Prompt Cast
Setting up Shell Companies in Offshore Tax Havens
TLDR A journalist explores setting up shell companies in offshore tax havens following the Pandora papers leak, revealing varying prices and assurances of tax exemption and confidentiality. Offshore jurisdictions have tightened regulations but still offer services like setting up bank accounts, raising ethical questions about hiding money and the complexity of the system.
Timestamped Summary
00:00
A podcast episode explores setting up a shell company in an offshore tax haven, inspired by the Pandora papers leak revealing world leaders' hidden wealth.
04:11
A journalist contacts different companies to inquire about setting up an offshore company, discovering varying prices and assurances of tax exemption and confidentiality.
08:08
Offshore jurisdictions have tightened regulations due to pressure from the US and EU, requiring identifying information for companies, but still offer services like setting up bank accounts in various countries.
11:50
The legality of setting up offshore companies and bank accounts is clear, but the secrecy and complexity of the system raise ethical questions about hiding money.
15:23
Setting up nominee services allows for absolute confidentiality in offshore companies, with hired directors and shareholders acting as the public face while the true owners remain hidden.
19:15
Richard is working towards becoming a lawyer while currently assisting American surgeons and individuals in setting up offshore companies to hide money or avoid taxes, with the process involving choosing a company name and deciding on additional services like a board of directors.
22:48
Setting up the bank account for the offshore company has been the most complicated part, involving challenges with document requirements and communication with Richard, the process taking longer than expected.
26:26
Setting up a company in Delaware was quick and easy, requiring minimal documentation, and highlighted the potential for anonymous ownership and financial activities within the U.S.
