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>In the Caymans, your service provider, a local law firm, will offer a choice of cookie cutter plans with layers of trusts and corporations in other secrecy jur

>In the Caymans, your service provider, a local law firm, will offer a choice of cookie cutter plans with layers of trusts and corporations in other secrecy jurisdictions, which will make it impossible for the tax man to pin down who actually owns the account. The IRS just asks you if you have offshore holdings, in which you either tell the truth or perjure yourself. As far as I can tell, a lot of the labyrinthine layers are designed so that maybe you can lie to them without actually lying. Or at least say that to yourself. I bet a lot of the nouveau riche from developing countries use a service like this not to avoid taxes, but to avoid their shaky government from nationalizing their bank accounts.

charlesdm 9y ago
> The IRS just asks you if you have offshore holdings, in which you either tell the truth or perjure yourself. Say an offshore foundation is set up to benefit your family. You then make a loan of $10MM to it, that is then invested in some company. The foundation receives annual dividends of $1MM from this company, which are given (through a loan, salary or a sort of stipend) to your son living abroad. Do you own or control this foundation in the eyes of the law? The answer could be either yes or no, depending on the country you live in. Sometimes the answer isn't a clear yes or no either.
- 3pt14159 9y ago
  If there is any ability for you to access the value at all, even in the case of bankruptcy, then yes you own the foundation, company, contract, work of art, crytpo-currency, etc. I understand this doesn't mesh with multi-party signatures on the blockchain, but that's at least an argument to be made that you constructed a situation where you couldn't access it as a manner of evading being forced to do so, so it kinda breaks that you do still have access to it.
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danjoc 9y ago
>perjure yourself. https://www.ped30.com/2017/11/06/tim-cook-has-some-explaining-to-do/ https://www.ped30.com/2017/11/06/tim-cook-has-some-explainin... It doesn't seem like perjury is such a big deal. Nobody is arresting Tim Cook for perjuring himself in front of Congress. Clapper did it too. Sessions as well. In fact, it has become a regular occurrence. It seems you're nobody until you've lied to Congress.
- quesera 9y ago
  That's not perjury. Your accusation is baseless.
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charlesdm 9y ago

> The IRS just asks you if you have offshore holdings, in which you either tell the truth or perjure yourself. Say an offshore foundation is set up to benefit your family. You then make a loan of $10MM to it, that is then invested in some company. The foundation receives annual dividends of $1MM from this company, which are given (through a loan, salary or a sort of stipend) to your son living abroad. Do you own or control this foundation in the eyes of the law? The answer could be either yes or no, depending on the country you live in. Sometimes the answer isn't a clear yes or no either.

3pt14159 9y ago
If there is any ability for you to access the value at all, even in the case of bankruptcy, then yes you own the foundation, company, contract, work of art, crytpo-currency, etc. I understand this doesn't mesh with multi-party signatures on the blockchain, but that's at least an argument to be made that you constructed a situation where you couldn't access it as a manner of evading being forced to do so, so it kinda breaks that you do still have access to it.

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danjoc 9y ago

>perjure yourself. https://www.ped30.com/2017/11/06/tim-cook-has-some-explaining-to-do/ https://www.ped30.com/2017/11/06/tim-cook-has-some-explainin... It doesn't seem like perjury is such a big deal. Nobody is arresting Tim Cook for perjuring himself in front of Congress. Clapper did it too. Sessions as well. In fact, it has become a regular occurrence. It seems you're nobody until you've lied to Congress.

quesera 9y ago
That's not perjury. Your accusation is baseless.

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