Transcript for Romney Invests in Offshore Funds
Not too far off the Florida coast certain tiny islands hold a staggering amount of American money thanks to offshore. Investment funds. And a very famous name in politics is tied to several of those funds. Tonight ABC's Brian Ross investigates Brian. Bill Mitt Romney and his supporters say his wealth is a sign of his success that will make him a great president. But at the same time Romney has gone to great lengths to keep secret many important details about his wealth. Including as ABC news discovered. Whether he uses tax loopholes available only to the super rich. -- find answers we followed the Romney trail of wealth to the Cayman Islands in the Caribbean. Barry has billions of dollars of his personal wealth incorporation set up here. While some people come for the beautiful sea and white sand beaches the -- are best known as one of the world's great tax havens where secrecy. Is the -- if you have a Kaman Corp. you don't pay any -- to the Cayman government and the Cayman island nation don't report. -- come -- made to the US government. Nothing in Romney's financial disclosure forms required for all presidential candidates reveals his connections to the commitments. But listed under his investments. Are at least twelve separate funds with potentially as much as thirty million dollars that we were able to track back to the islands. For example the -- listed in tiny print as Bain Capital fund eight. Officially registered in the -- by Romney's former company Bain Capital. In fact official documents show. Bain Capital has set up some 138. Secretive offshore funds in the caimans that are nothing more than a post office box. There are rows and rows of post office boxes here the central postal station and grand Cayman for all the companies come from overseas to take advantages of the tax -- here. This is the one used by -- this is their post office box 908. Other than the box number. Everything else about the -- accounts is kept secret from outsiders. Can you confirm their accounts here not helpful as we found when we -- Lucy Baines registered agents who set up the accounts. You're familiar with the vain and I can't advocacy and because of governor Romney's run for president we're all interest in -- -- why he has. This company had accounts -- here. Fortunately school you can't talk about quote. Nothing at all the fatal. No -- of the people who get their mail a grand Cayman post office box 908. Bain Capital confirm anything about the funds what they own who are the other investors. Tax lawyers and experts tell ABC news that companies like being set up their accounts here in the caimans and and other tax havens. Primarily to attract foreign investors. Who want to invest in US companies without having to pay US taxes. That's great for -- and for the foreign investors but not so great for the US treasury and the American taxpayers. Honest taxpayers and the lasers because. To the extent any Evian masters in those funds are avoiding paying their taxes whether US or and some other country the rest of the taxpayers make up the difference. As for his own taxes Romney says the Cayman accounts are taxed no differently than they would be in the US. Without saying why he put his money there in the first place I could tell -- we follow the tax laws and and if there's a an opportunity to save taxes we like anybody else in this country we'll follow that opportunity health insurance as a candidate for senate against Ted Kennedy in 1994. -- they demanded Kennedy make his tax returns public asking what he had the high. Now those same questions are being asked about him in this camp. Every candidate out there they should put their taxes. Including net that the idea that you could run for president. And not release your taxes is an absurdity. And this week Romney admit. Is effective income tax rate is far below the 35%. Tax bracket for the well. Closer to the 15%. Romney now says he may release his latest tax return in April. And it may be the only way for him to answer all the questions about his taxes and his offshore accounts -- Is personal financial news or poster child -- of what's wrong. With the American ten anxious if he bastion disclosure and we can't show you. Whatever he shows about tax is certainly -- such. Rob his critics are already crying foul saying he asked to release more than just the latest tax return to give a full picture of his affairs. And bill tomorrow night more on the political investigated -- when we'll hear from one of -- languages two ex wives Marianne. Breaking here along silence here I'm not -- saying there are things that voters need to know about her ex husband. I just stay out of hand and he's said. Calista doesn't care what I do you know who was Hussein -- --
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