It isn't a "loophole". This structure, by itself, helps you avoid no tax at all. The issue is a combination of: concealing ownership, concealing identity, and (

It isn't a "loophole". This structure, by itself, helps you avoid no tax at all. The issue is a combination of: concealing ownership, concealing identity, and (a big one) home countries not acting on information. But yes: Canada, and the other places where this was happening like Scotland and the Caymans, have started reporting beneficial ownership. This will preserve the reputation of the places involved but, of course, it doesn't tackle the underlying issues.