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Hello all...
Wow, this is big news that locals might already know. The below article appeared in The Guardian just a few months ago, so the news is still "fresh." As the article states, SD is known for being the home of Mount Rushmore – and not much else. EXCEPT for this tidbit... But thanks to its relish for deregulation, the state is fast becoming the most profitable place for the mega-wealthy to park their billions.
Most of you won't dig into the long read below but it's incredibly newsworthy that SD is positioning itself to lead the WORLD in providing fiduciary services to those who seek a safe place to park enormous wealth. Monaco, Singapore, Panama City, Jersey, the Isle of Man, Luxembourg, the city of London, the Cook Islands, the Cayman Islands and even the Bahamas... they're all being pushed aside by South Dakota. Even Switzerland and Bermuda are being relegated to last centuries preferred locales for the super-rich. Park a cool one million in an SD bank and your grandchildren's children will have multiple BILLIONS. Let it ride another 100 years and it will be 100's of billions. Add a third century and your future descendants will be living off of $1 Trillion or more, allowing South Dakotans to live the lives of the ultra-rich aristocracy.
And all citizens of SD may benefit from this. Forget MonteCarlo! Rapid City is the place to be! Any thoughts? Being that you all are "local" you may have a different perspective...
Thu 14 Nov 2019 01.00 ESTLast modified on Mon 9 Dec 2019 07.00 EST
Late last year, as the Chinese government prepared to enact tough new tax rules, the billionaire Sun Hongbin quietly transferred $4.5bn worth of shares in his Chinese real estate firm to a company on a street corner in Sioux Falls, South Dakota...[mod delete]
Last edited by volosong; 02-24-2020 at 09:03 AM..
Reason: Per the T.O.S., you are not allowed to quote an entire article, only a short excerpt. Giving the link is fine.
The finance industry is heavily regulated by the Federal government, states can hide nothing from them and violate none of their laws or regulations.
The US government doesn't share financial information with other countries, South Dakota has nothing to do with that.
I'm not sure what your point is. The article is long and rambling. Yes, I read all of it. If you think South Dakota has an unfair advantage over your state, lobby your state to become more like South Dakota.
I am curious though I thought South Dakota is a less meddling tax Haven that doesn't fall for fad legislation unlike some other states. Though I was shocked about what this state did in 2018. Which made me wonder if South Dakota is such a Tax friendly haven why did it became the main state to overturn Quill_Corp._v._North_Dakota ruling set back in 1992. defeat https://en.wikipedia.org/wiki/South_...._Wayfair,_Inc. It had caused a big blow to Interstate commerce not just to the state but to the entire country as well. Consequently it causes many smaller online businesses to shut down.
The only way I would even think of supporting Trump with my vote in anyway is if Trump repeals FATCA completely apparently now its a one way street which the US is still helping other country's individuals and companies avoid taxes yet causes other countries to refuse to serve US citizens in their banks due to FATCA's complicated reporting requirements that violates the country's banking and privacy laws(As it requires all accounts not just US citizens would be exposed) and is costly.
The finance industry is heavily regulated by the Federal government, states can hide nothing from them and violate none of their laws or regulations.
The US government doesn't share financial information with other countries, South Dakota has nothing to do with that.
I'm not sure what your point is. The article is long and rambling. Yes, I read all of it. If you think South Dakota has an unfair advantage over your state, lobby your state to become more like South Dakota.
Of course I can't vouch for what the federal government shares with other countries, though the US expects every country to share with them. Typical double standard. But that wasn't my point, in fact my point was only to provide some information for the dozen or so people who tend to post here the most. I thought it was interesting and a feather in SD's cap.
I also don't think labeling it as an "unfair advantage" is the best way of phrasing it. I think SD has cornered this market in a way few other states can realistically compete. You provided quite a chuckle with your last sentence. The truth is, New York has one of the most corrupt legislatures in the country and there's isn't a tax or a regulation they don't love. It's to South Dakota's credit and why prospective refugees from the "Great Tax Exodus" all around the country are taking a second look at SD.
There's so much more money in attracting foreigners to US havens than chasing Americans overseas. Another good business practice.
And CitizenAdvocate! You're right! Between no income tax and no corporate tax, SD is a jewel! Add to that the most creative banking and tax/trust laws in the country and the state should continue to prosper! Sioux Falls, as I've come to learn has created its own boom-town by becoming one of the great financial services centers in the US.
I have experienced what the US does to its citizens who have accounts in other countries. No other country on Earth imposes such draconian penalties. They should really be done away with. Monies that were made overseas and spent overseas should not be subject to double taxation by Uncle Sam. No other first world country on Earth does this.
Good points, but I am still disappointed that South Dakota helped overturn the long standing principle of Interstate Commerce which prohibited use taxes from being enforceable other than voluntarily. This particularly was South Dakota’s move not the federal government. Which made it shockingly hard to believe it happened. Though it’s devastating to smaller online e commerce. As we don’t have a national VAT yet. While tax savage states like CA and NY didn’t play a part in this they did however immediately implement it once they learn the court’s decision.
Apparently the global taxation regime would increase as the world becomes increasingly one globe government now there is CRS and GATCA in the works too.
Apparently China has similar citizenship based taxation as they modeled their tax code from the US. Just a matter of whether they are able to get other countries to Coorporate. As wealthy Chinese especially those with special relations has a tendency of storing and hiding money overseas.
Late last year, as the Chinese government prepared to enact tough new tax rules, the billionaire Sun Hongbin quietly transferred $4.5bn worth of shares in his Chinese real estate firm to a company on a street corner in Sioux Falls, South Dakota.
So what? I'm happy he brought his money/shares to the USA. It was a wise decision to get his money out of China when he did.
OneDawg, Thanks for sharing! I like Cato, even when I disagree. SD is like the peacock of the prairie. Ha! Lots to boast about as it struts about on top of the rankings. I disagree with a few of the findings in that I think it should rank higher than ND. For me, I also looked at NY, which is ranked as the least free state in the union. That's definitely correct in my opinion... deep, deep Blue and everybody is up in your business. And neighboring Wyoming? Not doing so good. Plenty of issues that SD is spared.
My impression of SD just keeps getting better and better. Now I really want to know what the downside is. What are all the cons? Not so easy to lay my hands on.
You seriously need to watch what's happening in the legislature this year. So much of the legislation is just shocking and disgusting and sad and weird. I'm beginning to look to move out of this state because I just can't condone what the idiots in Pierre are doing.
601 -
Thank you for the warning and the advice here and on other threads. The US Supreme Court promises us "Equal Justice Under the Law." I have every expectation that South Dakota will uphold that tenet. It's interesting that this thread is about the state providing trusts and family trusts for people in all 50 states and from countries all around the world. That makes for an extremely diverse customer base. How moronic would the legislature have to be to enact laws that offend the very constituents they are trying to attract.
We don't want to re-play the culture wars that have largely been settled. A conservative state and legislature is entitled to their religious beliefs, just as we are everywhere. But it should be in our homes and in our houses of worship and in our private lives without imposing it on citizens of different faiths, little faith or those with no religious belief at all. We're all guaranteed a separation of church and state. As I've said to you before, having lived in Morocco and other places, we've been subjected to the posturing pious (in Morocco's case, Muslims) foisting their beliefs on us when it wasn't welcome. Live and let live and I hope the SD legislature will do their job and focus on lifting up all its citizens. I'll have to go online and see what new hi-jinks are occurring that I'm not aware of. Thanks for the heads up, 601.
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