Re:The public has a right to know how companies that pay no ...
by Spearchucker on Tuesday November 03, 2020 @04:11AM
(#24977865)
Somewhat oversimplified, you don't need a herd of corporations to do this - simply sell your house to a trust fund of which you or someone you trust is the primary beneficiary. In Jersey, Luxembourg or the like. You pay a lawyer who already does this for many funds to administer yours.
You then either rent the house from the trust for a minimal amount, or the trust lets you stay there rent-free as a guest. This is also how many of the wealthy get around inheritance tax. When you cash in your chips your will appoints your offspring/significant other as the primary beneficiary and the wheel keeps turning.
As with all things in life knowing the thing is often the hard part. Most of us don't know what questions to ask.
Re:The public has a right to know how companies that pay no ...
by MereInterest on Tuesday November 03, 2020 @09:47AM
(#24980055)
I was under the impression that living somewhere rent-free, or renting at under the market rate for a typical location, was still taxable income that needed to be declared.
Re:The public has a right to know how companies that pay no ...
by Spearchucker on Thursday November 05, 2020 @01:09AM
(#24996025)
Not in any country I've lived, but I imagine there'll be inevitable outliers. Rent is rent though, no? I'd love to know which country penalises you for finding a place to live with low rent...
It's not just that a corporation owns their house, it's that another corporation owns that corporation, and a holding company in the Cayman Islands with a nominee director who lives in a postbox owns everything, except the IP rights which are in Panama - this year. And personal spending goes through a credit card set up by their own personal offshore bank, which effectively makes it loan. Etc.
If there are enough shell companies you can decide your own tax payments, because you can hide everything you choose to hide. It's not that these networks can't be disassembled, it's that they can't be disassembled efficiently. It can literally take months or years of full-time auditing effort to trace all the relationships.