Japanese tax authorities have blocked a tax-saving scheme involving a foundation in the small European nation of Liechtenstein.
A Japanese resident established a foundation in Liechtenstein with a capital of 30,000 Swiss francs (around $35,000, or 5.1 million yen), according to sources.
While the foundation claimed its purpose was to make charitable donations to people in need of financial assistance, it also owned a company in the Bahamas, southeast of Florida, roughly 8,000 kilometers from Liechtenstein.
This Bahamian company held bonds worth around…