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How The Wealthy Hide Billions Using Tax Havens

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"Secrecy World" author Jake Bernstein explains how the super-wealthy hide billions using tax havens and shell companies. -------------------------------------------------- Follow Business Insider on Twitter: https://twitter.com/businessinsider Follow BI on Facebook: http://bit.ly/1W9Lk0n Read more: http://www.businessinsider.com/ -------------------------------------------------- Business Insider is the fastest growing business news site in the US. Our mission: to tell you all you need to know about the big world around you. The BI Video team focuses on technology, strategy and science with an emphasis on unique storytelling and data that appeals to the next generation of leaders – the digital generation.
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Text Comments (921)
Psycho Killer (2 hours ago)
I only need to read the first sentence of any comment to know if I'm dealing with a brainwashed American or if I am not.
sravan saisravan (2 days ago)
i guess no wealthy person is watching the video.only people who want to get rich and save their money in those tax havens are watching!
BloomsStudios (6 days ago)
Taxation is theft
I don't mind people hinding there earned cash what if you collect 60 Buck's and you have to pay 55 buck's for your tax that you know is going to military budget
David2278 (10 days ago)
This is an advertisement to get you to want government to take more of our money. Pure and simple.
Nikoli Streeter (10 days ago)
NOTE TO SELF: lie much more next tax season to may be save a grand...
Ring Analyse (11 days ago)
That why we buy Bitcoin. Bitcoin can not be laundering.
T’s Life (12 days ago)
Awesome videos mate
juan fo (13 days ago)
Why should you care?
Armin K (13 days ago)
This is for business owners /corporations only. For the rest of us employees, unfortunately there's no way to do this.
Hol up (13 days ago)
So the people who should be paying taxes most are the ones paying the least?
Gregory Review (13 days ago)
Taxes are advertised as taking from the rich and giving to the poor. But the only people paying are the middle income and poor. The rich don't evade taxes, they just never PAY themselves a salary. They reinvest the money back into their portfolio before the fiscal year is up. No income, no tax
BB B (14 days ago)
This is the reason why they went after Julian Assange....for leaking those Panama Papers....you cant piss off or expose for richest and powerful in the world and get away with it. They run the world.
Killary For Prison (15 days ago)
I'd do the same
Aquarius (16 days ago)
Damn...I need to start one of these
dragons' pride (18 days ago)
The man who reaps the corn has the right to put the corn in his own mouth. Government - your money is my money.
bucketslash11 (16 days ago)
this is why i'm an anti-capitalist, why should a boss figure be paid for by my labour?
Eric Schoen (19 days ago)
I like all the things that this video says are bad... Taxation is theft, Europe sucks, Go USA, and boo to the loser in the glases.
John Dubay (19 days ago)
This should be illegal.
ToomanyJ's ToomanyR's (19 days ago)
This guy's just another commy with his holier than thou schpill about using that money for infrastructure. Blah blah blah blah. I would do the same if I had to kind of money.
Terena Rosa (19 days ago)
dlukton (21 days ago)
US citizens who try to hide their money via shell companies are taking a big risk. The IRS imposes stringent and detailed disclosure requirements on all US citizens who own foreign companies or foreign bank accounts. Merely neglecting to file a form can result in a penalty of $50K or more... even if no tax is owed.
mplonewolf11 (21 days ago)
Taxation is theft.
shell company (22 days ago)
I din do nuffin
Diginema (26 days ago)
Incomplete propaganda hit piece, no real good information. The worst video I have seen from you guys. I was going to subscribe but this piece really make me want to block you instead.
Winged Hussar (29 days ago)
Meanwhile in Argentina we might vote for the criminal Macri to be president again lol
Jacob (1 month ago)
Wow im SHOOK, this is the completely and utterly FALSE, none of this is true. Google it. This is just crap that poor people love to hear because it reinforces their view points about the world which are based on false media that is taken as facts All the federal income tax that the government takes from people each year is exactly the same amount the U.S. Defense Budget has (military spending)........hmm?? i wounder? Law Enforcement comes from the state level. (state income tax, city and county tax) Healthcare is paid for by MEDICARE tax and Social Security tax (FICA Tax) Education is paid for by County tax which comes out of your land tax on your house. Roads are paid for by the tax that is on gas. The rich are paying their fair share, POOR people are NOT. The rich are the most productive people in the economy and create businesses and employ people giving jobs and boosting the economy giving something valuable in the world that helps millions of people. They are the ones that create opportunity for others to be employed and pay taxes to the government. The IRS tax code has 5,000 pages and 95% of that is incentive's people to become a business owner and create jobs and products that can be traded with countries or own real estate which provides housing. That is why your taxed high if your poor because all your doing is consuming and taking not ever producing. The richer you get the less you pay in taxes as a reward by the government for your hard ass work toward helping the economy and making something helpful in the world. Would you rather not have your money in your hands which you have 100% control over how it is spent, whether it is for a company to help people, or buying houses to house them. Rather have the big bloated government spend it on whatever they like and then say they need more?
Universal Cerberus (1 month ago)
Nathaniel Singleton (1 month ago)
It won’t have an effect on the sheeple of the US because we worship the rich celebrities and other false idols way too much.
lothean (1 month ago)
I love how history repeats itself. Rome was a great empire, it was brought down from within. Corruption and politics from its leaders. So when the US empire falls, it has itself to blame. Dont worry, us poor can not fall any further than the mud we are already living in.
Aidan Sanchez (1 month ago)
lothean Yeah cause poor people in this country who own a car and a smartphone and are more likely to die from being overweight than starving have no equal throughout the world’s history when it comes to being impoverished 😂
Scan End (1 month ago)
It’s not exactly hiding. It’s going where you’re treated best.
Aliens (1 month ago)
Yeah just as how prison escapees aren't hiding. They're just going to where they're treated best
timtimzi ni (1 month ago)
so .. can a normal person do this? asking for a friend.
Stefan Cupovic (1 month ago)
As far as im concerned good let them hide it if they can find a way. These jews cant keep the current system running forever either way. Make your money and enjoy what experiences it can give you.
K. Ganesan Ganesan (1 month ago)
Accumulation tax money by illegal trade creates collapse economy.
farid maulaui (1 month ago)
please shut up your goverment have more than 800 military bases around the world
L W (1 month ago)
To everyone here saying taxation is "wrong", 'theft' or a 'crime". Wake up, idiots. Nobody likes paying taxes. Try living without all the benefits we get from our taxes. Going to build your own roads and bridges? Defend yourself from a foreign invasion? Educate your own children? Put out your own home from a fire? Protect yourself and your family from rapists, thieves and murderers? Pay for your own health insurance after you retire? If you want anarchy, go find yourself some remote island to live on. These wealthy folks need to pay the same percentage as we do. Sure, it would be more money for them, but a flat tax for everyone would eliminate most of these types of tax evasion.
Charlie Lucky (1 month ago)
Who the hell is the irs to intevin in person business
The sad thing is that I’m poor and if I was rich or wealthy I probably would do the same thing
Balla Jallow (7 days ago)
Sub To pewdiepie & mrbeast if I was rich, I’ll do the same
Din Mamma (1 month ago)
Damn you Americans really are something else, so stupid
Ashley Lala (1 month ago)
Omg this video is such a f-ing psyop! You are going to try to paint the IRS as some helpless little underfunded govt entity, REALLY!? Because in my experience, they have all the money and resources in the world to go after all of us peasants but they never go after the people that actually own our govt/politicians. And FYI the reason our govt doesn’t have money for healthcare and infrastructure is because they spend every penny on the blood sucking parasite that is the Military Industrial Complex. Didn’t Catherine Austin Fitts and Tom Skidmore say that there’s like 21 TRILLION in unaccounted money missing from the pentagon? Yep, there’s no money for your kids insulin but all the money in the world to pay for bombs to destroy poor brown countries. This is why MSM sucks so hard, watch Corbett Report instead, that’s real journalism. Lemme guess, Rothschild owns Business Insider?
redseasplitter (1 month ago)
What would happen is they kept taxes on a single number everyone had to pay lets say $500 for low income and $1000 for everyone working? I still gotta figure out how taxes work, but it seems to be pretty damn absurd on what ive read up on so far.
Egg (1 month ago)
Why is success punished? Preposterous, frankly.
John g (1 month ago)
Europeans have WAY more balls than americans
Commiefornia go figure, but not in a long thought Texas would be one
Psychotic Bob (1 month ago)
If the United States of America would simply abandon The Bible and embrace reason NONE of this would be an issue.
Alex K. (1 month ago)
Americans are too preoccupied with meaningless shit like how many genders are there or which bathroom someone is allowed to use.
Jack Johnson (1 month ago)
Same people that want to raise your taxes every time you turn around.
Nick Lai (1 month ago)
I'm surprised with all that money the islands are still virgin.
Mustafa Batihan (1 month ago)
Good content but why tf is the guy red?
Ms Garamycin (1 month ago)
Why do I have to share my very own income money that *I* made
Sunny Wakefield (1 month ago)
trollbreeder (1 month ago)
IRS: [dial-up noises]
XyphrTV (1 month ago)
taxation is theft
ne_skaju (1 month ago)
Would be cool if someone make $-shaped island.
Georgi Georgiev (1 month ago)
The US government doesn't pay for anything their citizens need and still complains. Roads are toll. Education is paid. Health care is paid by insurance. What exactly is the state paying for. I'm legit curious about it
Omicron Force (2 months ago)
Who the hell wants to pay taxes
samuel Wilkinson (2 months ago)
*Richard Branson moved to the British Virgin islands* "Ye it's a nice place to live, I like it alot. Nothing else..."
MadakiNomaroishi (2 months ago)
Every Democrat 👌
Adams Family (2 months ago)
Bull Shit! Taxation is theft! No such thing as a shelll company. Owners names must be listed. Pay administrators less and privatise all!
Zodiac Saint (2 months ago)
In my opinion the world as we know it is a f****** joke
ToppenMLG (2 months ago)
Was looking for a tutorial
Dharmic Path (2 months ago)
Rich are the easiest scapegoats to blame societal ills on. The politcians blaming "1%" is a good way of overlooking their own incompetence. If you bring in socialist/marxists inspired schemes which affect free market businesses in a capitalist society a race of nomad capitalists is bound to exist. There are plenty of ciuntries out there which will appretiate the investment or employment rich businessmen get. The businesses are the wheels of economy. In attempting to punish the rich the laws destroy small and medium businesses i.e- the spine. Im from India and we have toyed with socialism fir decades sjnce independence and it has led to mass poverty and starvation. It is the free market economy which has accelerated our growth in the last 20+ years.
TJ Marx (2 months ago)
Why would you suspect people in the USA will wake up to what's happening in the future?
James Manzer (2 months ago)
This is why graduated income taxes don’t work.
shubham preet (2 months ago)
In our country we used to have very very high taxes on rich and ultra rich people due to which most of then started moving money illegally out of country, due to which now the maximum tax that can be implemented is reduced to around 30-35%.
icytea5 (2 months ago)
The rich keep getting richer and the middle class would soon become the poverty class
UrAverageDude (2 months ago)
Well fix the loophole then, if not just shut up cause that means its available for you too
William Anderson (2 months ago)
The government wastes our money anyway. Government run projects are inefficient and often wasteful.
Tyler Durden (2 months ago)
The ONLY reason the gummint wants to put a stop to money laundering is because they are pissed they aren't getting their cut. Crony capitalism is the root problem. Everyone who has piles of money doesn't want to "pay the freight" that helps keep the train of society moving. They all want to ride, but don't want to shovel the coal in to keep the engine running. Just switch to a no loophole consumption tax. Collect your taxes at the point of sale on *EVERYTHING* no payroll taxes, no sending in tax forms every year... Pay the tax when you buy something... *PERIOD* Penalty for tax avoidance... *SUMMARY EXECUTION* Pay it or you die. Simple enough for everyone to understand.
Matan Matlyuk (2 months ago)
Lol this just completely ignores that all corps that do this pay taxes in local areas they open shops. Their workers pay taxes and help the local community including the extra jobs.. Those companies use the money that is given to the feds and they put it in to spaceships and cancer cures:)
BobsGuns (2 months ago)
Tax evasion is treason. If you don't like paying taxes I'm sure you could make yourself at home in Somalia.
harun razak (1 month ago)
Another statist comment Always mentions Somalia. I own 100% of the fruits of my labor, no one is entitled to it.
Adam Baum (2 months ago)
The would be taxed monies would only go to drug-addicted, single mothers and all their healthy, strong, independent choices.
The Macker (2 months ago)
Very little information in this video. Would have liked to learn how these shell companies actually benefit corporations. Instead, all we have is, "Many corporations do it to avoid taxes."
Evil Ghandi (2 months ago)
Business Insider, now if that name isn't a tip off to tax evasion then what is. BI is the biggest tax evader.
Evil Ghandi (2 months ago)
What is greed? Making a lot of money and not wanting to pay taxes, or not making any money and wanting everyone else to pay taxes?
m mit (2 months ago)
Was well spoken until the ugly, bald man started talking!
QLCL Corporate (2 months ago)
OMG I can't freaking believe that the American Leaders are that stupid. Because at once point we've also cut down on the equvialent to IRS in this country with the result that the state was scammed out of $20 billion Yup it's billion with a B not million with an M.
TheMegaelectronic (2 months ago)
This man thinks the IRS is underfunded.
Neopulse00 (3 months ago)
3 Words: Taxation is Theft
Work Phone (3 months ago)
0:30 the BS starts from a financially uneducated journalist. The central bank system creates a systemic debt system resulting in stealing the purchasing power, generations after generations through inflation (cabs were 5cents a mile, gas was cheaper, everything was cheaper) to the point where banks own most of the tangible assets that are sold to them or taken back by them as a collateral against fiat money debts contracted through commercial banks (the IBS is the biggest land owner in the world) , fake debts, engineered debts, and people must give their house back to banks for defaulting payments.... 8 to 10% inflation a year, plus vat, until people owe nothing and decide to go into war, blaming the innocent visible ones while the guilty invisible ones finance both sides of the conflicts... The BS consists in making people believe that tax money pays for hospitals, schools, infrastructures etc: major BS... Truth: 100% of the tax money goes into the debt payback, thus the FED creating the FBI and the CIA, it was just an army of mercenaries to protect the FED operations .... So how do we pay for schools, roads, hospitals etc?? By creating new debts! America, ask yourself, why does the debt amount is equal to the amount of money produced ? Simply because if i borrow you 10dollars at 5% a year for 20years, in 20years time you will simply owe me 20x5%=100% of the amount, you basically owe me everything i gave you... But hold on, you are just printing paper, this should be free, or worth its intrinsic value of coton, paper and ink, well it was free back in the days where governments were printing their own money, but slowly and surely from Jackson... But no, the invisible mafia, the deep state in charge of all false flag operations around the world and in charge of our puppet comedian political leaders have decided to take over the money creation, killing any president that would raise its voice to have a debt free money: Lincoln, Garfield, Kennedy etc. .. They even wrote "in god we trust" on their toilet paper to gain some credibility and having people praying for the mean (money) instead of praying for God... It took me years after my PhD to realize that i was endoctrinated into complex useless theories that are truly the matrix hamster wheel... Once you understand these 3 concepts: fiat money, scriptural money and the fractional reserve system, you quickly understand that your world is a lie... Conclusion: tax optimisation... It is not illegal to optimize your tax exposure, what is illegal is... nothing really, do what you need to do to protect your capital against useless greedy politicians that are lying to better their personal situation... Simply look at their financial statments before and after they become presidents, senators etc... Millions of dollars earned despite the fact that they never owned a company or had a real job... The invisible hand of Adam Smith is hiding the entire body of this democratic republican mascarade... Optimize your tax exposure and pay as minimal as possible... Or go back to the Bible and read up about Jesus chasing the money changers out of the temple, this is the most significant message of the Bible, love comes second, once the money changers are out,.... Yet the pharisiens run the country if not the world... Babylon towers in each major cities ... God help us...
Michael Gilliam (3 months ago)
Why are we paying politicians all this money anyway?
Michael Rondon (3 months ago)
If AOC’s proposal for 70% tax on the wealthy,the amount of people using tax avoidance strategies and shell companies will grow tenfold
Brendan (3 months ago)
Unpopular opinion: Trying to keep the money that was rightfully yours in the first place shouldn’t be a crime
SaciakE (3 months ago)
Government has no right whatsoever to tax people. Everything who avoids taxes is doing a great job. A state is not needed. Privatize everything and bring back liberty and freedom.
Ricardo MAGARico (3 months ago)
Why should they, paying for illegal aliens and parasite liberal spending on bullship?
Melody Melo (3 months ago)
people who resort to using these accounts will inevitably go to hell. god is watching you and satan is ready with a rusty butter knife.
Melody Melo (3 months ago)
@Brendan you are going to lose this one
Brendan (3 months ago)
Taxation is theft. The leaders of our government are going to hell for stealing from hard-working people.
nothing (3 months ago)
This video doesn't even explain anything. And it never distinguishes between illegal and legal schemes, why offshore accounts are used, and why some things are legal and others illegal.
Yoboydrew (3 months ago)
All rich people throw the money out of u.s. I've known a few millionaires and they do it
ralphy torres (3 months ago)
If y’all had these types of money, you would do the same. So hush! Move on and stop kissing uncle sams a**
Lizeman (3 months ago)
So this is why my stock broker doesn’t accept Panama citizen
Philip Buckley (3 months ago)
there is something like this, in Costa Rica....for as little as 200.000 USD.....they would set up some type of shell company and pay you one percent per month...
Van Wijk TV (3 months ago)
Lady Phoenix (3 months ago)
Yet we ok congestion pricing ..grrrrr...videos like this should have more views
Stal (3 months ago)
This is why capitalism will inevitably reach its demise
Nishith Barua (16 days ago)
@bucketslash11 Yeah, and that's where everything goes to chaos. We have to make a system where they can only take a inch. I personally find the society right now to be pretty decent. It's good right now. But as the money is being hoarded too much, then it's no good
bucketslash11 (16 days ago)
@Nishith Barua give them an inch and they'll take a mile
Nishith Barua (2 months ago)
For a nation/country to be financially successful, there needs to be a mix of both parties, with a slight advantage to the capitalist party
Saad Malik (3 months ago)
Well Done Pakistan for throwing away Corrupt Prime Minister Nawaz Sharif in Jail after Panama Paper Case.
PUNK ASS (3 months ago)
Very nice and informative video.
Victor Reymond (3 months ago)
There is no fair share, income tax in the us is crazy high, so what if everyone pays a lot? its their fault, the reality is that everyone can pay lower taxes, as long as you make use of loopholes in the system, look at it this way, the tax system is really just a bunch of incentives, as long as you do what the government wants done, ie, starting a business and creating jobs, the government allows tax breaks, of course using offshore tax havens are illegal, but i just don't see why everyone seems to bunch up all entrepreneurs and businessmen into the category of crooks, some do purposely evade taxes and are wrong, but some actually create jobs and boost the economy. you wouldn't have a job if it weren't for an entrepreneur or investor, unless you hold a government job. everyone wants to pay lower taxes, everyone wants to save their hard earned money, so why blame the rich for not paying "their fair share"? the reason most people pay high taxes, is because they don't have financial education. Because they have a job instead of creating jobs, and taking money out of the economy instead of putting money in it, well, that's not what the government wants done. The government wants more entrepreneurs and more investors, not more employees, think about that next time you blame the rich for not paying their 'fair share' besides, the tax they pay is quite high, the 10% they pay could be the 50% you do.
Sunny shah (3 months ago)
See, this is your proof, if you don't have money, and you commit a crime, you go to jail. However, if you're wealthy, you can basically break as many laws as you want without facing jail time. Conclusion: There is no such thing as law and order if you're super rich.
Johnathan Sanford (3 months ago)
Liberal shenanigans. Work hard and you too can utilize tax havens. And step 1 to all of this: gtf off YouTube and go do something.
GOPguyMN (3 months ago)
"Fair share" lmao the rich pay 90 % of taxes
Chris 1 (29 days ago)
@Armistice thanks for the advice. I work in a corporation but the rich are only those at the top - partners etc. It's crazy
Armistice (1 month ago)
@Chris 1 Believing in Formal Education Being Financial illiterate Not using correct debt to produce income and avoid tax procrastination(me) *Recommend you follow Grant Cardone Dan lok and Dan Pena*
Chris 1 (3 months ago)
how did you become rich?
Okay (3 months ago)
People don't seem to realize the 1% earn their money, it isn't given to them and while doing so they employ 90% of the world Jeff Bezos built an empire that puts food on the tables of half a million families. Ask yourself what did you do for others?

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