aggressively avoid taxes, the fine print can be a little intimidating. A pessimist (perhaps one of the smaller ones?) might see the 11 line as a characteristically immoral façade. You can just imagine them
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