As it appears in an annex to the accounts of its last parent company in the Old Continent, the manager has placed BlackRock Cayman 1 LP as its next company in the chain before arriving in Jersey and the USA. That is to say, that the profits that Blackrock Group Limited distributes from now on will make them pass through the tax haven of the Cayman Islands. A jurisdiction where dividends are taxed at 0%. In addition, the US entity has also placed a second parent company in these Caribbean islands, October 2019 Calendar Word, LLP. From Cayman, the operation remains identical to a year before. Despite the opacity of this jurisdiction, in documents sent to the National Securities Market Commission, when BlackRock buys relevant shares in a company, it appears that, after Cayman, the following crossing points remain Jersey and Delaware. This network, although legal, allows the dividends distributed from society to society to be exempt from paying taxes for the agreements between the territories in question and the tax system of Cayman and Jersey, as explained by tax experts.
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Beyond that, BlackRock did not act until 2018 with total transparency. In a document for investors he detailed his corporate network … although he omitted the framework from the United Kingdom to the United States. The company registered in Jersey and three others in Delaware did not appear in any section of the report as a waypoint for their dividends. The entity limited itself to review – by means of a scheme in which it is reflected that there are intermediate companies omitted – that the matrix of BlackRock Group Limited (United Kingdom) was directly BlackRock Inc., the final company in Delaware.
These papers, however, were drawn up before placing the two companies of the Cayman Islands in their fiscal web. Asked by ABC, BlackRock defends its relationship with the two tax havens. “These companies domiciled in the Cayman Islands give October 2019 Calendar Word greater flexibility in distributing liquidity and meeting our investment needs as they arise. They have been established in these territories because their legislation and legal framework are well developed, offer security, facilitate registration and are flexible enough to cover business needs. “