Post by Logan on Apr 13, 2016 20:09:41 GMT -6
Forget Switzerland; South Dakota is actually one of the best places in the world for the wealthy to stash their cash in secret.
In 2015, trust companies held $175 billion in assets within the state, which is an increase of 45 percent in just two years, according to the South Dakota Department of Labor and Regulation.
Private trusts are often used to help rich people or families preserve their wealth for the long term.
Such private trusts are booming in South Dakota because the state has some of the most permissive trust laws in the country. And dozens of trust companies have popped up throughout the state, with industry leaders evangelizing about South Dakota's loose trust laws.
Read more: rapidcityjournal.com/news/local/why-south-dakota-is-a-tax-haven-for-the-rich/article_bfe0d2ee-56c4-58fe-a7d0-32354c0b28f8.html
In 2015, trust companies held $175 billion in assets within the state, which is an increase of 45 percent in just two years, according to the South Dakota Department of Labor and Regulation.
Private trusts are often used to help rich people or families preserve their wealth for the long term.
Such private trusts are booming in South Dakota because the state has some of the most permissive trust laws in the country. And dozens of trust companies have popped up throughout the state, with industry leaders evangelizing about South Dakota's loose trust laws.
Read more: rapidcityjournal.com/news/local/why-south-dakota-is-a-tax-haven-for-the-rich/article_bfe0d2ee-56c4-58fe-a7d0-32354c0b28f8.html