“There is oil here — lots of it — in the Brunei Gulf, the sultanate considered to be one of the world’s richest states. Labuan is also a member of the despised family of tax havens that the OECD is trying to bridle. It all began in 2010, when the Malaysian government decided to attract capital from rich Muslim countries so that it could develop a sort of Islamic finance industry. But capital influx has given way to legal shelters and discretion. ‘We have made changes to our legislation and allow, since 2010, the creation of trusts and foundations specially designed for high-net-worth individuals,’ says Normala Mat Som, a 30-year-old lawyer.”
Related posts:
Cyprus vs Bankocracy: 'Mattress better place to keep cash than banks'
Kerry to Putin: 'Don't invade a country on completely phony pretexts'
A Bit Above The Rest
City Reduces Police Force By Placing Public Under Constant Surveillance
Millions in Brazil Follow a Teen Leader to Freedom
You Reap What You Sow
Central Banks in New Zealand and Australia Issue Bitcoin Warning
Ben Swann Reality Check: Election Special
Where Nervous Europeans Are Really Putting Their Money
FDR Pulled a Cyprus on the American People 80 Years Ago This Week
Sales Surge for Electronics Firm After Bitcoin Black Friday
Jim Rogers: 50% Correction in Markets not Uncommon
Of Course, Gun Laws MUST Exempt the Police
Hacking Through the Ole Gordian Knot
Tax compliant Americans abroad with a principal residence or mutual funds should renounce citizenshi...