As Elon Musk vows never to incorporate a business in Delaware again, another tax haven emerges from the shadows: Wyoming. Recently, the European Parliament labeled America’s least-populated state a hub of “financial and corporate secrecy” for oligarchs, dictators, and tycoons. But despite its quaint population, Wyoming has seen a 30% rise in filings over the past year, thanks to its lack of corporate oversight and newfound popularity among small business owners.

• According to the ICIJ, Wyoming’s “Cowboy Cocktail” entitles the global elite to move billions through the US with unprecedented secrecy — combining a state trust with layers of private companies, it becomes difficult to detect tax avoidance, evasion, or financial crime.
• Unlike Delaware’s complex and increasingly hands-on regulations, Wyoming offers an “unregulated” approach, operating outside state supervision — notoriously understaffed with just three employees overseeing trust compliance.

Open for business: While the $100M deposit required for a Wyoming trust is out of reach for all but the top 0.1%, the state’s $99 LLC is widely popular with Americans and foreigners. Wyoming doesn’t mandate filing annual tax returns, and non-US residents particularly benefit since LLCs aren’t taxed on foreign-sourced income. Strong privacy protections also make it an attractive destination for digital nomads and online businesses. Yet despite managing at least $31.5B in trust assets, Wyoming’s hoped-for economic diversification remains elusive, as lawmakers have yet to impose minimal taxes on trust industry profits.