How foreign investors launder their money in New York real estate

One of the signature features of the modern age is the bottomless greed of the global economic elite. The richest people in the world — business tycoons, political elites, and wealthy heirs — spend half their time attempting to rake in more cash, and the other half protecting what they already have from as much taxation as possible. The key tool in this latter process is the tax haven: using legal chicanery (and, rather frequently, straight-up fraud) to move income and wealth into jurisdictions where it will be subject to little or no tax.

Tax havens have been an obvious problem for decades. But they’ve gotten special attention from the publication of leaked corporate documents in the Panama Papers, and most recently, the Paradise Papers.

Tax avoiders use all sorts of techniques. But I’d

... read more at: http://theweek.com/articles/736313/how-foreign-investors-launder-money-new-york-real-estate

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