Post-Coronavirus Wealth Taxes Could Be A Case Of When, Not If
Private Wealth attorney Stewart Kasner was quoted in a Latin Lawyer article about new tax measures in several Latin American countries impacting high-net-worth individuals. The financial strain of COVID-19 has forced governments to dig deep to cover costs and some countries in the region are floating a tax on the wealthy to help foot the bill. With governments considering and implementing these extreme tax measures, many among Latin America’s super wealthy are rethinking how they safeguard their wealth. A growing percentage of high-net-worth individuals are shifting their assets to more stable jurisdictions.
When uncertain market conditions drive capital flight out of the region, the U.S. is often the first destination it reaches. “There is an explosion of U.S. trusts being set up by non-U.S. residents,” said Mr. Kasner.
READ: Post-Coronavirus Wealth Taxes Could Be A Case Of When, Not If (Subscription required)