It may or may not be legal. That is unclear because these arrangements are cloaked in secrecy and being in other countries our enforcement agencies would have difficulty investigating them. Its taken a massive leak to have this in the news and whether legal or not if its found that loopholes exist to enable the rich to avoid tax it will place immense pressure on govt’s to close those loopholes. A number of countries leaders themselves are sweating at the moment because they or their family connections are named and one Prime Minister has already fallen on his sword. More to come imo.
