"It is legal to have an offshore account, provided it is reported and any taxes are paid. Failure to disclose such holdings is a felony punishable by up to five years in prison."

Bobert:

Please re-read and tell me where it says it is legal not to pay taxes on offshore accounts. It says it is not legal but you keep saying it is legal.

If money is stashed away and not reported and taxes not paid, it is illegal. It is not a tax loophole but you insist it is a "legal" tax loophole.

You are pulling our leg. You can't be that niaeve. But then again, anybody that believes the minimum rant for an apartment is $1300 could possibly be that niaeve.

And you insist that only rich people can have offshore accounts. Even you can have an offshore account so I guess that makes you rich.


Now, About That Account in the Cayman Islands - John M. Mathewson's computerized records may expose tax evaders he helped in the Cayman Islands - Brief Article
Insight on the News, Sept 6, 1999 by John Elvin

The light federal sentence handed down to John M. Mathewson of San Antonio for helping U.S. citizens evade taxes while running the now-defunct Guardian Bank and Trust Ltd. of the Cayman Islands could spell trouble for tax-evaders. Mathewson was given probation after providing prosecutors with computerized records that authorities say may produce charges against 1,500 Americans.

http://findarticles.com/p/articles/mi_m1571/is_33_15/ai_55739267