Compared to $21 trillion estimated to be offshore these sums look low. There are four possible reasons.
First, voluntary schemes have not lured the big money in: that is holding out in the belief that automatic information exchange for tax havens will not work or that there will not be staff in home tax authorities to use it, which is certainly possible in the case of the UK.
Second, the countries with the highest proportionate wealth offshore – many of them developing countries – are not on this list.
Third, the money has moved: there are still, unfortunately, places to go.
Fourth, the wise have read the runes and the money has been quietly coming back.
Actually, there’s a fifth reason. As with those Swiss accounts and the Liechtenstein Disclosure stuff. Other than one or two politicians that Ritchie shills for the vast majority of this offshore money isn’t, from the UK tax system point of view at least, tax dodging. It belongs to non-doms (who MUST keep it offshore, entirely legally, to miss the UK tax system) or UK citizens who are not resident (who do not owe UK tax on it anyway).
That pot of gold for the tax system just ain’t there. As was so embarrassingly proved when people actually tried to go collect it as Ritchie and the TJN had insisted they must. There’s rarely been as useful a proof of the stupidity of their ideas as the Swiss bank deal.
“There’s billions in Switerland to tax!”
“We are the Swiss banks and we combed through every account and there ain’t”
“We never said that!”
Not the Swiss banks of course….