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

Centenarian Poet Was A Fearless Guide To 'The Country Of Old Age'

Poet and author Margaret Howe Freydburg died last week at 107; she wrote and published well past her 100th birthday. Her friend Nancy Slonim Aronie has an appreciation of a remarkable woman.
NPR

Margaret Hamburg Ends Six-Year Run As FDA Commissioner

Margaret Hamburg ended her run this week as one of the longest serving Food and Drug Administration commissioners in recent decades.
NPR

Sen. Robert Menendez Indicted On Corruption Charges

Sen. Menendez of New Jersey has been indicted on corruption charges. These are the first criminal charges brought against a sitting U.S. Senator in seven years.
NPR

U.S. Creates First Sanctions Program Against Cybercriminals

President Obama signed a new executive order that will allow the administration to freeze the assets of any individual or group involved in "malicious" cyberattacks.

Leave a Comment

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