There is an entire industry devoted to this exact problem. Many rich people step out of their bed every morning thinking, “I am rich and do not like paying taxes, who can I pay to lower my taxes?”
The answer is anyone. People like, Brent Bergan are featured in many an article from the heart of the housing boom. Peter is “an attorney at Global Tax Network in Denver, which advises international corporations, individuals and small businesses on tax compliance.”
Ah yes “tax compliance.” That looks much nicer on the business card than “the kind of tax evasion that doesn’t get you thrown in jail”
Another guy you can pay to lower your tax bill, Richard Cahan, insists that gone are the days where tropical tax haven can be use to evade income tax.
Damn!
what you find [instead] is most people setting up offshore trusts and offshore corporations for asset protection or divorce planning but no income tax evasion. They don’t want to go to jail.
So your job is to help them avoid jail? Kind of like a mob attorney? Let’s see I’m moving my assets around in a way that if not done exactly right . . . could land me in jail. I better hire someone who knows how to walk the line of criminality without actually crossing it.
Please Mr. Cahan, go on.
[My clients] come to me to ensure that their hard-earned wealth remains theirs and can be passed down to their families, as well as for legitimate and compliant offshore business planning.
Well that sounds nice. Every American values the corporate responsibility that mega businesses to seek out “legitimate and compliant offshore business planning.” Just make sure Mr. Cahan, that they are legitimate tax evasion methods. I don’t want my tax evasion tainted by the scent of impropriety. So where are you legitimately taking my money, anyhow?
many of [the legitimate offshore business planning hot spots] are the same tropical places which have gained notoriety as tax havens, and more recently, the home of flimsy corporate vehicles designed to evade taxes or conceal company debt.
I see.
Well nothing that’s made the news at least. I don’t want to be associated with corporate crime.
Enron, for example, was recently revealed to have had 881 offshore subsidiaries, including 692 in the Cayman Islands alone, and many more in Turks and Caicos, Mauritius and Bermuda. Scandal-plagued companies like Parmalat and Halliburton used similar devices in the Cayman Islands, for one simple reason.
Tax Evasion!
Certain foreign countries have developed their own particular asset-protection laws, and they market themselves to people looking to set up offshore accounts,” says Thomas Wells, an attorney at Florida-based Berger Singerman
Right asset preservation, I keep forgetting to not call it tax evasion. Who am I preserving my assets from?
What you find is most people setting up offshore trusts and offshore corporations for asset protection or divorce planning but no income tax evasion. They don’t want to go to jail.
I see a pissed off ex. And from Uncle Sam getting his hands on my corporate profits, but not my income. But wait, I’m the head of a large corporation is there anyway I can get my hands on corporate profits and put them in my bank account, but not in an income way because I heard Uncle Sam looks for that these days.
That seems like it could get a lot of people in trouble.
Probably.