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Comment by raverbashing | Hacker News Reader

Yeah, that's a very easy way... Of making all your modestly rich people close shop and leave

> forbidding any financial interactions with "offshore" countries

And what do you think "offshore" means? This is TikTok levels of financial naivety

Offshore is common term. Its collectively all those small countries which have minuscule corporate tax, zero financial rules and refusal to cooperate with big countries about financial tax evasion. Basically everyone from Ireland, Switzerland (sorry guys, just business) to Bahamas and Panama (and ban flags of convenience while we are at it). Definitely all countries refusing to disclose financial records for international law enforcement.

If I were planning such effort, I would propose do bans in waves, with multiyear intervals. E.g. ban of top10 worst offender countries - Cayman islands, British Virgin islands, Seychelles, etc. Then make a list of 10 next and warn them that they have 2-3 years to adjust or be banned too. Rinse and repeat.

> Definitely all countries refusing to disclose financial records for international law enforcement.

Since you apparently never heard of FATCA and OECD CRS I'll leave it at that

Oh yeah and several US States don't require financial/personal information in a lot of cases (including real estate transactions).

I'm aware that there are a lot of legal frameworks about this issue. So what? In the end they are either impotent or not sufficient. The problem is global and doesn't show any signs of abating.

This is in Dickens - Bleak House, I think, when he refers to all the under-taxed industrialists promising to 'pitch' their acumen into the Atlantic (i.e., move to the United States) if any government dares to restrict their income through increased taxation.

> Of making all your modestly rich people close shop and leave

Switzerland has a wealth tax, yet it also has some very rich residents (wealth tax is applied to your worldwide assets/cash, and it includes companies you own, so you have no way to avoid it.)

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