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https://www.youtube.com/watch?v=7KdH4Exl9s8
Peter Kopa, 15.3.2018
The USA is the champion of the ‘pressure’ against the other countries of the world so that the American law is applied in their banks, which obliges to declare all the assets that the American citizens have outside the United States. This pressure is especially strong on Switzerland and some of its banks, which have had to pay billions in fines, which were demanded over and over again, for the cancellation of legal proceedings in the USA. But they have also had to bleed large American banks abroad and some European ones, always due to the alleged crime of cooperation to tax evasion of their clients in the USA. All these measures have succeeded in eradicating all banking secrecy in the countries that have signed the tax information exchange agreements.
We are faced with a case of double bottomed tax morality, because the States of Wyoming, Nevada and especially Delaware have laws that protect banking and professional secrecy to such an extent that in these three States some 900,000 genuinely American offshore companies have been registered so far, operating worldwide primarily in the banking and financial sector. Like a company in the Cayman Islands or Panama, they do not pay taxes in the USA on their profits, if the owner is not a person obliged to pay taxes in the USA, if the Directors are not American and if the business is done outside the territory of the USA. But what is most flagrantly opposed to American puritanism, is that in those States sometimes it is not even necessary to declare the physical owner of a corporation. It is enough to declare that it is not American or that it is an off-shore company not controlled by persons obliged to pay taxes in the USA. Moreover, these three American states will never give tax information to anyone.
This double tax standard is used by those who are initiated in the financial world, and the USA is the ideal place to have money that has not been declared to the tax authorities, and also under a regime of anonymity. In reality, in the USA there are two autonomous legal regimes: the federal and the state, and the latter cannot be changed simply by the federal government. And in Delaware there are legions of lawyers and other professionals who live very well maintaining and providing services to those 900,000 companies that may well have trillions of dollars of assets, invested in the USA and around the world. The banks of these three states are, at present, the safest refuge for money seeking discretion and good service. To expand your knowledge of this subject, just put ‘offshore financial companies in USA’ in Google (see Bloomberg’s article, for example).
What makes Switzerland and other financial centres upset is the fact that they have had to pay many billions of dollars to the US for keeping the identity of American citizens secret. But at the same time, the Americans do not apply this story to themselves at all, to the extent that they even advertise banking secrecy in Nevada, Wyoming, Delaware and Dakota. Years ago, the US Congress passed the Account Tax Compliance Act (FACTA), which requires every bank worldwide to declare the assets of American citizens to the US Treasury. The Automatic Exchange of Information was organized on the basis of this American law, which will come into force in 2017. Under pressure from the USA and the OECD, all countries except the USA are subject to this regime!
Once again, we see the law of the strongest being imposed, but at the same time we must recognise that at least in the USA the privacy of the bank customer is respected. For years now, of course, the banks in the above-mentioned countries have been ‘swelling up’ with money. Just as in Liechtenstein, foundations can be set up as an anonymous subjectivity into which corporations are hung, thus ensuring the transition of assets from one generation to the next, without inheritance taxes. In 2011, 25 members of Congress have sent a note to President Obama expressly demanding that no tax information be given regarding interest payments on foreign assets in the USA.
