2018/11/29: Il rapporto dell'area Ricerche e studi di Mediobanca evidenzia però che la riforma fiscale varata dagli Stati Uniti nel dicembre 2017 ha generato un gettito più ampio rispetto ai risparmi, per effetto della "transition tax" pagata per rimpatriare gli utili cumulati all’estero. Alphabet (Google) dovrà versare al fisco statunitense 8,5 miliardi, Oracle 6,5 miliardi e Facebook 2,1 miliardi
2016/05/29: As the price of art has skyrocketed, perhaps nothing illustrates the art-as-bullion approach to contemporary collecting habits more than the proliferation of warehouses like this one, where masterpieces are increasingly being tucked away by owners more interested in seeing them appreciate than hanging on walls.
With their controlled climates, confidential record keeping and enormous potential for tax savings, free ports have become the parking lot of choice for high-net-worth buyers looking to round out investment portfolios with art.
“For some collectors, art is being treated as a capital asset in their portfolio,” said Evan Beard, who advises clients on art and finance at U.S. Trust. “They are becoming more financially savvy, and free ports have become a pillar of all of this.”
From left, a Etruscan sarcophagus that was locked in a free port for decades under a shell company’s name and returned to Italy earlier this year along with other antiquities stolen from burial sites; Picasso’s “Petit Pierrot aux Fleurs,” a portrait of his son Paolo in a harlequin costume, one of about 4,500 works the Nahmad family of London art dealers is said to have tucked away in the Geneva Free Port; and Leonardo da Vinci’s oil-on-panel “Christ as Salvator Mundi,” which emerged publicly for the first time in 2004 and was consigned to a free port when it was purchased in 2013.Credit2016 Estate of Pablo Picasso/Artists Rights Society (ARS), New York
The trend is prompting concerns about the use of these storage spaces for illegal activities. It is also causing worries within the art world about the effect such wholesale storage has on art itself. “Treating art as a commodity and just hiding it in storage is something that to me is not really moral,” said Eli Broad, a major contemporary art collector who last year opened his own Los Angeles museum.
Free ports originated in the 19th century for the temporary storage of goods like grain, tea and industrial goods. In the last few decades, however, a handful of them — including Geneva’s — have increasingly come to operate as storage lockers for the superrich. Located in tax-friendly countries and cities, free ports offer savings and security that collectors and dealers find almost irresistible. (Someone who buys a $50 million painting at auction in New York, for example, is staring at a $4.4 million sales tax bill. Ship it to a free port, and the bill disappears, at least until you decide to bring it back to New York.)
At least four major free ports in Switzerland specialize in storing art and other luxury goods like wine and jewelry, and there are four more — most newly minted — around the world: Singapore (2010); Monaco (2012); Luxembourg (2014); and Newark, Del., (2015).
2018/10/03: If anything, rich countries are leapfrogging ahead of the poor, by benefiting from the expanded market and lower labour costs that they provide.
The latest technologies are almost always designed for advanced markets and the rich who live in them, and are well beyond the means of the poorest. Hence, if these technologies do indeed have benefits associated with them, these will accrue disproportionately to the rich. Poor countries and people are either left to pick up the scraps of remaining older technologies, or have to purchase inferior products at the lower end of the market. The Internet of Things and Artificial Intelligence are going to be used in the so-called Smart Cities of the developed world long before they are used at all widely in remote rural villages in Africa or Asia; big data are going to be used by large corporations with the expertise to analyse them, long before they are understood, let alone, used by people in the poorest countries of the world.
This is why terms such as “bridging the digital divide” or “digital leapfrogging”, although widely used, are so inappropriate. When the rich are designing and implementing technologies in their own interests, to move them further ahead of their competitors, the gap or divide between rich and poor becomes yet more difficult to reduce, or bridge; the horizon is always moving further and further into the distance… Moreover, the notion of a “divide” generally implies a binary divide, as in the gender divide, whereas in reality it is complex and multifaceted; it is not one divide, but many. The notion of leapfrogging is also problematic, since it implies benefiting from someone else; using a person’s back to lever an advantage ahead of them.
2018/09/07: The true story of how the City of London invented offshore banking: and set the rich free
Countries that were once democracies are becoming plutocracies; plutocracies are becoming oligarchies; oligarchies are becoming kleptocracies.
In the years after WWI, money flowed between countries pretty much however its owners wished, destabilising currencies and economies in pursuit of profit.
Many of the wealthy grew wealthier even while economies fell apart. The chaos led to the election of extremist governments in Germany and, ultimately, to the horrors of the second world war.
The allies wanted to prevent this ever happening again. So, at a meeting at the Bretton Woods resort in New Hampshire in 1944, they negotiated the details of an economic architecture that would - in perpetuity - stop uncontrolled money flows.
This, they hoped, would keep governments from using trade as a weapon with which to bully neighbours, and create a stable system that would help secure peace and prosperity.
To prevent speculators trying to attack these fixed currencies, cross-border money flows were severely constrained. Money could move overseas, but only in the form of long-term investments, not to speculate short term against currencies or bonds.
And the system was remarkably successful: economic growth in most western countries was almost uninterrupted throughout the 1950s and 1960s, societies became more equal, while governments made massive improvements in public health and infrastructure.
Analysis of a massive trove of data - much of it leaked from tax havens - suggests that inequality levels across the world should be revised upwards dramatically
Today two key committees of the European Parliament voted in favour of creating public registries of who ultimately owns and controls companies and trusts registered in the EU, in a move welcomed by Global Witness.
As governments across the globe have struggled with growing government debt, the pressures of austerity and stagnant economic systems, ire has been thrown at the corporate fat cats who - according to the
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2012/07/22: global super rich has at least $21 trillion hidden in secret tax havens.
At least $21 trillion of unreported private financial wealth was
owned by wealthy individuals via tax havens at the end of 2010. This sum is equivalent to the size of the United States and Japanese economies combined.
There may be as much as $32 trillion of hidden financial assets held offshore by high net worth individuals (HNWIs), according to our report, which is thought to be the most detailed and rigorous study ever made of financial assets held in offshore financial centres and secrecy structures.
We consider these numbers to be conservative. This is only financial wealth and excludes a welter of real estate, yachts and other non
financial assets owned via offshore structures.