The Pandora Papers but its Exciting

A new leak, similar to the Panama Papers, shows how the mega rich avoid taxes. This can bring along really boring topics of the details of how they're setting up these tax havens, so I created this video instead. In it you can learn a super basic explanation to how they avoid taxes, and make fun of the corrupt, mega rich politicians who abuse the system.

00:00-Intro
00:46 - What are dem papers?
01:30 - Why do I care?
02:30- How they do it
03:55- Who's doing it
06:24- oops
06:51- The Overall Point
08:10- Outro

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The Pandora Papers are the biggest leak of documents that explains how the super rich operate. Doing things like evading taxes, buying property, possibly laundering money. This consists of 11 million files, for a total of 2.94 terabytes of data. 3 terabytes of documents. That’s madness. Do you know how long it would take to make 3 terabytes worth of documents. Your whole life. I mean that's bigger than the panama papers back in 2016.

Why should I care Chano??

Well because we’ve got a new set of people that we can make fun of for getting caught doing shady stuff and it's kinda fun. Plus if we are loud enough governments around the world will take measures to prevent these people from getting away with evading taxes and laundering money. Maybe. Probably not.

Another reason why you should care, is because this involves you, believe it or not. The amount of wealth being hidden is between 5 and 32 trillion which means up to 600 billion dollars of lost taxes around the world each year. So the ability to hide money affects your access to healthcare, and your kids' access to good public education.

As you might have heard, they’re using offshore shell companies. And basically that means they’re creating a company that's a shell of an actual company. It doesn’t make any sales, it doesn’t hire any employees, it just owns bank accounts, buys assets, collects royalties, that kinda stuff. Most of the time these businesses are set up in a tax haven. A lot of which are found in Islands or small countries. Cayman Islands, Luxembourg, Bahamas, Switzerland etc.

With the pandora papers, we found out that a lot of shell companies are using South Dakota as a tax haven.
Anyway, yeah those shell companies can be owned by other shell companies, and can even be owned anonymously, so governments can never track those assets back to the billionaires, and they can’t be taxed.

Now that you know how shell companies work, let's finally poke fun at some of the people we know are using them thanks to the pandora papers.

Like this guy. Uhuru Kenyatta, the president of Kenya. I bring him up first because his involvement in this leak is especially funny since he is the self proclaimed enemy of corruption. In 2018 he told Kenyan citizens that “every government servant’s assets must be declared publicly so that people can question and ask: what is legitimate” Well it turns out he and his family have suddenly amassed more than 30 million dollars.

Or what about this guy? Ukraine President Volodymyr Zelenskiy, elected in 2019 on a pledge to clean up his country’s notoriously corrupt economy. During that same campaign of 2019, we found out that Zelenskiy transferred his 25% stake in an offshore company to a close friend, who now happens to work as the president’s top adviser.
On top of that Zelensky bought millions of dollars worth of London Real Estate under two shell companies- one in cyprus and one in Belize.

There's also King Abdullah II, who has amassed a 100m property empire across the world.
And the ruling family of Aizerbaijan, with a property empire worth 700 million.

But the overall point of the Pandora Papers is a bit more serious.
It points out that past leaks like the Panama papers, have done little to change how the elite operate. The governments of the United Kingdom, and the United States continued allowing the same loopholes as before, with billions of hidden money flowing through London property, and billions being stored in South Dakota as a tax haven. It shows how clients who had been exposed in the Panama papers leak simply transferred their shell companies to new tax havens.

You ask politicians to come together around the world, and work to change this problem, and as soon as you turn your back, they’re off, buying property in Paris through their shell company.

AFFILIATE DISCLOSURE: there may be a few links in this description that, at no cost to you, will earn me a commission if you choose to click them and make a purchase 🙂

Видео The Pandora Papers but its Exciting канала Chasing Down Chano