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What about land that’s owned by a trust in another country? Land is extremely easy and reliable way to hide money, that’s why wealthy Chinese are so well known
by oceanplexian 4y ago
What about land that’s owned by a trust in another country? Land is extremely easy and reliable way to hide money, that’s why wealthy Chinese are so well known for buying up property in the US and Canada.
- rexpop 4y agoWhat is the point of the Westphalian Nation-state if land within its borders can be owned in trust by foreign nation[al]s?
- toyg 4y agoThat's why the Westphalian nation-state is in a state of permanent crisis: unbridled globalization broke it.
- nkurz 4y agoThe land records are held by a local authority who charges a taxes on the land. If the taxes aren't being paid, the land is sold at auction, and the new owner is responsible for the back taxes. Even if you don't always know exactly who is behind a given trust, you can always collect the taxes or reclaim the land. The wealth may be hidden from the Chinese government, and the local authority may not be certain who the owner actually is, but tax evasion is avoided.
- deleted 4y ago[deleted]