More billionaires are hiding their assets after the Panama leaks

The unprecedented document leak known as the Panama Papers uncovered the hidden dealings of the world’s wealthiest people.

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Everyone from Vladimir Putin to billionaire husbands hiding their money from their wives to Hollywood insiders protected their assets through with the Mossack Fonesca law firm in Panama.

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To be fair, there is technically nothing illegal about moving money offshore.

Back in the 1970s, it was an useful way of protecting your bottom line if you lived in a nation with the type authorities that was in the habit of capturing the assets of its residents. Additionally it is an excellent method to avoid paying taxes on riches that is huge.

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After the ensuing marketing and the file flow the billionaires who did business with the Mossack Fonesca law firm you’d think they’d locate tax havens that weren’t so close.

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After all, the authorities of the states they live in are alert to the millions or billions they’re concealing abroad.

That does not appear to be the situation. Where it’s found and instead of becoming more clear about their riches, the super rich are going and seeking out new tax havens that are far impenetrable like Lebanon, Antigua, and the Marshall Islands.

The Panama Documents leak appears to have really unnerved businessmen, the politicians, and stars who concealed their cash. Over being exposed their anxieties have improved.

Those with inherited wealth are the increased scrutiny on their assets and the most anxious about the Panama Documents leak. They’re not accustomed to having to reveal details on their finances.

Part of the reasons for additional secrecy of the ultra wealthy and the increased worries is the feeling that more authorities enforcement would be to come. That’sn’t totally unfounded as authorities do not enjoy all that cash being concealed in tax shelters rather than being taxed.

They are included by other changes brought about due to the Panama Documents flow means the wealthy convey with their foreign wealth advisers. E-Mail and other documents that are written are getting to be common. Billionaires are erasing any potential future paper trail by making deals over the telephone.

It’s estimated that as of 2012 the ultra wealthy stashed as much as $32 trillion in foreign tax shelters.