South Dakota has become a “major destination for foreign assets,” according to the Pandora Papers. The state’s trust assets have more than quadrupled to $360 billion over the past decade, the report finds.
Historically, when the ultra-wealthy wanted to shelter money from creditors or taxing authorities, they funneled money into places like Switzerland or the Cayman Islands, said Michael Heller, vice dean and professor of real estate law at Columbia Law School.
"Foreign wealthy families wanted to come to the U.S. because they got both the security from the U.S. banking system and the secrecy that they formerly got from places like Switzerland," he said. The state's trust assets have more than quadrupled to $360 billion over the past decade, the report finds.
"You can set up a [dynasty] trust in South Dakota, and it can go on forever," said certified financial planner Rick Kahler, president of Kahler Financial Group in Rapid City, South Dakota.
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