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re: Oh lawd. Emma Watson named in Panama Papers
Posted on 5/11/16 at 8:50 am to Jim Rockford
Posted on 5/11/16 at 8:50 am to Jim Rockford
Obvious off shore accounts for tax purposes is obvious! 
0
Posted on 5/11/16 at 8:50 am to Mo Jeaux
quote:
So what are the tax and monetary advantages? I'm curious. It's thrown around as common knowledge so much that there are some. What are they?
I don't know. I just think the fact that they're saying this is about anonymity and nothing more is pretty funny.
Posted on 5/11/16 at 9:02 am to PhilipMarlowe
My goodness I want to lick her booty hole. I'd do it after burrito night.
Posted on 5/11/16 at 9:13 am to Walking the Earth
I could watch that almost all day.
Posted on 5/11/16 at 9:23 am to Mo Jeaux
quote:
Mo Jeaux
Serious question, why are they doing this if it isn't a personal gain in it?
Posted on 5/11/16 at 9:29 am to lsusteve1
quote:
Serious question, why are they doing this if it isn't a personal gain in it?
Well, people generally don't engage in business transactions unless it's for personal gain. It's just not always about setting up "tax shelters."
I'll admit I have no idea about the UK (I'm assuming that Emma is taxed as a UK resident?), so she may very well have had tax and other reasons to do this.
I generally set up offshore companies for U.S.-based investment advisers that are forming P/E, hedge, VC funds, etc. They do so because U.S. tax-exempt persons generally need to invest in these types of funds through a corporate entity. Also, their non-U.S. investors generally don't want to invest in a U.S.-based fund, so they form offshore vehicles to accommodate these investors.
The tax landscape has changed a lot in the past 10, 20 years. With FATCA and other similar types of legislation, the days of every Cayman Islands account being a "tax haven" are generally long gone.
Posted on 5/11/16 at 9:39 am to upgrayedd
Privacy is a major concern for some people. It is one of the reasons why the wealthy use trusts to avoid probate. Probate is a matter of public record, and it provides a detailed listing of a person's assets and liabilities at the time of death. Assets placed in trust do not get listed, and the owner of the assets placed in trust is the trustee. The beneficial owner of the assets can be hidden from public scrutiny if a bank, or other third party, is used as trustee. There are no tax advantages to doing this, in fact there may be disadvantages.
The same result can be achieved through use of business entities in some jurisdictions. How the entities are used is a reflection on the integrity of the owners. I don't doubt that many of the clients of the Panamanian law firm used the entities it formed on their behalves for illicit purposes. But I seriously doubt that all did.
The same result can be achieved through use of business entities in some jurisdictions. How the entities are used is a reflection on the integrity of the owners. I don't doubt that many of the clients of the Panamanian law firm used the entities it formed on their behalves for illicit purposes. But I seriously doubt that all did.
Posted on 5/11/16 at 9:41 am to Jim Rockford
Many ultra rich and famous people use shell companies for real estate purposes so they don't get gouged. Nothing wrong with it at all.
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