Thursday, November 9, 2017
New research based on data taken from the Bank for International Settlements shows that the affluent using offshore tax havens tend to be from countries stocked with natural resources, living in close proximity to Switzerland, or residing in nations that are politically or economically unstable. The data also strongly indicate that tax evasion rates increase sharply as wealth increases. In Scandinavia, the average rate of tax evasion is about 3%. But, 30% of the top .01% evade personal taxes.
See Steve Goldstein, Here’s Who Stashes Their Riches in Offshore Havens, MarketWatch, September 12, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.