The hundreds of billions of dollars sequestered in South Dakota trusts generate no taxes and are effectively off limits to anybody who might have a legitimate claim on them.
South Dakota has no income tax, no inheritance tax and no capital gains tax. But the state has gone even further than that. South Dakota allows for extreme secrecy when law enforcement comes knocking, and protects assets from being claimed by creditors,the "settlor" — think some billionaire wanting to keep his assets secure — gives those assets to a trustee in South Dakota to look after.
Gene Abdallah, Republican chair of South Dakota’s Senate Judiciary Committee in 2007 — although it's broadly understood that the laws help to support hundreds of financial-services jobs in Sioux Falls, as well as the lawmakers' free-market bona fides.Since 2010, almost every country in the world has signed onto the Common Reporting Standard , whereby governments inform each other about assets held by foreigners.
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