2021 Offshore Prevents Government from Taxing Wealth

Economy Minister Paulo Guedes said this Tuesday 23 that having an offshore company is absolutely legal and that by taking over the federal governments portfolio he made a sacrifice for Brazil The statements were made in the Labor Administration and Public Service committees and Financial Inspection and Control of the Chamber of Deputies after he was summoned to give explanations on financial transactions abroad through offshore in a tax haven.

Offshore is an absolutely legal investment vehicle It is absolutely legal defended the minister By detailing the reason for having family members in the case of the daughter as offshore shareholders he justified that these are succession issues The minister explained that if he had an account in the name of an individual in the United.

States for example half of the amount would become inheritance tax after his death But by creating an offshore company outside the continental limits with family members as partners it prevents this from happening

If you have an account in the name of an individual if you die 46 47 are expropriated by the US government Even if you are a foreigner if you make an investment there with an account in an individual all your work in Instead of leaving it to heirs it becomes an inheritance tax and is appropriated by the US government.

So the best thing is to use offshore a company outside the continent If I die instead of half being appropriated by the government it goes to your succession And that explains why you put a relative a son a daughter a spouse he said.

Guedes also said that before taking office in the government he gave up his investments I divested with a huge loss I lost more than the value of this offshore when I gave up 10 years of work Everything my hand achieves everything Ive been doing for nine years I sell and give up capital investment I wont have won Its a sacrifice for the country he said noting that he gave up resources and companies that were under his administration.

Federal deputy Elias Vaz PSBGO informed that the minister omitted from the government that when leaving the direction of an offshore company he maintains in the Caribbean when he assumed the Ministry of Economy his daughter continued as director of the company.

The existence of an offshore minister Paulo Guedes in the British Virgin Islands was revealed by the International Consortium of Investigative Journalists The minister has investments of US 9 million in the company and may have earned more than R 16 million from the devaluation of the real against the dollar during the government of President Jair Bolsonaro

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