¿Qué puedo decir? Todo es cierto.
The only thing that might transgress established law is that certain information should have been reported to certain authorities. As far as operating a business or making investments outside of your county of residence, this is what drives the global economy. How do you think China has become the second biggest GDP ranked economy on this planet? Think of any company that relies on mass consumer sales and chances are it’s products were manufactured in China. These “commercial contracts” rely, in most part, on business entities and banking facilities that are in the jurisdiction of the production of the product. It’s all based on the individual countries revenue regime and whether the financial institution pays you to store your money there or you have to pay them. As the U.S. Supreme Court Judge, Oliver Wendell Holmes, once said, “No one can be excused of evading taxes owed, but to arrange one’s affairs so as to minimize their tax burden could be considered their civic duty.” After all, do you desire to pay more than is required for anything? Which brings us to the impetus of tax avoidance(not evasion). The desire of the politicos to establish entitlement schemes to sooth the less fortunate and empower the deceitful. Some programs make sense, healthcare, education, sanitation, safe housing, first responders, etc., but foreign aid to countries that don’t care whether we live or die and research to see how much methane cows fart isn’t what I would call fiscal responsibility. Yes, the days of complete anonymity are waning, what with stricter “know your client” requirements, more in-depth company reporting requirements, more liability risk for failure to dot all the I’s and cross all the T’s by the lawyers, accountants, advisors, and other fiduciaries that serve the industry of wealth management. Building wealth to sustain your family is everyone’s desire, but being able to maintain your wealth throughout your later years so as not to be a burden on your children or society is something that should be championed by governments in unison. All passive income schemes should be exempt from any form of taxation. As to repatriation of corporate revenues, it shouldn’t be levied any higher than the jurisdiction it is leaving if the government really wants it that badly. With that I will take my leave and bid you fare well. MAC