Another point worth considering is the atrocious cybersecurity practices of the vast majority of offshore agents and jurisdictions. Liechtenstein's UBO database was hacked recently, and there is no hiding that information anymore once it’s public or for sale. It wouldn't surprise me if tax agencies were paying large sums for those infodumps in order to create parallel construction from them.

A funny anecdote that also illustrates this point: I was asking the owner of a pentesting company about their registered agent for the formation of a private LLC, and he quickly replied to me—'What privacy? I hacked my registered agent almost by chance! I tried fixing an email forwarding issue I had with them and ended up having access to all client mail. There is no privacy if they can be hacked so easily.'

I think the takeaway is that these systems still adhere to legacy institutions operating under centralized databases. You can have a reasonably private structure on paper, but wait until one bank, agent, or government database goes for sale, and see how quickly all that privacy evaporates.