Charles Dharapak, Associated Press
WASHINGTON — An Associated Press examination of financial records of Mitt Romney shows that the Republican presidential candidate has offshore-based investments worth between $7 million and $32 million.
Offshore accounts are often used legitimately by private equity firms to attract foreign investors. Tax experts say offshore accounts also enable wealthy investors to defer paying U.S. taxes on some assets.
The AP analysis found at least six funds set up in the Cayman Islands. The small Caribbean island chain has long been used as a base for international investments because of its low tax rates and financial secrecy.
Romney has acknowledged that some of his investments are based in the Caymans, but he has not identified specific accounts and amounts. There is no indication he uses the accounts to dodge U.S. tax obligations.
- University of Phoenix founder dies, leaving...
- Running again? Mitt Romney tells Hugh Hewitt...
- 10 things to know about corporate inversions
- A New York Times article said Michael Brown...
- It's about time the government recognize the...
- UN: Ebola cases could eventually reach 20,000
- Is James Foley a martyr? A brutal death...
- Angelina Jolie, Brad Pitt wed privately at...
- A New York Times article said Michael... 42
- Running again? Mitt Romney tells Hugh... 34
- For the first time in American history,... 30
- 10 things to know about corporate... 27
- Doug Robinson: When did Missouri turn... 24
- Obama back at White House after summer... 17
- Why the poverty cycle is harder to... 15
- Winning plaintiffs in 3 states want... 14