-
The only silver lining is that these people will simply move their money to safer jurisdictions, such as Panama, the Cayman Islands, Hong Kong, or Switzerland, if the regulation is implemented.
FORBES: Senator Rubio vs. Rogue IRS Bureaucrats
-
This process has been going on for decades, with companies giving up their U.S. charters (a form of business citizenship) and redomiciling in low-tax jurisdictions such as Bermuda, Ireland, Switzerland, Panama, Hong Kong, and the Cayman Islands.
FORBES: When A U.S. Company Redomiciles To The Cayman Islands, What Lesson Should We Learn?
-
Certainly, others have noticed: James Denoon, a Hong Kong entrepreneur who sells private islands, noted in an interview with the South China Morning Post two years ago that wealthy Chinese were starting to snap up private islands along with other luxury status symbols.
WSJ: Island Shopping | WSJ.Money Summer 2013