(US State, Tax haven)
|Traditionally in the pocket of the Du Pont family; now also a general corporate tax haven. Home state of Joe Biden.|
Delaware is a small US state with 990,000 inhabitants. Traditionally in the pocket of the Du Pont family (owner of the largest Big Chemical/armaments corporation for a hundred years), it has branched out into tax dodging and being legal headquarters for most US corporations.
In Delaware, the Biden clan rules, with Senator Biden, who later became President, at its head. Joe Biden was a Senator for Delaware from 1973 to 2009. As a 29-year-old business lawyer, he ran for this position and held it for 35 years. With the help of their senator, Delaware has become the largest financial haven in the world. His son Beau Biden (died in 2015) became attorney general here without having to make any particular effort.
When The international Tax Justice Network (TJN) published its updated list of the most important tax havens used by companies the largest corporate tax haven in the world, namely Delaware, was conspicuously missing.. Delaware is more than just a simple tax haven like the Caribbean islands; it also has extremely low disclosure requirements.
Four fifths of the 500 largest US banks and corporations (S&P 500) and the majority of the other major global US companies have their legal and tax domicile in Delaware. And not only that: Since these companies themselves consist of hundreds, sometimes thousands of subsidiaries, in the USA and in many dozen other countries, they also have hundreds and thousands of shell corporations, again mostly in Delaware.
And the big US branches of foreign corporations, such as Daimler and Deutsche Bank, do the same; in Deutsche Bank's directory of holdings there are more than a hundred shell corporations based in Delaware.
The largest capital organizer in the western world, BlackRock, co-owner of 18,000 banks, corporations and financial services providers, has its operating headquarters in New York, but its legal and tax headquarters in Delaware.
Extremely liberal corporate law
Delaware is not just about organized tax evasion. While Switzerland has been the pioneer of individual tax evasion by the super-rich since the 19th century, Delaware is the global pioneer of extremely “liberal” corporate law, in which tax evasion is only one of the important elements. Its corporate law is extremely secretive in other ways:
- Extremely low disclosure requirements.
- The actual owners, the ultimately beneficial owners, who then also reap the profits, are anonymized. The capital owners have never been as faceless as they are today.
- These faceless owners are also have no responsibility. Liability in Delaware corporate law is extremely limited.
- These faceless and non-liable owners are not only hidden from the tax authorities, but also from the respective stock exchange and financial supervisory authorities.
- These owners are also hidden from co-owners, competitors and possibly wives and heirs.
Marijuana decriminalisation for minors
Groups Headquartered Here
|"DuPont"||1802||Big chemical company. Supplied large amounts of explosives to many US wars. Lots of chemical products and artificial fibers. Since the 1990s, it has started focusing heavily on genetic engineering.|
|University of Delaware||1743||University in the US state of Delaware|