It is very hard to comprehend for us what it is like to have wealth approaching billions of dollars. Citizenship doesn't matter anymore. You become a citizen of the world if you wish. You can own your own plane or own shares in a plane.
You can live in Singapore, visit Monaco for a weekend, then quickly fly back. You can have a team of lawyers and servants on hand. Planning and advising what citizenships to gain and which ones to lose. I think this was just one advice he received and he let them set it up for him.
With that much wealth, taxes all of the sudden are handled differently. The money you can pay a team of tax lawyers and accountants to offshore it, and protect it, is a drop in the bucket, compared to the tax you'd pay. You'd be a fool not to do it.
But year, at first, as someone who also jumped through years of red tape to gain citizenship, this is baffling, but you have to realize these individuals live in a different world, by different rules.
You can live in Singapore, visit Monaco for a weekend, then quickly fly back. You can have a team of lawyers and servants on hand. Planning and advising what citizenships to gain and which ones to lose. I think this was just one advice he received and he let them set it up for him.
With that much wealth, taxes all of the sudden are handled differently. The money you can pay a team of tax lawyers and accountants to offshore it, and protect it, is a drop in the bucket, compared to the tax you'd pay. You'd be a fool not to do it.
But year, at first, as someone who also jumped through years of red tape to gain citizenship, this is baffling, but you have to realize these individuals live in a different world, by different rules.