Everyone understands the appeal of an offshore vacation.
But why would anyone want to stay home, then leave their money offshore?
You've seen stories about Mitt Romney's offshore accounts. Nothing illegal about it - Americans, especially the super-rich, sometimes park their money in places like the Cayman Islands, Switzerland and Bermuda. But why? What do they gain from offshore investing?
Some people are keeping money offshore to keep it safe from lawsuits. Another thing they might do is set up foreign companies so they pay less corporate taxes here.
You keep money offshore to protect it, and maybe, defer income taxes. So why don't we all do this?
We've learned three things: We've learned why rich people keep money off-shore: so they might be able to avoid some income taxes and keep their money safer. We've also learned why you can't: It's too expensive. And we've also learned another way the rich get richer.
Want to learn more about offshore investing? Go to MoneyTalksNews.com and do a search for "Offshore."
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