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-- Seychelles
-- Saint Lucia and
-- Saint Kitts and Nevis; among others.
In a 1998 report, the OECD said tax havens were "expanding at an exponential rate."
However, they're not for everyone. Much depends on residency status (domicile), individual circumstances, and, of course, personal wealth. According to some, they hold over $5 trillion in high net-worth accounts, free from home country scrutiny and taxes. A US congressional committee estimated that private banks manage $15.5 trillion in assets, much of it hidden offshore. For US residents, foreign accounts are legal, but must be disclosed on tax returns. Not doing so is a crime.
Nonetheless, secrecy makes hiding wealth easy, and according to the Federal Reserve, establishing and managing offshore accounts has become big business for major global banks and other financial institutions - better still because the IRS does little to locate offshore tax cheats even though they fully understand the problem. Being rich and having good advisers are essential to take advantage. Also an inclination to cheat the tax man and get away with it, hoping no one like Birkenfeld will blow the whistle.
Stephen Lendman lives in Chicago and can be reached at lendmanstephen@sbcglobal.net. Also visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.
http://www.progressiveradionetwork.com/the-progressive-news-hour/.
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