Many billionaires and millionaires are flocking to these places to take advantage of loopholes in the tax law to open bank accounts and establish front companies to hide money
According to a survey of company Legg Mason investment managers, super-rich want to increase the volume of its assets, rather than grasping at money mountain. Therefore, their money is never “idle” but always take to invest for income.
The general trend of the billionaires are investing abroad. Nearly 90% expressed a wish to do business outside the areas they reside, and in fact they’ve spent over 20% of its assets to invest abroad to hide money
Many super rich want to expand global business, and in the next year, they want to reach potential markets such as the US, China, Europe, and emerging economies.
And they look to the heavens … tax evasion to hide money
There are many countries in the world not only has beautiful scenery but also a tax haven for the super rich.
About billionaires and millionaires world are flocking to these countries, taking advantage of the loopholes of tax laws to open bank accounts and establish the company “cover” which only pay very low.
This way, they only have to pay a much lower tax rate than his homeland nor abandon existing citizenship.
Here are the locations most favored tax evasion by the super rich, according to Business Insider:
Languages: English, Spanish and Creole
Famous for the Great Barrier Reef and diving activities, Belize is a tropical paradise in the Caribbean and also where people can do things to your liking. Also English is the native language, Spanish and Creole are also used quite common in this island nation.
There are two ways to become a citizen of Belize, including resident registration and participation in the program The Standard Retirement (QRP).
To register for permanent residence in Belize, you need to have a job and income. Or, you can join the QRP program if they meet the conditions of minimum pension levels by the Government of Belize.
Finally, all you have to do is be in Belize 4 weeks each year. If registered permanent residence under QRP, you will not be taxed with overseas earnings, profits from investments or inheritances.
British Virgin Islands
British Virgin Islands (BVI) is also one of the Caribbean islands and is known for the secret of the banking systemÂ (money hidden paradise).
Income tax in the BVI is 0%, which means that you will not pay any taxes to hide money, including corporate tax, profit tax from investments or trade, gifts, sales tax or property inherit.
The property owners or real estate investors can become a part-time resident in the BVI. In other words, BVI allows them to live here six months a year. The only tax is the nominal tax assets – equivalent to 1.5% of the total asset value is estimated annually.
For decades, the Cayman Islands are tax havens more familiar multi-national corporations in the United States. Including the “giants” in the village big as Apple and IBM technologies.
Cayman taxfree government enterprises, income, capital gains, business profits and assets.
Costa Rica has attracted 2.52 million tourists in 2015. This country of Central America, famous for its tropical forests, pristine beaches and waterfalls.
In Costa Rica, the enterprise does not have to pay income tax on overseas profits, taxes on profits, capital gains and dividends.
Monaco famous Monte Carlo casino and the Monaco Grand Prix racetrack of Formula. So, this is considered a playground of the super-richÂ to hide moneyÂ in the world.
Government of Monaco does not levy an income tax, capital gains and inheritances.
Seychelles consists of 115 islands in the west African coast. This area is famous for its coral reefs and pristine white sand beaches, luxurious resorts and the local culture.
Government of Seychelles taxfree income(money hidden paradise), capital gains, gifts and assets. To become a permanent resident of Seychelles, you only need to reside in this country for at least 5 days a year and transferred at least $ 10,000 a year in the bank account registered here.
Panama is one of the economy’s fastest growing in Central America. Panama does not apply to common tax law as in other countries and also no obligation to share financial information with any public authority. Therefore, Panama possesses one of the secret banking system in the world.
The government is not taxing income, dividends and capital gains.
Puerto Rico US territory but applies its own tax laws. In 2012, the government of Puerto Rico enacted a law making it a tax haven for US citizens living on the island for 183 days a year.
Accordingly, US citizens here will be exempt on profits, dividends and capital gains without having to abandon existing citizenship.