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- How do offshore accounts avoid taxes? Or do they? I look at some misconceptions about this issue.<\/li>\n\n\n\n
- What makes you working class or middle class? In the U.K. I know working class people who are wealthier than middle class people, they bought houses years ago and now own more than the average middle class couple paying off a mortgage. I also speak about why people shouldn’t care about class.<\/li>\n<\/ul>\n\n\n\n
Se volete che risponda a qualche domanda su Quora o YouTube, o se state cercando di investire, non esitate a contattatemi<\/a>, e-mail (advice@adamfayed.com) o utilizzare la funzione WhatsApp qui sotto.<\/p>\n\n\n\n
Alcuni dei link e dei video a cui si fa riferimento potrebbero essere disponibili solo nelle risposte originali. <\/p>\n\n\n\n
Fonte di tutte le risposte: la pagina Quora di Adam Fayed.<\/p>\n\n\n\n
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How do offshore accounts avoid taxes?<\/h2>\n\n\n\n
This is Richard Branson who is worth billions. He lives in the BVI:<\/p>\n\n\n\n
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James Dyson is almost as well known, at least in the UK. He lived in Singapore for a few years, before returning home.<\/p>\n\n\n\n
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At one stage Sir Philip Green was one of the richest people in the UK, and his wife, also a director of one of his firms, lived in Monaco:<\/p>\n\n\n\n
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Why do I bring this up? If it was so easy to live in London, New York or any other major Western city, and pay no taxes by \u201chiding\u201d money offshore, then why would some of the wealthiest people need to offshore themselves to avoid taxes legally?<\/p>\n\n\n\n
Green, Branson and others like them could spend tens of millions on lawyers and accountants to help them find legal loopholes in the law.<\/p>\n\n\n\n
And yet the seconda residenza<\/a> industry is huge for a simple fact – unless you offshore yourself and usually company (depends on the country and jurisdiction), you can\u2019t legally reduce your taxes to zero or close to zero.<\/p>\n\n\n\n
It is not possible to live in a country like the UK, and hope to hide money from the authorities forever. It isn\u2019t the 1980s anymore when you could more easily hide assets.<\/p>\n\n\n\n
Dubai, Hong Kong, Singapore and many other low tax jurisdictions wouldn\u2019t be expat magnets for high-net-worth individuals if that wasn\u2019t the case.<\/p>\n\n\n\n
Firms like the Henley Group, who specialize in second residencies and citizenships, wouldn\u2019t have a business if it was so easy to avoid taxes whilst living locally.<\/p>\n\n\n\n
What is true is that offshore accounts can:<\/strong><\/p>\n\n\n\n
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- Legally help you avoid a tax mess. If you have clients in one country, you don\u2019t need to worry about this. But let\u2019s say your business is multi-jurisdiction. You live in France, and have clients in America, the UK, China and many other places. If you don\u2019t set up banking in the right way, you could pay double taxes.<\/li>\n\n\n\n
- Be more portable. Even though things are improving with many newer banks like Revolut, many traditional banks don\u2019t like expats moving offshore and can close or restrict accounts. Many offshore banks specialize in high-net-worth and expat finances.<\/li>\n\n\n\n
- Simplify your life if you actually move yourself overseas as well. If you want to live in Monaco or Cayman, it is better to bank there or another 0% tax jurisdiction, rather than sending money home.<\/li>\n<\/ol>\n\n\n\n
Part of the reason why attitudes haven\u2019t changed is that it is difficult to shift perceptions once they exist.<\/p>\n\n\n\n
Once a stereotype exists, changing it gets difficult. People still assume, for example, that Japan is a very expensive country, when it actually isn\u2019t overly costly these days.<\/p>\n\n\n\n
The reason is probably because it was more expensive than even Switzerland for so long. Ditto the offshore banking myths.<\/p>\n\n\n\n
It was possible decades ago for people to do dodgy things and get away with it. Not as easy anymore. A lot of the media reports are just sensationalism.<\/p>\n\n\n\n
Look at the Panama Papers. So few arrests. The reason? The tax authorities knew about most of these arrangements and it was (mostly) done legally.<\/p>\n\n\n\n
Same with the former UK Prime Minister David Cameron. He had an offshore trust. He made a capital gain and paid the same amount of tax as he would have done on a local investment. The media heard the word \u201coffshore\u201d and thought it was a scandal!<\/p>\n\n\n\n
There is also a lot of hypocrisy as well. The biggest low-tax offshore centers are the US, UK and EU (Switzerland and Luxembourg).<\/p>\n\n\n\n
The UK might not be low tax for living locally, but using the country as a banking and business hub can be very tax-efficient if you are vivere all'estero<\/a>, and structure your affairs properly.<\/p>\n\n\n\n
And yet, whenever people think about offshore they think about Panama, Cayman and so on. It is all political.<\/p>\n\n\n\n
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