Want to hide your money from the taxman? This company can help you do just that

Story highlights The company in question can’t be used to shield your money from the taxman You need to look elsewhere for these spots to hide your money What if you were a Canadian…

Want to hide your money from the taxman? This company can help you do just that

Story highlights The company in question can’t be used to shield your money from the taxman

You need to look elsewhere for these spots to hide your money

What if you were a Canadian businessman-turned-convict trying to hide your money from the taxman or could be accused of tax evasion?

Surely, you’d prefer to find a hideaway of your own to avoid a trip to jail. But how would you go about it?

We want to know. That’s why, as of this writing, we have help on our hands.

According to a report from The Globe and Mail , a global investigative news outlet, as well as Reuters, a Canadian businessman named Walter Tristram established Canada Life Advisors Ltd. (CLA) in 1999. CLA was registered to do business in Delaware, an island tax haven. CLA then offered offshore accounts to investors that would shield their money from taxes.

At that time, the Canadian Securities Administrators and the United States Securities and Exchange Commission had launched an investigation into CLA.

Fortunately, U.S. authorities looked into CLA in 1999 after they received a tip about its mysterious investment products. According to The Globe and Mail, the SEC found troubling things about the products that CLA sold.

Ultimately, after the SEC’s investigation into CLA closed, Tristram re-registered the company in the Bahamas. By 2001, he had pulled a hefty $55 million out of CLA.

That is, until last year, when an investigation by The Globe and Mail found that CLA used $70 million of that money to make a $160 million loan to a Bermuda company called Brighthouse Financial — a payday loan lender that charged interest rates as high as 16,000%. That money, of course, is also now a target of the U.S. Department of Justice.

Tristram is still wanted for tax evasion. According to The Globe and Mail, authorities believe that he used two offshore companies to hide a total of $700 million from the taxman. Tristram has already been sentenced to serve five years in prison for financial crimes unrelated to his involvement with CLA. He was released in 2009 and pleaded guilty to one count of knowingly converting property for his own personal use.

If you are in a similar situation, The Globe and Mail has come up with a solution. You should consider signing up with Passport Freedom, a free mobile passport-enrollment tool for travelers in North America, Latin America and Europe. Passport Freedom will help you confirm which countries allow you to sign up for and use deposit accounts that pay interest.

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