User: Brian Ripley: Euro Real Estate: Picture

Stealth Money - Taxation and Corporate Invisibility 
LONDON: Since you do not pay taxes just to live there (in London) on your earnings outside of Britain, they (the wealthy) can live in London effectively tax free ON THAT FOREIGN income. 
NEW YORK: Behind a New York City deed, there may be a Delaware LLC, which may be managed by a shell company in the British Virgin Islands, which may be owned by a trust in the Isle of Man, which may have a bank account in Liechtenstein managed by the private (black book) banker in Geneva.  
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