Study: US is a paradise for tax refugees from around the world

A new study by the Green Party in Germany places the USA at the top of the list of tax havens for foreign investors. They have highlighted the key states in their study. I have written about this before. The strong capital flows coming into the USA from overseas have been stunning, to say the least. Some 3,000 millionaires from Greece, 10,000 millionaires from France, 6,000 millionaires from Italy, 2,000 millionaires from Spain, and about 2,000 millionaires from Russia have all migrated to the USA.
Study: US is a paradise for tax refugees from around the world
German Economic News | Published: 12:05:16 02:14

The US state of Nevada is popular with tax evaders. (Photo: AP)
In 14 of the 50 US states, the owner must not be called in a business. (Source: The Greens / EFA Group in the European Parliament)

In 14 of the 50 US states, the owner must not be called in a business. (Source: The Greens / EFA Group in the European Parliament)

With international standards of tax transparency and exchange of data between global tax offices US offices are far behind. While the EU can show progress against corruption, money laundering and tax evasion by means of two international initiatives to uncovering the Panama Papers, the US apparently stagnate in their efforts. Therefore, the country is not only particularly attractive to control Volatile, but also belong to the new EU list of tax havens, according to the study.

The US law for the registration of new companies coming tax evaders in good stead: in 14 of the 50 states alone, there is no need mitanzugeben the manager or owner in the foundation. For these shell companies the states of Nevada, Wyoming and Delaware at foreign clientele are particularly popular, according to the study, which was given on behalf of the Greens / EFA Group in the European Parliament in order.

The attitude of the US authorities is criticized because, these open to the automatic exchange of tax-related information at the international level. According to the study introduced in 2010 FATCA law (Foreign Account Tax complience Act) of Americans would have laid the foundation for such an equal ratio of the states should be worldwide. However, the truth turns out differently: The US received since then much more information about their tax evaders from other countries than vice versa.

Sven Giegold, economic and financial policy spokesman of the Greens / EFA Group, observes:

“While the public excitement revolves around tax havens like Panama, the United States used to be run under the radar. The study shows that also covers the world’s largest economic power in the category tax haven. Although the United States benefit from tax information to their partners, but give itself out much less information. Tax evaders are in the United States a safe haven.

Rich elites have the tax appeal of US long recognized and transfer their assets there. The results of the study suggest that the US is growing around the world one of the largest tax havens and the EU must not stand idly by the. The United States do not deserve special treatment and must comply with the global standards for transparency. The German government and the European Commission should ensure full equality and fair competition here. The EU should also put the United States on the planned blacklist of tax havens. US banks do not give out the information on tax evaders, should be subject to a penalty tax. Just as the US sanction European banks with a penalty tax. ”

The popularity of the United States as a tax haven is particularly evident in foreign investment: With almost 17 trillion dollars, the foreign assets equivalent to about 20 percent of those funds that are deposited most of investors outside its own borders.

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Topics: OECD, Panama Papers, tax evasion, tax havens, USA

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