How to avoid the Panama Papers
In 2015, a huge number of individuals and companies were exposed trough a leak from a Panama Law Firm to the International Consortium of Investigative Journalists. Overnight, the financial affairs of private individual became public and searchable through the ICIJ website.
Structure such as offshore holding companies and trusts designed to protect your privacy suddenly backfired, and you were instead put on public display, regardless if your affairs were fully compliant or not.
Through the newly introduces transparency schemes FATCA, CRS and BEPS, information about your private financial affairs will now become public and banks and financial institutions are reporting information about you and your assets to the tax authorities in your country.
Trying to circumvent the transparency schemes is not an option. If you still hold undeclared assets in offshore jurisdictions or through trusts and foundations, now is the time to act.
Provident provides entrepreneurs and wealthy families with complaint and well-functional tax optimized strategies to protect your privacy.