Population: 10,553 (2019)
A small town.
In a sparsely populated state.
Simple country life style.
Small town not many people know about it, right?
Russian billionaires know about it.
And so do wealthy people from Argentina, India, Italy, Venezuela.
Yes, the rich of the world are moving their wealth to Jackson, Wyoming.
The millionaires and billionaires have their attorneys set up trusts.
Washington Post article:
“Wyoming trust and layers of private companies with concealed ownership – allow the world’s wealthy to move and spend money in extraordinary secrecy, protected by some of the strongest privacy laws in the country and, in some cases, without even the cursory oversight performed by regulators in other states.”
Incidentally, they call this “The Cowboy Cocktail.”
So would you like one?
Better question — can you afford it?
How much money are we talking about?
“Trust companies in Wyoming now manage at least $31.5 billion in assets, according to the state.”
Law professor Allison Tait, a trust and estate expert, regarding the anonymity/privacy of these trusts:
“It’s like a wrapped gift inside a wrapped gift,” she said. “The more wrapping you put on, the harder it is to figure out if there has been tax avoidance or evasion or even financial crime. Very few people know what you’re doing, basically.”
How is this possible?
It began with a 1977 law.
The brain child of an oil company.
As the years passed the lawmakers “improved” the law. And made it easier for company owners to hide their identities.
Adam Hofri-Winogradow, a law professor and trust expert:
“Wyoming is now among the 10 least restrictive, most customer-friendly trust jurisdictions in the world.”
In the WORLD!
Thanks for visiting.