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Non-Tech : Offshore Investing for Tax Avoidance

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To: David Post who wrote ()2/19/1999 2:38:00 PM
From: Philip S. LaMar Jr., J.D.  Read Replies (1) of 3
 
David,

I have noticed that your submissions are all over the Silicon Investor asking for offshore services, and specifically inquiring about providers other than The Barrington Group, Inc. I work at The Barrington Group, Inc. and take no offense that you would look for other firms. Since you are poised to take an important step with regard to your personal financial situation, you should proceed with caution.

If you find someone else, here are some pointers: avoid those firms who make outlandish claims such as "never pay taxes again," "work with us to hide your money," "open a secret account with us." Also, it may be useful to meet the provider face to face so that you can make a personal assessment. Make sure that the location of your assets is safe-- ie. in a REAL bank or insured brokerage account. Don't ever place your money in the provider's own "Funds." Finally, it may be best to avoid some of the more traditional havens such as the Cayman Islands as they are under close scrutiny. While you will not be doing anything illegal if you choose a reputable provider, there is no need to invite an audit by doing business in Cayman. Even for innocent taxpayers, an audit is a major inconvenience.

Best of luck!

Philip LaMar, Jr., JD
THE BARRINGTON GROUP, INC.
barringtongroup.com

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