Infographic: Bailed Out and Bailing Ship – Tax Havens around the World
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More and more companies are stashing their cash offshore and they are doing it at an alarming rate.
More than 30 percent of the world’s 200 richest people, who hold a collective net worth of $28 trillion, control part of their personal fortune through an offshore holding company or other domestic entity where the assets are held in directly, according to the Bloomberg Billionaires Index.
More and more companies are stashing their cash offshore and they are doing it at an alarming rate.
More than 30 percent of the world’s 200 richest people, who hold a collective net worth of $28 trillion, control part of their personal fortune through an offshore holding company or other domestic entity where the assets are held in directly, according to the Bloomberg Billionaires Index.
A recent report also found that U.S. multinationals boosted their offshore earnings by 15 percent last year to $1.9 trillion. General Electric had the most indefinitely reinvested overseas earnings at $108 billion, while pharmaceutical giant Pfizer came in second with $73 billion.
Related: U.S. Firms Earned Record $1.9 Trillion Overseas in 2012
On a global scale, estimates suggest that nearly $32 trillion – or a third of the world’s GDP – is concealed via offshore tax havens, which provide tax cheats legal protection from potential government seizure and lawsuits.
But how do they do it and where are these offshore havens found?
via www.online-accounting-degrees.net
Related: Ultra Rich Hiding More Than $21 Trillion in Secret Tax Havens
Related: Singapore to Crack Down on Cross-Border Tax Cheats
