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Originally Posted by SplitNinja
You must understand that real rich people with gambling sites, do not put their companies at their name, and incorporate in countries like 'St. Vincent & the Grenadines, Antigua, Dominica, Belize .. etc'
There are many (you cant imagine how easy it is to do it) companies that do that are offering online offshore incs, offshore banking and investments. It is a totally anonymous service and procedure.
Benefits are obvious,
1)- Very low level of government involvement in business activities.
2)- Very low level of restrictions, intervention, and regulation regarding traffic data.
3)- cough, Taxes.
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Excuse me SN - you are not even close to reality and heading right down the shit pan on this one
The US is the only western country which does not give benefits in respect of offshore corporations. Apart from gaming offenses, there are obvious IRS tax evasion charges for the following reasons.
(a) All interests in foreign corps and revenue is required to be reported to the IRS annually.
(b) Whether a US citizen is resident in the US or in some offshore area - this requirement of reporting worldwide income still applies.
(c) The fact that there is a requirement to report all corps where there is an interest means the whole concept of "offshore" is pointless from any privacy angle.
You are correct regarding the privacy of offshore jurisdictions, however the problem is not with them - it's with the tax laws within the country where you remain a citizen.
This scenario is unusual and it only applies to the US, Lybia and Saudi.