Swiss Wealth Manager Urges Against Condemning the Wealthy in Response to Pandora Papers
Ralf Rickard Danbrandt is a wealth management professional
at Ibex Capital Partners, an asset
management firm founded in the 1960s by a secretive Swiss commodities magnate,
and has since expanded into a wealth concierge for hundreds of high net-worth
families, some of whom Danbrandt reluctantly admits were named in the leaks.
Ibex provides services including estate planning, insurance, and 'alternative
investments' such as private equity, cryptocurrency, and even art - and
inevitably, such investments are often done through offshore structures. Ibex
itself is domiciled in the Cayman Islands.
In response to the Pandora Papers leak, he released the
following open letter -
" Activists are fully entitled to pursue the truth.
However, these leaks are harmful, probably illegal, and unfair to many innocent
people. It isn't illegal to have assets offshore. Many do so for legitimate
reasons. Sure, certain individuals abuse offshore asset protection structures
for nefarious purposes, including tax evasion and money laundering. If laws
have been broken, sure, go after the perpetrators and hold them accountable.
But it's unfair to automatically assume that anyone with offshore assets must
have done something wrong."
"Wealthy people are often targets for frivolous
litigation. The U.S., for example, is a notoriously litigious society. If you
own a successful business, chances are you have some activities in the U.S.
Frivolous lawsuits are brought for a variety of reasons, including for hurting
someone's feelings. When a lawsuit has actual merit to it, that's not a
problem. But when unscrupulous attorney brings lawsuits anyway just to try and
get a settlement from a wealthy person, that's a problem. Wealthy people become
targets. You can be sued because your building is blocking someone's view of
the street. So, naturally, those who are vulnerable to litigation would want to
protect their hard-earned assets - in many cases their life's work."
"We often say that the wealthy should not be above the
law. It works both ways. If they have not broken the law, they should not be
subjected to a higher level of public scrutiny than any other law-abiding
citizen. People assume that asset protection is exclusively for the wealthy.
This is not true at all. The exact same services are available to anyone - if
you meet the legal requirements for establishing a company in the Cayman
Islands or Seychelles or Belize, then you can do so. There is no minimum income
or net worth required."
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