As offshore havens comply with transparency demands, a growing number of ultra-wealthy Americans are handing back their passports
Private client lawyers and relocation specialists are reporting a surge in wealthy Americans living abroad who are prepared to give up their citizenship to avoid the scrutiny of US tax authorities.
I see it every time I'm in Monaco:
Because of this, many ultra-wealthy individuals who have chosen to become stateless now cruise outside coastal waters in their mega-yachts in the belief that if they stay on the move, tax authorities will not be able to catch up with them. One analyst who did not want to be named, has estimated the number of stateless tax evaders amounted to a few thousand.
This implies the quantity of money outside the grasp of global tax authorities could be trillions of dollars.
They're all there, in the shadow of the Cousteau Society (and the casino from the other side) which overlooks the harbor from the heights, the same yachts (with the Bentley or Ferrari on the fantail for the crew to use) every year.
Being an American means paying taxes. If you don't want to pay yours, get out. We won't miss you and there's a place in the world where you can get together with others like you. You know, Monaco has free wifi for all its citizens, something else you won't have to pay for.