This week a story--international in scope--emerged of rich, powerful and famous people, offshore accounts, tax evasion schemes and shell companies. Named the "Panama Papers
" from 11.5
million documents (2.6 Terabytes worth of digital docs and emails) that
were made public from the files of Panamanian based law firm Mossack
Fonseca. A couple of the high profile names disclosed in these papers
include Russian President Vladamir Putin and Chinese President Xi Jinping.
Today, the scandals first victim, the Prime Minister for Iceland, has
his position after being implicated in offshore money sheltering schemes.
The story, which has already sent shockwaves across the globe, will
undoubtedly unfold over the coming months and years. Sadly, there's an
element to the story that casting light on the unlikeliest of places:
reporter Kevin G. Hall investigates how foreign nationals are incorporating
businesses in Wyoming in this video.*
Wyoming and Nevada now rank as the most attractive states and now are
competitive with offshore locations in terms of offering safe haven
benefits (i.e., anonymity). According to McClatchy News: "Wyoming had
128,000 active business entities at the end of 2015. That’s roughly one
entity per every 4.5 residents in a state of about 586,000." Source: read
Mossack Fonseca operate an office in Cheyenne.
*(feature image source