The super wealthy and their money are increasingly searching for second passports and offshore havens as capital controls, tax reporting, and visa procedures tighten around the world. Approximately 100 nations have signed the Common Reporting Standard, which promotes a wider exchange of information on taxable assets and income across international governments. However, the United States is not one of those countries; in fact, we often demand that foreign financial institutions hand over anything they know about Americans’ offshore assets, but we do not return the favor. One thing is for sure, the game of international musical money chairs will soon come to an end, as moving capital in the future will prove more difficult.
See John Dizard, The Search for Second Passports and Offshore Havens, Financial Times, April 7, 2017.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
