Back in 2013, when this blog saluted Sioux City’s street of trust companies, South Dakota seemed an unlikely addition to the list of states that promote upscale financial services by offering to keep family assets safe in trusts – trusts that can last a long, long time.
Now the Pandora papers reveal that South Dakota has become a world class, $367 billion tax haven. Handsome office buildings have replaced the old mail-drop trust offices.
Who ever imagined that South Dakota would one day be compared to Switzerland and the Cayman Islands?
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