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The World’s Favorite New Tax Haven Is the United States

] by Jesse Drucker @bloomberg.com - a look at how the 1% are moving there hidden offshore money into the USA

] new global 'disclosure rules' are motivating wealthy people to move money from current tax havens like bermuda, back to the USA
] No one expects offshore havens to disappear anytime soon. Swiss banks still hold about $1.9 trillion in assets not reported by account holders in their home countries, according to Gabriel Zucman, an economics professor at the University of California at Berkeley.
] Nor is it clear how many of the almost 100 countries and other jurisdictions that have signed on will actually enforce the new disclosure standards, issued by the OECD
] There’s nothing illegal about banks luring foreigners to put money in the U.S. with promises of confidentiality as long as they are not intentionally helping to evade taxes abroad. Still, the U.S. is one of the few places left where advisers are actively promoting accounts that will remain secret from overseas authorities.
] For decades, Switzerland has been the global capital of secret bank accounts. That may be changing. In 2007, UBS Group AG banker Bradley Birkenfeld blew the whistle on his firm helping U.S. clients evade taxes with undeclared accounts offshore. Swiss banks eventually paid a price. More than 80 Swiss banks, including UBS and Credit Suisse Group AG, have agreed to pay about $5 billion to the U.S. in penalties and fines.

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DESCRIPTION: ] by Jesse Drucker @bloomberg.com - a look at how the 1% are moving there hidden offshore money into the USA

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