In the past year or so some foreign based banks have been forced to divulge the names of their US account holders in efforts to track hidden taxable money.
When I was doing work in Bermuda in late 2008 I spoke to some embassy people and there was news of an agreement between the IRS and the Bermudian banks to share info on US account holders. I remember reading a local newspaper and the concern of mass unemployment due to this agreement causing people to move their 'investments' to Cayman Islands or other countries.
Downtown Hamilton (Bermuda) is full of small 'Private Holdings' and 'offshore asset management' companies.
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2008 C6 Z06
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