The Property Thesis · 2 of 8
Offshore accounts
123 million accounts reported across borders in one year. The gap offshore once offered is a reporting schedule now.
Hold wealth under a different rulebook, where cooperation between states was slow.
The US Foreign Account Tax Compliance Act (2010) and the OECD Common Reporting Standard require financial institutions to report accounts held by foreign residents to their home tax authorities. In 2022 alone, 123 million accounts holding about €12 trillion were exchanged.3 Since September 2023 the IRS has used machine learning to select large partnerships for audit.4
The annual exchange becomes continuous matching: reported balances checked against declared income by machine, before anyone opens a file.
The gap offshore once offered is a reporting calendar now.