MONEY: A New Stash For Hot Cash

For decades Americans—as well as Canadians and Europeans—have avoided taxes on some or all of their income by placing money in "offshore" real estate developments, banks and other companies located outside the U.S. The principal headquarters for these outfits, many of which reinvest their capital in U.S. securities, has long been Nassau, capital of the Bahamas. It is listed as the place of incorporation for thousands of businesses that actually have their assets elsewhere. Suddenly, much of the world's offshore money—a lot of it hidden from homeland tax men or otherwise "hot"—is...

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