There are more billionaires looking around anxiously for new places to hide their fortunes as more and more countries make changes to their bank secrecy laws and impose taxes on deposits over certain amounts.
Although there are still countries that do offer favorable tax rates on large sums of money they are seen as parasites to the global economy because they offer a safe haven for billionaires which takes that same money away from the country in which the billionaire resides and should be taxed. Singapore has instated new tax laws as of 1 July and Luxembourg announced that from 2015 their bank secrecy policies will come to an end.
Not all billionaires are moving their money around the globe to avoid taxes, some have multiple reasons for the need for secrecy and this has made them start searching for better circumstances which will still provide them with the privacy they need as a matter of urgency.
Source: Bloomberg Businessweek
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