10 Oct '13, 1pm

Bitcoin is the offshore tax haven of the future

Bitcoin is the offshore tax haven of the future

During the 2008 election, much hay was made of GOP presidential candidate Mitt Romney’s stashing millions of dollars in Cayman Island investment funds as a way to avoid paying taxes. According to an essay published earlier this month in the Michigan Law Review , University of Florida law professor Omri Marian predicts future electoral contests may see similar charges hurled at the next generation of well-coiffed plutocrat candidates—except with a virtual wallet full of bitcoins in the place of a P.O. box in a sunny Caribbean locale. Ttitled “Are Cryptocurrencies 'Super' Tax Havens? ,” the article points to how the very nature of Bitcoin , combined with a recent shift in how the United States government deals with foreign banks shielding U.S. citizens from taxation, has the potential to make encrypted, electronic currencies the “weapon of choice for tax evaders.” Traditiona...

Full article: http://www.dailydot.com/business/bitcoin-offshore-tax-haven/

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