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> 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
by 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 agoIf 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.