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> aren't subject to US jurisdiction Every single financial institution that transacts in US dollars (so, all of them) is subject to the power of the US Treasur
by pembrook 6y ago
> aren't subject to US jurisdiction
Every single financial institution that transacts in US dollars (so, all of them) is subject to the power of the US Treasury.
So many people want to believe all the rich are hiding their money abroad.
For American citizens, this simply isn't true and hasn't been for a decade or more. It's not feasible. Also, American capital gains taxes (the ones rich people mostly pay) are extremely low compared to most places in the EU anyways. Its not worth the risk even if you can find a nefarious organization to help you do it.
- esarbe 6y agoDid you somehow miss the whole Panama papers shebang? Yeah, the rich do hide their money abroad.
- ChrisLomont 6y agoThere was a surprising low number of Americans in those documents, which date back into the 1970s. In 2010 there were significant changes in US law which effectively removed places like Panama papers from happening again moving forward. These are the reasons the poster above you stated the decade limitation. He is correct.