Opinion | Ultrawealthy foreigners are hiding their millions in the US, and they're going to keep getting away with it until Congress does something about it. By dashching.
Five years later, the Pandora Papers show how foreign nationals use US trusts, an even less-regulated way for one party to hold assets on behalf of another, in similar ways. These
are often formed in South Dakota, which has some of the country's — and the world's — most-lax trust laws.they are more opaque to the public, creditors, and tax agencies than even the trusts offered by places more often thought of as havens, like the British Virgin Islands. This helps explain why the Global Forum on Transparency and Exchange of Information for Tax Purposes has
the US as not fully compliant with international best practices aimed at combating money laundering and the financing of terrorism.numerous legal mechanisms by which to avoid paying income taxes. The most-basic strategy for them is, first, to simply never sell assets.
using IRS data found that it was difficult to identify the ultimate owner of about a third of income flowing through partnerships, which might"encourage firms to organize opaquely in partnership form in order to minimize tax burdens."Lawmakers have already begun to act to address these problems, and can take another big step this year in pending budget legislation.motivated in part by
the 2016 Panama Papers. The law will require certain US companies and other entities to disclose their ultimate owner — whether that owner is a US or foreign resident. Anonymous owners of US shell companies will now need to identify themselves to Treasury officials, making shell companies less useful for hiding tax evasion or other crimes. The Treasury Department is now developing rules to implement this requirement, which is expected to go into effect by next year.
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