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When You Try to Avoid Taxes

Right now, the BBC is going over the ‘Paradise Papers‘  exposing all those off shore Tax Havens.

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I learned long ago that when you try to avoid paying taxes, it costs you more.

A famous entertainer, to avoid taxes, bought a mansion in his wife’s name.   Her name alone was on the title. There wasn’t much difficulty for her to sell the house, take the money.  All the money.A businessman in Jamaica,  bought a condo in the name of his girlfriend and her mother.  I don’t know where he got the legal advice to do this, but he did this.  He bought a lot of property in the names of other people.

The tragedy is that the girl friend died first.  The property belongs to his mother in law.  You can assume it would have been better if he gave the property to the JSPCA. (Jamaican Society for the Prevention of Cruelty to Animals).

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Lots of people want to invest their money in ‘off shore’ banking.  For some it makes no sense.    If a slave factory is being run in Indonesia, and the money is banked in the Cayman Islands, how is this an American Company? Many men put property in their children’s name.   They think they are smart.   When the kids get a little older and realise they can own all this without Daddy they get a lawyer to make sure Daddy can’t touch the property in their name.

With the exposure of people’s private business in the Paradise Papers;  13.4 million confidential electronic documents relating to offshore investments that were leaked to the German newspaper Süddeutsche Zeitung and shared with the world.

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These leaks come from a Law Firm called Appleby.  This Law Firm claims its data had been stolen in a cyberattack.   Appleby, an offshore law firm with around 60 partners, has 10 offices around the world. The Firm advises public and private companies, financial institutions, and rich people on where to put their money off shore.

It is the leading offshore law firm.  It is in Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, the Isle of Man, Jersey, Mauritius, and the Seychelles.

Guess it should have have better cyber security.

What do you think?

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Written by jaylar

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