Summary of The World’s Favorite New Tax Haven Is the United States

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The World’s Favorite New Tax Haven Is the United States summary

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How did the United States go from leading the charge in enforcing financial disclosure of Americans’ offshore accounts to becoming the new go-to locale for foreigners’ secret bank accounts. In this succinct but informative article, investigative reporter Jesse Drucker explores how the United States emerged as a tax haven for the globe’s wealthiest individuals looking to stash their cash away from the prying eyes of their home governments. getAbstract recommends this chronicle to everyone interested in international tax and banking trends.

About the Author

Jesse Drucker is an investigative reporter at Bloomberg News. He covers corporate, individual and international tax issues. He previously worked for The Wall Street Journal.

Summary

In 2014, in an attempt to crack down on tax evasion, the intergovernmental group OECD drew up new guidelines requiring that financial institutions disclose customer assets to the individuals’ home governments. As a result of this change, the law firms and trust companies which serve the global financial elite have moved their clients’ assets away from former tax havens like Switzerland and opened new accounts in the United States.

A wry twist characterizes the United States’ emergence as a new global hot spot for foreigners...


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