As more and more information becomes disclosed regarding the offshore scheme know today as the ‘Panama Papers’, its affects appear minor compared to the growing tax haven, money laundering outlet, and offshore wealth destination that is the United States. And in a re-accounting of a missive that was glossed over by both the media and the government back in January, representatives from the banking family that sits at the top of the elitist pyramid revealed that U.S. government efforts towards stopping tax evaders and offshore accounts ignore these activities on its own shores.
Rothschild, the centuries-old European financial institution, has opened a trust company in Reno, Nev., a few blocks from the Harrah’s and Eldorado casinos. It is now moving the fortunes of wealthy foreign clients out of offshore havens such as Bermuda, subject to the new international disclosure requirements, and into Rothschild-run trusts in Nevada, which are exempt.
For financial advisers, the current state of play is simply a good business opportunity. In a draft of his San Francisco presentation, Rothschild’s Penney wrote that the U.S. “is effectively the biggest tax haven in the world.” The U.S., he added in language later excised from his prepared remarks, lacks “the resources to enforce foreign tax laws and has little appetite to do so.”
So for all those now former Mossack Fonseca clients, or their “Panamanian” peers who have not been rooted out yet, or for anyone else who wishes to open a domestic “trust”, here is the primer straight from Rothschild Trust.
In the year since we opened Rothschild Trust North America in Reno, Nevada, we have discovered the versatility of Nevada trusts and their usefulness within the context of our international business.
Rothschild Trust has long embraced clients with US connections and the complexity this brings to planning. Our new US offering has enabled us to offer creative solutions not only to anticipated situations, but also to unusual or complex scenarios that require bespoke structures.
In our experience, Nevada trusts can be useful planning tools not only for onshore or first generation American families, but also for foreign offshore families looking to invest in the US.
Such structures maintain privacy and block US estate tax liability, but are subject to two layers of income tax (at both the corporate and shareholder level) as well as high levels of both income and capital gains tax, making them inefficient for appreciating or income-generating property. – Zerohedge
Sadly, nearly all the money and effort spent by the U.S. government in seeking out offshore accounts for American citizens has been without a doubt an attempt to wage a war on its own people. And this can be validated by the fact that of an estimated $1 trillion has been the spent by Washington to root out offshore accounts held by Americans in foreign banks, only a miniscule sum of $13.5 billion has been captured by the IRS from people and businesses who sought to evade taxes overseas.
The U.S. government has made both the war on drugs and the war on terror an ideological war on its own citizens, and has little desire to go after the real criminals who abuse foreign accounts as a way to evade paying taxes, and expedite the laundering of money in criminal activities. Because the real truth of the matter is, the rich and powerful don’t have to flee offshore anymore to hide their money and protect it from the government since all they have to do is make a quick call to the Rothschild family and they can accomplish all these things within the borders of the United States.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com,Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.