Romney has USD 250 mn in offshore accounts: Report

Last Updated: Wednesday, July 4, 2012 - 14:14

Washington: Presumptive Republican nominee Mitt Romney has amassed massive fortune, estimated to be almost USD 250 million, in complex and opaque offshore investments, according to a report.

According to a report in Vanity Fair, Romney has a Swiss bank account and has interests in tax havens like Bermuda and the Cayman Islands.

Vanity Fair noted that Romney has continued to receive large payments from Bain Capital since leaving the private equity firm in 1999, New York Daily News reports.

The report said that Romney has personal interests in at least a dozen of the 138 or more funds organized by Bain in the Cayman Islands.

"Romney`s financial disclosure form lists 25 such investments in an open-ended category labeled "over USD 1 million," Vanity Fair reported.

The report said that Romney-related funds are worth as much as USD 30 million and hidden behind confidential disclaimers.

Romney had paid a 14 percent tax rate on USD 21.7 million in income in 2010, which is far lower than the rate paid by many Americans because his earnings comes from investments rather than wages.

However, the Romney campaign has insisted he does not use the havens to avoid paying US taxes, but the report said that it is impossible to confirm that he is not seeing a savings.


First Published: Wednesday, July 4, 2012 - 14:14
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