7 Places Where the Wealthy Hide Their Money

7 Places Where the Wealthy Hide Their Money


Population: 69,467    GDP: $4.5 billion


Tax incentives: No corporate income tax. Also, as Bloomberg reports, a legal loophole lets insurance companies move cash through Bermuda with no financial penalty from the IRS.


Foreign cash: Around 40 percent of the island's GDP comes from financial services, according to Bloomberg Businessweek.


Famous "resident": Billionaire hedge fund manager John Paulson, who sent $450 million on a roundtrip vacation in 2011, which let him pay lower personal income tax rate and delay payments "indefinitely," according to Bloomberg


This story by Keith Wagstaff originally appeared at TheWeek.com. More from TheWeek.com:

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