SHOW / EPISODE

Wealth Protection, Tax Avoidance, Real Estate, and a Tax Haven in USA?

Season 2 | Episode 46
34m | Jan 17, 2022

Wealth Protection, Tax Avoidance, Real Estate, and a Tax Haven in USA?

Ms Lakshmi Kumar, Policy Director at Global Financial Integrity (GFI) and co-author of the GFI’s report, “Acres of Money Laundering: Why U.S. Real Estate is a Kleptocrat’s Dream” talks to Venkat SN about the structures and mechanisms the wealthy use to protect or hide their wealth.  

The discussion covers Pandora papers and South Dakota, a fugitive jeweler from India, attraction of overseas real estate, and gold in international transactions.

Topics and timings:

What is the difference between Tax avoidance and tax evasion? (1:25min)

What is wealth protection? What structures and mechanisms the wealthy use to protect their wealth from being taxed? (2:43min)

Pandora papers revealed that South Dakota was a $367bn tax haven rivalling other famous tax havens. What makes it an attractive location? (5:40min)

Are U.S. regulations for politically exposed persons, or others, not in line with international best practices? (9:35min)

Why is overseas real estate a preferred route? (12:53min)

What are the secret real estate ownership structures that the US offers? How are all cash purchases of real estate even possible? (15:05min)

What kind of international transactions take place with gold? (18:40min)

A fugitive jeweler from India has apartments in New York held in the name of a trust whose beneficiaries are his family (22:30min)

On the G20 agreement global minimum corporate tax of 15%. (25:07min)

Correction: In the introduction, “Global Financial Integrity” was referred to as “Global Financial Intelligence”. The error is regretted.

Links - Acres of Money Laundering: Why U.S. Real Estate is a Kleptocrat’s Dream - https://gfintegrity.org/report/acres-...

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