Millionaire exodus myth

Millionaires are not fleeing countries to escape taxes. The Tax Justice Network has analysed these claims and found it's questionable data published by a firm that helps the super-rich buy their way out of rules that apply to everybody else. In fact, things are changing for people in the business of helping to sell passports and residency. Some doors are closing... Plus, we look at the latest results from the Financial Secrecy Index - what are the latest global trends and have you heard of an anocracy?! Transcript of the show: https://podcasts.taxjustice.net/wp-content/uploads/2025/06/June-2025-Taxcast-script_-millionaire-exodus-myth.pdf Further reading: Millionaire exodus did not occur, study reveals, Tax Justice Network https://taxjustice.net/press/millionaire-exodus-did-not-occur-study-reveals/  Millionaire “exodus” claim backtracked but media re-run story anyway, Tax Justice Network https://taxjustice.net/press/millionaire-exodus-claim-backtracked-but-media-re-run-story-anyway/  The ‘Millionaire Exodus’ the UK Media Told You About Never Actually Happened, Byline Times https://bylinetimes.com/2025/06/10/the-millionaire-exodus-the-uk-media-told-you-about-never-actually-happened/  Citizenship must not be up for sale, speech by the Vice-President of the European Commission, EU Justice Commissioner https://ec.europa.eu/commission/presscorner/detail/en/SPEECH_14_18 EU Court Rules Malta's Golden Passport Program is Illegal, OCCRP https://www.occrp.org/en/news/eu-court-rules-maltas-golden-passport-program-is-illegal Influencer Andrew Tate got Vanuatu Passport Around Time of Arrest on Rape Charges https://www.occrp.org/en/news/exclusive-alleged-rapist-influencer-andrew-tate-got-vanuatu-passport-around-time-of-2022-arrest  Vanuatu: Council of the EU ends visa exemption https://www.consilium.europa.eu/en/press/press-releases/2024/12/12/vanuatu-council-ends-visa-exemption/ Logged Pushbacks to Libya from Malta’s SAR Zone Triple Since 2020, Over 5,000 People Forced Back https://www.amphora.media/2025/06/logged-pushbacks-to-libya-from-maltas-sar-zone-triple-since-2020-over-5000-people-forced-back Malta Migration Archive https://maltamigrationarchive.org/ Times of Malta Editorial: A shameful abdication of duty https://timesofmalta.com/article/editorial-a-shameful-abdication-duty.1107005 £160 billion could have been raised for the UK’s public finances over the past three decades if UK tax residents on the annual rich lists had been asked to pay a two per cent wealth tax on their assets over £10 million - equivalent to the cost of building 80 new hospitals in that period. (Patriotic Millionaires UK) https://patrioticmillionaires.uk/latest-news/special-report-on-the-sunday-times-rich-list-the-missing-billions?mc_cid=2f5977ff81 Family statement: Robert Agius and Jamie Vella sentenced. Despite her murderers' attempts to silence her, Daphne's legacy endures. (Daphne Caruana Galizia Foundation) https://www.daphne.foundation/en/2025/06/10/sentence-complicity Vanuatu, Financial Secrecy Index country profile, Tax Justice Network https://fsi.taxjustice.net/country-detail/#jurisdiction_id=VU&scoring_id=268 Reporting from the Passport Papers, Daphne Caruana Galizia Foundation https://www.daphne.foundation/passport-papers/  Passport Papers: Henley and Partners’ leaked documents show most applicants are from countries where dual citizenship is not permitted https://theshiftnews.com/2021/04/22/passport-papers-henley-and-partners-leaked-documents-show-most-applicants-are-from-countries-where-dual-citizenship-is-not-permitted/ The Passport King who Markets Citizenship for Cash, a Daphne Project investigation, OCCRP https://www.occrp.org/en/project/the-daphne-project/the-passport-king-who-markets-citizenship-for-cash Why rich foreigners may not rush to buy Trump's $5 million 'gold card' visas, Business Insider https://www.businessinsider.com/trump-gold-card-visa-demand-rich-immigrants-green-card-lutnick-2025-5  The Taxcast website with all the Tax Justice Network podcasts in five different languages are available at https://podcasts.taxjustice.net/  

The life-changing, life-saving, transformational nature of tax - for people and planet. Ireland's got a tax windfall of about €14 billion - that's roughly  $15 billion. What are they going to do with it..? "This is the kind of moment that doesn't come around often and we really need to seize it. Or if we let the opportunity slip through our fingers, it's going to have impacts for future generations." ~ Mansi Rawat, Social Justice Ireland We don't do enough about blue sky thinking on how tax can transform our lives. This is our chance to unlock our imaginations. It's also time for Ireland to rethink its tax haven model and for many countries, not just Ireland, to ask who its economy is serving. The Taxcast is produced by Naomi Fowler and Leo Schick of the Tax Justice Network. Further reading: Here's the transcript of the show (some is automated and may not be 100% accurate: https://podcasts.taxjustice.net/wp-content/uploads/2025/05/Taxcast-May-2025-Transcript.pdf Pope Francis, 1936-2025 (Tax Justice Network) https://taxjustice.net/2025/04/24/pope-francis-1936-2025/  Top EU court rules Apple owes Ireland over $14B in back taxes https://www.icij.org/investigations/paradise-papers/top-eu-court-rules-apple-owes-ireland-over-14b-in-back-taxes/ EU’s Apple ‘victory’ highlights the failure of international tax rules (Tax Justice Network) https://taxjustice.net/press/eus-apple-victory-highlights-the-failure-of-international-tax-rules/ A response to the European court’s bad Apple ruling, (Alex Cobham, Tax Justice Network) https://taxjustice.net/2020/07/15/a-response-to-the-european-courts-bad-apple-ruling/ Tax Haven Ireland, a book by Brian O'Boyle and Kieran Allen https://www.plutobooks.com/9780745345314/tax-haven-ireland/ Previous Taxcast episode featuring Brian O'Boyle and Kieran Allen talking about their book Tax Haven Ireland. https://podcasts.taxjustice.net/episode/116-tax-haven-ireland/ Budget Analysis by Social Justice Ireland (they have also written about managing the windfall gains) https://www.socialjustice.ie/system/files/file-uploads/2024-10/Budget%202025%20Analysis%20and%20Critique%20%281%29.pdf People Before Profit calls for Apple taxes to fund State construction firm, RTE https://www.rte.ie/news/politics/2024/1104/1479063-pbp-state-construction/ Our podcast website with all our podcasts: https://podcasts.taxjustice.net/   

The Taxcast looks at the battle for freedom of the press in Switzerland and the implications for the rest of the world. Investigative journalists like Bastian Obermayer risks arrest, fines and imprisonment if he sets foot in Switzerland again, and Swiss journalists are having to turn away strong public interest stories - for fear of not just rich and powerful people coming after them, but also the Swiss state. Switzerland's always been famous for its banking secrecy laws and it's never been the friendliest place for investigative journalists. Now the situation threatens to get even worse. Featuring: Bastian Obermayer, one of the Pulitzer Prize winning investigative journalists who broke the Panama Papers story and many other groundbreaking scandals. Swiss investigative journalist, Oliver Zihlmann, co-head of the Investigative Unit at Tamedia, the leading publishing and broadcast media company in Switzerland. Policy and advocacy manager at Reporters Without Borders Switzerland, Valentin Rubin Hosted by Naomi Fowler and co-produced with Leo Schick. Transcript of the show available here: https://podcasts.taxjustice.net/wp-content/uploads/2025/04/Criminalising-Journalists_-Script.pdf Further reading: Suisse Secrets https://www.occrp.org/en/project/suisse-secrets Bastian Obermayer: 'In Switzerland, I face prison – for exposing wrongdoing.' https://www.linkedin.com/posts/bastian-obermayer-9ba8805b_we-investigate-corruption-swiss-law-calls-activity-7316409781127159808-EgfS/  US overtakes Switzerland in global ranking of financial secrecy hotbeds https://taxjustice.net/press/financial-secrecy-index-2020-reports-progress-on-global-transparency-but-backsliding-from-us-cayman-and-uk-prompts-call-for-sanctions/ Tax Justice Network's Financial Secrecy Index https://fsi.taxjustice.net/ Swiss Government Motions for Press Freedom in Country’s Finance Sector https://www.occrp.org/en/news/swiss-government-motions-for-press-freedom-in-countrys-finance-sector Swiss parliamentarians refuse to overhaul banking secrecy laws https://www.swissinfo.ch/eng/business/swiss-banking-secrecy-law-clashes-with-freedom-of-speech/47365724  

How easy is it to get filthy rich selling arms to anyone who'll pay? There may be sanctions, there may be laws, but even though he's the FBI's most wanted fugitive, a Chinese arms dealer and manufacturer has evaded arrest for two decades. Who could be better to investigate one of the world’s most dangerous men and tell this story than Panama Papers journalists? Taxcast host Naomi Fowler speaks to Frederik Obermaier about the book The Chinese Phantom: the Hunt for the World's most Dangerous Arms Dealer. What does it tell us about sanctions and financial secrecy at a time of rising autocracy and global insecurity?   Also in this episode: the latest on efforts by powerful people to block the US's Corporate Transparency Act which was supposed to set up a register of the real owners of companies;   And, in the UK - a new whistleblower incentive scheme - the tax authority HMRC will give whistleblowers who bring actionable information a cut of between 10 and 25% of any fine that HMRC imposes. Also, as the British government announces welfare cuts affecting the poorest people in the country, there are calls for a windfall tax on banks and a 2% wealth tax on assets above £10 million instead.   Featuring: Panama Papers journalist Frederik Obermaier, Whistleblower lawyer Mary Inman, Erica Hanichak of the FACT Coalition, Hannah Dewhirst of Positive Money, Professor Prem Sikka.   Produced by Naomi Fowler and Leo Schick of the Tax Justice Network.   Transcript of the show: (some may be automated) https://podcasts.taxjustice.net/wp-content/uploads/2025/03/March_25_Transcript-1.pdf    Further reading:   The Chinese Phantom, the Hunt for the World's Most Dangerous Arms Dealer. (Available in English and in German) https://www.kiwi-verlag.de/verlag/rights/book/bastian-obermayer-frederik-obermaier-die-jagd-auf-das-chinesische-phantom-9783462001396 Also available here but please try to use a local bookshop! https://www.amazon.co.uk/Chinese-Phantom-worlds-dangerous-dealer/dp/1915590698    Tax abuse whistleblowers will earn a share of HMRC proceeds, says UK Finance Minister https://www.theguardian.com/business/2025/mar/26/tax-avoidance-whistleblowers-will-earn-share-of-any-hmrc-proceeds-rachel-reeves-confirms   Windfall tax on bank profits in the UK could raise £15bn https://positivemoney.org/press-release/windfall-tax-on-bank-profits-could-raise-ps15bn/   How to raise £60 billion for public services: ten tax reforms from Tax Justice UK https://taxjustice.uk/blog/how-to-raise-60-billion-for-public-services-our-ten-tax-reforms/   Millionaires urge MPs “tax us, the super-rich” to avoid cuts and invest in Britain https://patrioticmillionaires.uk/latest-news/millionaires-urge-mps-tax-us-the-super-rich-to-avoid-cuts-and-invest-in-britain    All our podcasts are available on our podcast website https://podcasts.taxjustice.net/ 

Listen to the Taxcast wherever you get your podcasts. You can subscribe by email and get lots of resources and further reading on our website here: https://podcasts.taxjustice.net/production/taxcast/  The Tax Justice Network has monthly podcasts in different languages focused on different regions of the world, all available here https://podcasts.taxjustice.net/ Also available there is our series The Corruption Diaries; a journey through the eyes of anti-corruption veterans, with unique perspectives on combating some of the most compelling ethical challenges of our time.

The rollercoaster story of the battle in the US (the world's biggest global financial secrecy offender) over the implementation of a beneficial ownership register, the attempts to stop it and the (many) lessons learned from the UK's registers. The US's Corporate Transparency Act seemed to be on track. Until it wasn't... "Everything is bigger in Texas, that's what they like to say! And as we've learned, even court orders are bigger in Texas." Meanwhile, we take a look at UK company registration progress, since the days when "you could just set up a company for 12 pounds and say you were Mickey Mouse with a shareholder Donald Duck and no one asked any questions." (Spoiler alert: there's still a long way to go) Guests include: Zorka Milin and Ian Gary of the Financial Accountability and Corporate Transparency Coalition, Cynthia O'Murchu Financial Times Investigative Reporter, Graham Barrow, financial crime sleuth and podcaster, the Dark Money Files, campaigner and author Oliver Bullough Hosted and produced by Naomi Fowler, co-produced by Leo Schick. Transcript of this episode: https://podcasts.taxjustice.net/wp-content/uploads/2025/02/Transcript_Feb_25.pdf  Further reading:  What is beneficial ownership? https://taxjustice.net/faq/what-is-beneficial-ownership/ How to fix beneficial ownership frameworks, so they actually work https://taxjustice.net/2023/12/20/new-report-on-how-to-fix-beneficial-ownership-frameworks-so-they-actually-work/  Ownership Transparency https://thefactcoalition.org/issues/ownership-transparency/ Beneficial ownership registration around the world, 2022: https://taxjustice.net/wp-content/uploads/2022/12/State-of-Play-of-Beneficial-Ownership-2022-Tax-Justice-Network.pdf  US Judge Lifts Last Beneficial Ownership Roadblock https://lnkd.in/gNYN6nrg  Biden’s DOJ just asked the Supreme Court to do a huge favor for Donald Trump https://www.vox.com/scotus/393540/supreme-court-garland-texas-top-cop-shop-nationwide-injunction  Supreme Court Allows Enforcement of Major Anti-Corruption Law to Resume, FACT Coalition: https://thefactcoalition.org/supreme-court-allows-enforcement-of-major-anti-corruption-law-to-resume/ US company database remains on hold, despite Supreme Court decision https://www.icij.org/investigations/fincen-files/us-company-database-remains-on-hold-despite-supreme-court-decision/  Supreme Mess: The Beneficial Ownership Interest Reporting Controversy Lands At The U.S. Supreme Court https://www.forbes.com/sites/jayadkisson/2025/01/15/supreme-mess-the-beneficial-owne[…]interest-reporting-controversy-lands-at-the-us-supreme-court/ The Corporate Transparency Act is Constitutional, Government and “Friend of the Court” Briefs Make Clear https://thefactcoalition.org/the-corporate-transparency-act-is-constitutional/ How overseas territories are being used to bypass UK transparency rules https://blogs.lse.ac.uk/politicsandpolicy/how-overseas-territories-are-being-used-to-bypass-uk-transparency-rules/ Owners of 53,000 properties still unknown https://www.lawgazette.co.uk/news/owners-of-53000-properties-still-unknown/5115054.article Who paid £139 million for a Regent’s Park mansion? Nobody knows. https://www.the-londoner.co.uk/the-regents-park-mansion-mystery/ How Do Judges Become Judges? Here Are Five Main Ways (US) https://www.democracydocket.com/analysis/how-judges-become-judges/     

We look at the Bureau of Investigative Journalism story about a Syrian kleptocrat and alleged war criminal, and the British Crown Dependency of Guernsey. It throws up all kinds of questions about policing compliance, enforcement and the need for public beneficial ownership registers, with good quality information. Also, on day one of his presidency, Donald Trump pulled the United States out of the OECD's global minimum tax deal. So what now? We'll talk to the Tax Justice Network's Alex Cobham. Featuring: Reporter at The Bureau of Investigative Journalism, Ed Siddons  Guernsey-based investigative and podcast journalist, Rob Byrne Alex Cobham of the Tax Justice Network Hosted and produced by Naomi Fowler, Tax Justice Network Transcript of the show is here (some is automated) https://podcasts.taxjustice.net/wp-content/uploads/2025/01/Jan_25_Taxcast_Transcript.pdf  Further reading: ‘Butcher of Hama’: Assad’s uncle used Guernsey fund manager to stash millions looted from Syria (Bureau of Investigative Journalism) https://www.thebureauinvestigates.com/stories/2024-12-16/butcher-of-hama-assads-uncle-used-guernsey-fund-manager-to-stash-millions-looted-from-syria/ Guernsey, country profile, Tax Justice Network https://taxjustice.net/country-profiles/guernsey/  Guernsey Financial Services Commission notice regarding Ginette Blondel https://www.gfsc.gg/news/ms-ginette-louise-blondel  The Guernsey finance worker, the alleged war criminal and a £210k fine - Bailiwick Express News Jersey https://www.bailiwickexpress.com/news/focus-210k-fine-working-alleged-war-criminal-without-licence/ Sentencing of Bashar Assad’s Uncle in France Exposes Bank’s AML Failure https://www.moneylaundering.com/news/exclusive-sentencing-of-bashar-assads-uncle-in-france-exposes-banks-aml-failure/ Assad uncle used Guernsey adviser to secretly manage vast wealth https://www.theguardian.com/world/2024/dec/16/assad-uncle-used-guernsey-adviser-to-secretly-manage-vast-wealth Former Syrian Vice President Rifaat al-Assad will stand trial in Switzerland on charges of war crimes and crimes against humanity https://trialinternational.org/latest-post/former-syrian-vice-president-rifaat-al-assad-will-stand-trial-in-switzerland-on-charges-of-war-crimes-and-crimes-against-humanity/ When will the British government impose public registries on its tax havens? Tax Justice Network blog from 2019 https://taxjustice.net/2019/03/04/when-will-the-british-government-impose-public-registries-on-its-tax-havens/  "The three Crown Dependencies have committed to introducing public registers. Guernsey, Jersey and the Isle of Man have private registers. However, in response to the 2022 ECJ ruling, in December 2022 the three governments said they would wait for legal advice before taking further steps." https://commonslibrary.parliament.uk/research-briefings/cdp-2023-0220/ (House of Commons Library) Dear European Court of Justice, you were played, Tax Justice Network blog on 2022 European Court of Justice ruling https://taxjustice.net/2022/12/05/dear-european-court-of-justice-you-were-played/  Officer: GINETTE LOUISE BLONDEL, Data from Paradise Papers - Malta corporate registry https://offshoreleaks.icij.org/nodes/56057386   Guernsey FSC Prohibitions and Disqualified Directors https://www.opensanctions.org/datasets/gg_disqualified_directors/   Trump demands countries surrender tax sovereignty at economic gunpoint, Tax Justice Network https://taxjustice.net/press/trump-demands-countries-surrender-tax-sovereignty-at-economic-gunpoint/    Countries should stand up to President Trump’s tax threat and continue working together to deliver a progressive global tax reform. https://www.icrict.com/non-classe/countries-should-stand-up-to-president-trumps-tax-threat-and-continue-working-together-to-deliver-a-progressive-global-tax-reform/    Our website with all our podcasts is https://podcasts.taxjustice.net/         

A world where someone pays $6.2 million for a banana duct-taped to a wall is a world that needs wealth taxes. But when wealth taxes are considered by politicians and governments, unsubstantiated spin and myth making dominates the debate. (If you can call it a debate). We look at the Tax Justice Network's modest wealth tax proposal which could help governments increase their national budgets by 7 percent a year, a potential global revenue of more than 2 trillion US dollars annually. And we discuss what research really says about so-called 'tax flight' by the very wealthy because of tax reforms. Will they really leave in droves? Featuring: Mark Bou Mansour, Tax Justice Network Alison Schultz, Tax Justice Network Victoria Gronwald of the London School of Economics. She's co-author of their report, Tax Flight. Britain's wealthiest and their attachment to place. Various AI-voiced excerpts from interviews with High Net Worth Individuals from the LSE report. Hosted and produced by Naomi Fowler, Tax Justice Network Transcript of the show is here (some is automated) https://podcasts.taxjustice.net/wp-content/uploads/2024/12/6m-banana-transcript_Dec_24.pdf  Further reading: Texas Judge Wrongly Halts Enforcement of Landmark Anti-Money Laundering Law https://thefactcoalition.org/texas-cta-injunction/  An update from FACT Coalition in the US on the US Treasury appeal against the Texas Judge’s Nationwide Injunction Against Corporate Transparency Act https://thefactcoalition.org/just-the-facts-12-12-24/ The Guy Who Bought (and Ate) That Banana Art https://slate.com/technology/2024/12/justin-sun-banana-art-crypto-billionaire-criminal-comedian-maurizio-cattelan.html  Countries can raise $2 trillion by copying Spain’s wealth tax, study finds https://taxjustice.net/press/countries-can-raise-2-trillion-by-copying-spains-wealth-tax-study-finds/  Tax flight? Britain’s wealthiest and their attachment to place, LSE report https://eprints.lse.ac.uk/121396/ Infographic: The extreme wealth of the superrich is making our economies insecure https://taxjustice.net/2024/08/19/infographic-the-extreme-wealth-of-the-superrich-is-making-our-economies-insecure/ Wiki: How to tax the superrich (with pictures) https://taxjustice.net/2024/08/19/wiki-how-to-tax-the-superrich-with-pictures/

What are the implications of Donald Trump's election victory for tax justice and the anti-corruption fight in the US and globally? We see a moment of clarity... Host Naomi Fowler talks to Alex Cobham of the Tax Justice Network based in Europe and Zorka Milin of the FACT Coalition in Washington, US. We also have two very good pieces of news: one is the latest vote at the UN as countries vote overwhelmingly to take negotiations on the UN Tax Convention to the next step, leaving the blocker nations in a tiny minority. And the second piece of good news is that despite huge lobbying to try to stop them, Australian politicians have shown how politicians really can act in the public interest - they've just passed legislation that means all major multinationals operating in Australia will now have to publish country by country reporting data on the scale of their activities, including profits declared and tax paid in a list of jurisdictions deemed as 'high risk.' It's not only good for Australia, it's going to shed light on what multinationals are doing in some other jurisdictions, which will help them tax fairly too. Transcript: (some is automated) https://podcasts.taxjustice.net/wp-content/uploads/2024/11/Transcript_Taxcast-November-2024.pdf  Further reading: The world is losing half a trillion to tax abuse, largely due to 8 countries blocking UN tax reform https://taxjustice.net/press/world-losing-half-a-trillion-to-tax-abuse-largely-due-to-8-countries-blocking-un-tax-reform-annual-report-finds/ UN General Assembly votes overwhelmingly to begin historic, global tax overhaul (US and UK left isolated as only 9 countries now oppose progress) https://taxjustice.net/press/united-nations-general-assembly-votes-overwhelmingly-to-begin-historic-global-tax-overhaul/ UN recording of the historic vote https://webtv.un.org/en/asset/k1b/k1bnm64xzs and UN summary of the vote https://press.un.org/en/2024/gaef3614.doc.htm The Tax Justice Network rolling blog on UN tax negotiations: https://taxjustice.net/2024/04/25/%f0%9f%94%b4live-un-tax-negotiations/ Australia's historic Country By Country Reporting bill passes https://taxjustice.net/press/tax-justice-network-hails-world-leading-australian-legislation-on-corporate-tax-transparency/ Find all our podcasts and further information on https://podcasts.taxjustice.net/         

Campaigning for change can feel like banging your head against a brick wall sometimes, but change is coming. On the Taxcast this month host Naomi Fowler talks us through three big tax justice wins:  First, the draft UN convention - showing exactly why the United Nations is so much better and more democratic a place for the world to truly reform international tax rules. Second, the Financial Action Task force has announced important changes which indicate a shift away from the colonial mindset that established a system that's not working because it fails to hold the really big offender nations to account. And third, the Australian government seems to be holding its nerve against major lobbying pressure and is getting closer to implementing its world leading country by country reporting legislation, which is superior to the one the European Union uses and the OECD advocates. It'll cast light on the genuine activities of multinationals for other nations as well, so they can tax them more fairly too. Featuring:  Alex Cobham and Florencia Lorenzo of the Tax Justice Network Mark Zirnsak of Tax Justice Network Australia Further reading: Transcript of the show (some is automated) https://podcasts.taxjustice.net/wp-content/uploads/2024/10/Transcript_Taxcast_Oct_24.pdf  UN convention draft resolution https://undocs.org/A/C.2/79/L.8 FATF changes its grey listing criteria to further focus on risk https://www.fatf-gafi.org/en/publications/Fatfgeneral/FATF-grey-listing-criteria.html Bahamas attorney general leads Global South's push for UN tax cooperation deal https://www.batimes.com.ar/news/world/bahamas-ag-leads-global-south-push-for-un-tax-cooperation-deal.phtml  Ten Truths about Tax Havens: Inclusion and the "Liberia" Problem https://brooklynworks.brooklaw.edu/faculty/1287/ Global civil society calls on Australian senators to hold firm and deliver corporate tax transparency https://taxjustice.net/press/global-civil-society-calls-on-australian-senators-to-hold-firm-and-deliver-corporate-tax-transparency/  Our website with further information is here: https://podcasts.taxjustice.net/production/taxcast/