Originally posted by the JoKeR
If I remember correctly, it's a huge loophole for rich people to hide their income off-shore in some way, while being a way to cruise the world in your own "home". I'd be scared as hell about sinking, terrorist attacks, or strong weather systems, though.
If I remember correctly, it's a huge loophole for rich people to hide their income off-shore in some way, while being a way to cruise the world in your own "home". I'd be scared as hell about sinking, terrorist attacks, or strong weather systems, though.
Once you have that off-shore bank account open any money in it is not reachable any court or bankruptcy ruling. There is no way they can get your money. The other crucial thing is to put the money in someone else's name and that is the tricky part. Who are you gonna trust with your 40 bazillion dollars? Since the money is in a trust company or someone else's name you cannot be held in contempt of court for failing to respond to the court order. The trust is not giving you your money? What can you do about it? So sorry. Guess I'll still get to live in this mansion owned by the trust and dive this beautiful car that is owned by the trust.
The other reason why this cannot be a tax shelter is that even though this ship will sail all around the world it will be considered as a soverign extension of what ever country it is registered in. If it is registered in the Bahamas then all ship residents will be required to live in accordance with Bahamian laws and regulations.
This is not the first attempt at a vessel of this size or type. Below are a few more links of ships that are further and shorter along the conceptual line as the Freedom Ship.
These two are not exactly ships but are funny just the same.
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