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News Monday, Aug 27 2018

Rick and Ann Scott Earn Millions From Cayman Islands Tax Haven

Aug 27, 2018

“Rick Scott is making millions in offshore investment schemes that help foreigners dodge American taxes,” said American Bridge spokesperson Joshua Karp. “While Scott fights to make middle class Floridians pay higher taxes, he’s getting even richer in a notorious tax haven.”

Tampa Bay Times: Rick and Ann Scott’s financial trail leads to Cayman Islands tax haven
By Steve Bousquet | August 27, 2018

  • “The portfolio of Gov. Rick Scott and First Lady Ann Scott includes earnings last year of at least $2.9 million in two dozen hedge funds registered in the Cayman Islands, a well-known tax haven for U.S. and foreign investors.”
  • “The investments had a minimum total value of $25 million and a potential value of $62 million, according to the financial disclosure statement Scott filed last month as a U.S. Senate candidate.”
  • “Foreign investors park money in the Cayman Islands to avoid U.S. taxes. The British territory also is favored by corporations and partnerships that want to avoid the long reach of the IRS in taxing unrelated business income.”
  • “Scott’s campaign said the principal place of business for one fund, Overlook 3G Investments, is Hong Kong. But the company’s web site describes that fund as a Cayman Islands exempted limited partnership that was formed two years ago to invest in a Chinese utility company.”
  • “Another investment listed by the Scotts, Canyon Balanced Fund LP, was held solely by the governor and had a value of between $5 million and $25 million, and produced income last year of between $100,001 and $1 million.”

Read the full story here.

Published: Aug 27, 2018

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