Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corruption

Millions of documents show heads of state, criminals and celebrities using secret hideaways in tax havens…ICIJ

Tax-avoidance schemes are being offered up to the wealthy like vacation packages

Rosie Perper, Business Insider reports: Tax-avoidance schemes, that include creating offshore accounts in tax-free countries, are being offered to the wealthy like vacation packages. A screenshot of the TMS Group’s “International Business Company Packages” page shows several plans — called “The Indian Ocean,” “The Caribbean,” and “The Oasis” — being offered to businesses or individuals shopping around for the best place to open up an offshore account.

Two of the packages promote setting up a company in one country, then creating a business address and offshore bank account in two more countries. Seychelles and Belize are offered as possible locations for the company set-up, while Malaysia is the chosen country for business addresses.

Another site, Offshore Desk, offers an €1890 ($2,300 USD) “Seychelles Package,” allowing taxpayers of any country to incorporate a business in Seychelles and a bank account in Cyprus. Similar packages for offshore accounts in Vanuatu and Delaware, are shown on the site accompanied by flashy photos and low-cost promises.

Information obtained from the leaked Panama Papers showed offshore accounts were, in some cases, used to avoid taxes, conceal transactions, and launder money.

panamapapers.icij.org