A Quebec judge has detailed how Canada was used as a tax haven by French families to shield their billions from France\u0027s tax system. Read on
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Rich families were able to avoid for years France’s wealth tax through the ruse of the Canadian trust, the court said.Despite years of legal infighting within the group, the secrecy of their system ensured that no names leaked out for years. But in 2021 Canadian courts dealt them a blow by ruling that they could no longer hold back information about the beneficiaries from French authorities and press reports started coming out.
Doron described during the Quebec trial how her law firm would regularly destroy and throw out computers to “protect” the identity of the beneficiaries of the trust. The group avoided using their clients’ names, referring to them with acronyms such as BE or SC or nicknames such as “the fishers” or “our friend.” They preferred sending faxes rather than emails to avoid any digital fingerprints on servers.
Initially, the billions were “hidden” in Bermuda, the judge said. The vast majority of the money was eventually moved to Singapore after the Caribbean archipelago signed a tax treaty with France in 2009. Just two years later, the assets were sent to Canada over fears that Singapore would no longer protect the identity of the beneficiaries.
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