An offshore (or foreign) bank account is a bank account you have outside of your country of residence. The benefits of an offshore bank account include tax reduction, privacy, currency diversification, asset protection from lawsuits, and reducing your political risk. In April 2016, Wikileaks released 11.5 million confidential documents, known as the Panama Papers, which provided detailed information on 214,000 offshore companies serviced by the Panamanian Law Firm, Mossack Fonesca. The document exposed how world leaders and wealthy individuals hide money in secret offshore tax shelters. The…
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Response rates from 1.2k Social Democracy voters.
37% Yes |
63% No |
24% Yes |
49% No |
13% Yes, as long as offshore income is reported |
10% No, too many wealthy citizens are abusing loopholes in offshore banking laws to evade taxes |
5% No, and neither should corporations and business organizations |
Trend of support over time for each answer from 1.2k Social Democracy voters.
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Trend of how important this issue is for 1.2k Social Democracy voters.
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Unique answers from Social Democracy voters whose views went beyond the provided options.
@96J75C32yrs2Y
Yes, but only if they are citizens or have close family in said offshore land
@9PPH2NW5mos5MO
Yes as long as offshore savings and income are reported and income is taxed at UK levels (eg UK taxes income at the difference between UK rates and the country rate applicable to the account eg Cayman Islands).
@9PH8J4R5mos5MO
Ideally no, but it will be harder crackdown on it thus keeping taxes as low as possible is the only away to reduce it.
@9P4KZ5R5mos5MO
Offshore investments should be allowed however wealthy citizens found or suspected of using loopholes to evade tax should be stripped of their accounts and back dated in taxes
@9LP4YWZ7mos7MO
Citizens should be allowed to invest, save their money how they see fit. It’s hard earn cash. End of
@9LKD4697mos7MO
Only if they can show a legitimate reason for the money being put offshore - e.g. having a second home in that country
@9L2VYKM8mos8MO
Yes, but only as long all loopholes for the wealthy citizens who abuse the system to avoid taxes are closed. Especially big companies and the rich.
@9KYY9QL8mos8MO
Yes, but companies shouldn't be allowed to do it as it allows the concentration of wealth abroad by untaxed entities. Citizens are taxed on their gains, so it should be one rule for individuals, another for companies.
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