Wealthy folks are moving their money out of traditional tax havens and into the US.
Bloomberg Businessweek’s Jesse Drucker reports that the US is one of only a handful of countries not to have signed onto an international set of standards designed to crack down on wealthy people dodging taxes.
That has led to the US becoming a “leading tax and secrecy haven for rich foreigners,” according to Drucker.
The Bloomberg story said:
“Everyone from London lawyers to Swiss trust companies is getting in on the act, helping the world’s rich move accounts from places like the Bahamas and the British Virgin Islands to Nevada, Wyoming, and South Dakota.”
The story focuses on the establishment of a trust company in Reno, Nevada by financial services firm Rothschild & Co. Scott Cripps, the managing director of the trust company, told Drucker that the firm’s wealthy clients were moving money out of traditional offshore centres and into Nevada.
“There’s a lot of people that are going to do it,” Cripps told Drucker.
NOW WATCH: How to know if you’re a psychopath
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.