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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[–] linearchaos@lemmy.world 46 points 3 weeks ago

I've worked for big companies before that opened up shell companies in tax havens like Dublin. They literally just moved the payments to there. When they floated it to us, they said hey, we're just not going to owe taxes anymore. We'll save billions.

We all looked as each other and said Jesus that sounds illegal. And yet there it was and it passed muster and they went public and IPO and everything