this post was submitted on 20 Oct 2024
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Explain Like I'm Five

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ELI5 How do rich people just hide their money in offshore bank accounts? Do they just call up the bank and say I want transfer such and money? How come the original bank doesn't catch on? (lemmy.world)
submitted 3 weeks ago by Don_Dickle@lemmy.world to c/explainlikeimfive@lemmy.world
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[–] SL3wvmnas@discuss.tchncs.de 2 points 3 weeks ago

I personally know someone who uses something he calls "Dutch reach-around" and while I'm hazy on the details, I know it starts with some complex setup of a charitable foundation in your home country, with real people and real money and a network of firms and other foundations in the Netherlands that are somehow interwoven. He told me "setup is cheap, only 5 million dollars up front, you can ask my tax attorney for the deets"....

That was a nice move, but no thank you, this is not the kind of money I have lying around.

Bonus how us firms do it, I imagine this costs also a lot of money up front...