NYT Excerpt: Offshore Banking In Belize | WAMU 88.5 - American University Radio

NPR : News

NYT Excerpt: Offshore Banking In Belize

This week in The New York Times Magazine, Adam Davidson opens a hard-to-trace offshore company in Belize, which turns out to be a piece of cake:

"Setting up the company was a lot cheaper than I expected. A&P charged $900 for a basic Belizean incorporation and another $85 for a corporate seal to emboss legal documents. For $650 more, A&P offered to open a bank account to stash my fledgling operation's money in Singapore — a country, the Web site also noted, that 'cannot gather information on foreigners' bank accounts, bank-deposit interest and investment gains under domestic tax law.' And for another $690, it offered to assign a 'nominee' who would be listed as the official manager and owner of my business but would report to me under a secret power-of-attorney contract. Then an A&P associate asked me to fill out the incorporation information online, just so she wouldn't type in anything incorrectly. The whole thing took about 10 minutes."

Read the full column to find out what happened next, and why offshore companies are so popular — and so hard to monitor. And we'll have more soon on setting up our own offshore company.

Copyright 2012 National Public Radio. To see more, visit http://www.npr.org/.

NPR

Lovely Illustrations From The Story Of A Black Boy Who Dreams Of Going To Mars

The authors — who are black and queer — didn't see a lot of kids like them in children's books growing up. They wanted to help change that.
NPR

Game For Ancient Grain: Palestinians Find Freekeh Again

The young, roasted form of wheat has been eaten in the Middle East for millennia. But over time many Palestinians replaced it with rice. Now it's becoming a nutritious, native food worthy of pride.
NPR

Just How Big Is The Asia Trade Deal Obama Wants? It's A Beast

The 12 countries in the Trans-Pacific Partnership account for almost 36 percent of the world's economy, which would make TPP by far the largest U.S. trade pact.
WAMU 88.5

New Transit App, Split, Pushes User To Share The Backseat

A new entrant into the growing world of on-demand transportation apps in the District uses sustainability as its pitch — with users sharing the ride with others going the same direction.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.