Well, this week we were enlightened about the celebrated first family as having offshore accounts, investments and properties for which is absolutely okay, and totally legal depending on certain parameters of laws in our jurisdiction.
As we all know, it is within our norms to open domestic accounts so we can occasionally, easily and freely interact with it whenever we feel like doing so. Taking it to the bank, why do you think someone would go an extra mile of having a foreign account?
In Kenya, it is not illegal depending on who we are talking about, neither is it necessary. Legality of such an exercise is limited to state officers. They can never open, associate or be closer to the idea of having one, as the constitution clearly bars them.
Lets begin with conditions for having an offshore account.
First, one is neither required to identify himself/herself nor mention the country you come from.
Second, the person should exercise ability to keep secrets about the country he/she is opening an account from.
Third, one should be well connected, not just in his/her domestic country, but all over, well known for protection purposes.
Once an individual has observed these above conditions, he/she will go ahead and have an account, but the reasons shall always be there, why have it in the first place? Are there compelling reasons pushing one?
Lets see them in detail.
Number 1, one obviously wants to evade tax or maybe pay lesser tax. It should be noted that tax avoidance is legal and nothing is wrong with that, but the former one, is a serious crime worth imprisonment.
Number 2, others have them to always protect the 'ill gotten wealth'. They will always hide or invest these kind of wrongfully acquired 'riches', so as to avoid the sharp eyes and clear laws of the country.
Number 3, to ensure continuity of family wealth running generations.
These tax havens are nations which have already developed, and possess these wealth of others as an advantage, since it will continue spurring much and higher developments hence they have greatest economies.
So what have you learnt about this piece of article, should people continue enriching other nations instead of theirs? Or should they just emulate exactly like what others do, hiding and laundering them back? What do you say?
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