Tag: Overseas

Rich Mexicans Are Fleeing to Miami and Funneling Money Overseas

(Bloomberg) — Two years into his campaign to crack down on rampant tax evasion and corruption in Mexico, President Andres Manuel Lopez Obrador is scaring the rich into shipping their money abroad.

The very first signs of this capital flight date back to the run-up to Lopez Obrador’s landslide electoral victory in 2018, and they mounted after he implemented new laws against tax evasion late last year, according to interviews with a dozen wealth managers, tax advisers and bankers. Now, the populist president’s response to the pandemic — in which he’s refused to provide fiscal stimulus to shore up the

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