The Washington Post has made available for download their article, “The ‘Cowboy Cocktail’: How Wyoming Became One of the World’s Top Tax Havens,” which discusses Wyoming’s unique laws that make it an attractive tax location. The article begins as follows:
The honky-tonk bar under neon lights on the town square serves Grand Teton Amber Ale and Yellowstone Lemonade. The Cowboy Coffee Co. offers bison chili, and the Five & Dime General Store sells Stetson hats and souvenirs made from bullets.
In this tourist-friendly Western town, home to four celebrated arches fashioned from elk antlers, lawyers and estate planners draw customers with something far more exclusive.
It’s called the “Cowboy Cocktail,” and in recent years the coveted financial arrangement has attracted a new set of outsiders to the least populated state in America.
The cocktail and variations of it — consisting of a 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.
Millionaires and billionaires around the world have taken note. In recent years, families from India to Italy to Venezuela have abandoned international financial centers for law firms in Wyoming’s ski resorts and mining towns, helping to turn the state into one of the world’s top tax havens.
To see the full article, click: “The ‘Cowboy Cocktail’: How Wyoming Became One of the World’s Top Tax Havens.”
Posted by Bennett Mansour, Associate Editor, Wealth Strategies Journal.