The Perils of Tax Havens

They make less sense than ever now that the IRS is onto offshore credit-card accounts

The website of the offshore Secrets Network is one of many that promise average investors entry into the rarefied world of private banking. Set yourself up in a Caribbean or Alpine tax haven, and you are in league with the superrich--with Marc Rich!--who cloak their identities and shield their assets from prying governments. With your shell company as host of a nameless Visa or Amex card, you are trading stocks, purchasing cars, paying bills and getting cash from ATMS--and leaving no trail. You are thumbing your nose at grasping creditors, ex-spouses, plaintiff's lawyers and tax collectors. And these days, you are...

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