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| Flags of Convenience |
Douglas McWhirter
05/02/2005
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 A Swiss bank account was once synonymous with wealth, mystery and individual sovereignty. Offering investors complete anonymity, this fabled financial fortress seemed unassailable. It placed assets far beyond the reaches of creditors, tax collectors, ex-spouses and plaintiffs.
Today, this and similar strongholds in offshore havens such as Panama, Liechtenstein and the Cayman Islands are under siege. With broad powers born out of policy wars against drugs, terrorism and money laundering, the United States can unearth and examine the most private financial matters of its citizens almost anywhere in the world. Yet, despite its best efforts, the government has either failed or chosen not to eliminate some of these safe harbors.
In the pages that follow, we examine the current state of offshore asset protection. We scrutinize the various legal options investors can still use to safeguard their wealth in foreign countries. And we recount the stories of individuals who, for a variety of reasons, chose to relinquish their U.S. citizenship.Illustration by Stephen Webster
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