From watching TV shows and movies, it looks as though you have ‘papers’ of the bank account. And usually, for dramatic effect, the papers are burned or destroyed somehow. Does this mean that their money is now lost?
And what makes it secret? Is it not in your name? If so, how do you prove its yours or have access to it? And why are they always in somewhere like the Cayman Islands?
I feel like TV shows and movies throw together plotlines about secret bank accounts constantly but I have no idea how they work.
In: Economics
There are countries (like The Cayman Islands, The Maldives, and Macau) where bank accounts are identified by number and not by the owner. There are also law firms that specialize in starting companies and bank accounts for said companies in order to shelter the money in those bank accounts from government investigation and taxation.
I recommend that you watch The Laundromat on Netflix for an entertaining explanation of those law firms.
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