DoJ Busts Two Cayman Island Trusts

estate in the tropics


On March 9, 2016, the U.S. Department of Justice (DoJ) and Internal Revenue Service announced the guilty pleas of Cayman National Securities Ltd. (CNS) and Cayman National Trust Co. Ltd. (CNT) for conspiring with their US-taxpayer clients to hide more than $130 million in offshore accounts and to evade U.S. taxes on the income earned in those accounts. CNS and CNT agreed to turn over information about their U.S. account holders and pay a total of $6 million in financial penalties.

The government’s  landmark 2009 victory against Swiss banking giant UBS AG was the beginning of the end for global bank secrecy. With so many legal ways to protect assets and reduce taxes, US citizens would be foolish to try to hide money in the remaining jurisdictions that the IRS and DoJ have not yet fixed in their sights.

For example, residents of the other 49 states can create Domestic Asset Protection Trusts in New Hampshire and take advantage of our robust creditor protection statutes – and the fact that we don’t tax trust income!

To learn more about the New Hampshire Trust Advantage call me at (603) 554-8464, or send me an email.


Best Regards,