Foreign money flows to South Dakota and other U.S. tax havens

 

October 5, 2021

Star Tribune file

Downtown Sioux Falls, S.D. In South Dakota, assets in trusts more than quadrupled over the past decade to $360 billion.

SIOUX FALLS, S.D. - Across from a Holiday Inn, in a red-brick building with a welcome sign that reads "The Heart of America," a little-known financial firm set up shop seven years ago and extended an invitation to the world's elite.

Trident Trust promised to protect the fortunes and privacy of its new customers by relying on the laws of a state that had become a global destination for wealth. The company called it "The South Dakota Advantage."

Among those who answered the call: a Colombian textile magnate caught in a scheme to launder the proceeds of an international drug ring, an orange juice mogul who settled with authorities in Brazil for allegedly colluding to underpay local farmers, and family members of the former president of a sugar producer in the Dominican Republic that has been accused of exploiting laborers and forcibly evicting families from their homes.


https://www.startribune.com/foreign-money-flows-to-south-dakota/600103699/

 

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