How foreigners are laundering their money via New York real estate

2017-11-24
New York

Foreigners buying American real estate

One of the characteristics about the modern age is the constant need for wealthy people to look for ways to earn even more money, or, if they can, make sure they pay little tax on their wealth. The richest people in the world spend half their time attempting to rake in more cash, and the other half protecting what they have from taxation. The key tool in this process is the tax haven: moving 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 received special attention from the publication of leaked documents in the Panama Papers and the Paradise Papers.  Foreign investors are often buying real estate in the US for the simple reason of tax avoidance at home.  New York is often a good place for these foreign buyers.

Read the full article here on theweek.com

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