A world-wide consortium of journalists found that the rich and powerful have been hiding investments in mansions, yachts, beach property and other assets for the last 25 years. While offshore accounts are legal in some cases, many were set up to evade taxes and conceal assets for questionable motives as in the need to launder money. (The Associated Press, October 4, 2021, by Michael Liedtke and Jonathan Mattise)
The rich and powerful including politicians, celebrities, and criminals hire attorneys, accountants and investment experts to create companies, trusts and foundations to minimize taxes and evade accountability. They use the British Virgin Islands, Seychelles, Hong Kong Belize and Panama, among other jurisdictions, to take advantage of scant regulation. (Forbes, October 4, 2021, by Jack Kelly)