Republican presidential candidate Mitt Romney owns investments worth between $7 million and $32 million in offshore-based holdings, which are often used legitimately by private equity firms to attract foreign investors. Romney has acknowledged that some of his investments are based in the Caymans, but he has not identified all of the specific accounts and the amounts based there. The Caymans have often been associated with individuals and corporations seeking to avoid paying U.S. taxes. However, according to Offshore Tax Compliance Chair Kevin Packman, it is legal for U.S. residents to own investment accounts that are set up there. "If you file the forms and report the income, you are 100 percent legal," said Mr. Packman.
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