Tuesday 23 decided offshore company is absolutely legal

Economy Minister Paulo Guedes said this Tuesday 23 that having an offshore company is absolutely legal and that by taking over the federal governments portfolio he made a sacrifice for Brazil The statements were made at the Committee on Work Administration and Public Service and on Financial Inspection and Control of the Chamber of Deputies after the minister was summoned to give explanations on financial transactions abroad through offshore in a tax haven

If I die instead of half being owned by the government it goes to succession And that explains why you put a relative a son a daughter a spouse he said Guedes also said that before taking office in the government he gave up his investments I divested with a huge loss I lost more than the value of this offshore when I gave up ten years of work.

Everything my hand achieves everything Ive been doing for nine years I sell and give up investing in capital I wont have won Its a sacrifice for the country he stated emphasizing that he gave up resources and companies that were under his administration.

Offshore is an absolutely legal investment vehicle It is absolutely legal defended the minister By detailing the reason for having family members in the case of the daughter as offshore shareholders he justified that these are succession issues The minister also admitted that he has offshore to avoid US taxation.

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