Wealth Protection, Tax Avoidance, Real Estate, and a Tax Haven in USA?
Wealth Protection, Tax Avoidance, Real Estate, and a Tax Haven in USA?
Ms Lakshmi Kumar, Policy Director at Global Financial Integrity (GFI) and co-author of the GFI’s report, “Acres of Money Laundering: Why U.S. Real Estate is a Kleptocrat’s Dream” talks to Venkat SN about the structures and mechanisms the wealthy use to protect or hide their wealth.
The discussion covers Pandora papers and South Dakota, a fugitive jeweler from India, attraction of overseas real estate, and gold in international transactions.
Topics and timings:
What is the difference between Tax avoidance and tax evasion? (1:25min)
What is wealth protection? What structures and mechanisms the wealthy use to protect their wealth from being taxed? (2:43min)
Pandora papers revealed that South Dakota was a $367bn tax haven rivalling other famous tax havens. What makes it an attractive location? (5:40min)
Are U.S. regulations for politically exposed persons, or others, not in line with international best practices? (9:35min)
Why is overseas real estate a preferred route? (12:53min)
What are the secret real estate ownership structures that the US offers? How are all cash purchases of real estate even possible? (15:05min)
What kind of international transactions take place with gold? (18:40min)
A fugitive jeweler from India has apartments in New York held in the name of a trust whose beneficiaries are his family (22:30min)
On the G20 agreement global minimum corporate tax of 15%. (25:07min)
Correction: In the introduction, “Global Financial Integrity” was referred to as “Global Financial Intelligence”. The error is regretted.
Links - Acres of Money Laundering: Why U.S. Real Estate is a Kleptocrat’s Dream - https://gfintegrity.org/report/acres-...
Please follow us on Twitter @MVConversations
Please watch, share, like and subscribe to https://www.youtube.com/c/MoVeConversations/videos
