Biggest tax haven in U.S.? South Dakota, says Pandora Papers investigation

[riversedge]

Source: cbs



October 5, 2021 / 8:16 AM / MoneyWatch

Mention tax havens, and most people imagine small nations with balmy weather.

But South Dakota and a handful of other U.S. states are providing growing competition for places like the Bahamas, the Cayman Islands and Malta, as landing pads for global capital hidden from creditors, tax collectors and law enforcement, according to an investigation published by the International Consortium of Investigative Journalists.

The sparsely populated state best known as the home of Mount Rushmore, now houses $360 billion in trusts, the ICIJ reported — an amount that has quadrupled over the past decade. One local company, the South Dakota Trust Company, has international clients from 54 nations. Another, Trident Trust, speaks of the "South Dakota Advantage." .........

Read more: https://www.cbsnews.com/news/pandora-papers-tax-haven-south-dakota/

[TheBlackAdder]

1. Is it SD or ND that has that one small house with thousands of corporate Post Office Boxes?

[underpants]

3. Wilmington Delaware has 1209 North Orange Street

Many companies are incorporated in Delaware for its business-friendly General Corporation Law. It was estimated in 2012 that $9.5 billion of potential taxes had not been levied over the past decade, due to an arrangement known as the "Delaware loophole."[2] Companies formed in Delaware are required to have an address in the state at which process may be served. Therefore, Delaware entities with no physical office in the state must have a registered agent with a Delaware address. Notable companies represented by CT at this location include Google, American Airlines, Apple Inc., General Motors, The Coca-Cola Company, Walmart, Yum! Brands, Verizon, and about 430 of Deutsche Bank's more than 2,000 subsidiary companies and special purpose companies.[3][4] Both former President of the United States Donald Trump, and his main opponent in the 2016 United States presidential election, Hillary Clinton, have registered companies at the center.[5]

https://en.wikipedia.org/wiki/Corporation_Trust_Center_(CT_Corporation)

[IthinkThereforeIAM]

4. That is Dakota Trust in Sioux Falls...

... lots of, "empty offices", for residence and mail purposes. Think of it as a mail forwarding concern, too. The McGowan guy that manages it forwards the mail to the relevant box holders real/business addresses.

Several articles have been put out about Dakota Trust and the McGowans.

PS: I have links to articles on this from the past few years. They are out there from major news organizations.

[ampm]

11. Nevada checking in

We are one too.

[turbinetree]

5. Need to also look at Wyoming...

https://trib.com/news/state-and-regional/new-investigation-shows-wyoming-an-off-shore-tax-haven/article_4225a0c1-5490-5b98-a462-2fe4fb717e74.html

[Traildogbob]

6. Wonder if Noem

Is allowed to keep her fingers in the cookie jar for keeping quite.

[tonekat]

7. Not sure if it's still happening in VT

But there was a time that corporations could be incorporated in VT, and satisfy the requirements by landing in a jet, having a meeting onboard, and leaving.

[Lonestarblue]

8. It's no surprise that Republican states are supporting tax cheating and money laundering.

Our laws relating to shell companies, trusts, and incorporation need a serious overhaul. They have been turned into legal means for evading already low taxes on the wealthy, laundering money from illegal activities like drug and sex trafficking, and passing along billions of dollars to heirs that have never been taxed and never will be.

Republicans claim to be so honest and moral with their religious stance, but the elected ones are nothing but dishonest and amoral. Total hypocrites.

[Mysterian]

9. I'm sure the leech state of South Dakota is quite proud of themselves

They mooch off the federal taxpayers and help rich people get out of paying taxes.

[Hortensis]

10. Reminds me of Russian spy Maria Butina and her SD political operative

partner, Paul Erickson. There's likely no significant connection between Russia and growth of this state corruption enterprise. I've never read any indication that Butina connected with a Russian operation when she turned up there in 2014. But Russia famously exports corruption to bring down targeted governments, which makes their operatives like cockroaches. See one here in the U.S., only wise to look for a Republican nest.