"The USA is a country of taxes that was founded in order to avoid taxes." These words were said by Peter Lawrence long before the FATCA law was adopted in the USA. As a consequence, over the next years the US became a stern warden of other countries which offering American citizens the opportunity to hide their money from the US tax authorities.
Firstly, the attention was paid to Switzerland, which was traditionally considered the most reliable and convenient financial depository, with a low tax burden. Between 2014 and 2016, most banks, including a giant such as UBS, were pressured by the US to disclose the accounts of American residents. Swiss banks were offered to disclose their clients and pay a penalty, before official accusations from US supervisors. As a result, the most Swiss banks chose the first option: independently disclosed their clients and paid the penalty. It was a bad precedent for Switzerland's banking secrecy.
It was started with the fact that a former UBS employee, head of private banking Bradley Birklenfeld went to cooperate with US authorities to identify wealthy evaders - residents of the US. As a result US supervisors ransacked almost all the banking community in Switzerland, turning the Swiss bank secrecy into a passing yard .
Bank secrecy was lost not only in Switzerland. It was happened almost in all of Europe, due to the introduction of the CRS standard for automatic information exchange. It was signed by the British Virgin Islands, Belize, Bermuda, Jersey and Guernsey, Cyprus, the Netherlands, etc. Such jurisdictions always belonged to classical offshore companies.
In general, FATCA and CRS make the world more transparent. And the main beneficiary of fight against offshore companies is the USA.
It seems, that The US becomes the new Switzerland. The latest trends in the financial world say that the US can become the main offshore tax haven, while all offshore conditions are met.
Confidentiality - The US is still not involved in the global exchange of tax information and this is the main advantage. It is required, due to fact that governments of many countries are beginning to be interested in confidential information about financial resources on foreign accounts of their citizens (by the way, following the example of the United States). And they participate in the intergovernmental exchange of tax information.
The presence of internal zones with a special tax regime - such states as Delaware, Nevada, South Dakota, Wyoming. Many of them become attractive for business, including tax optimization and hiding own data on owners, assets, accounts from other countries.
According to the financial secrecy rating compiled by the Tax Justice Network, published by Bloomberg www.bloomberg.com
, the US is the second largest tax haven in the world, behind Switzerland.