It might not sound 100 percent legit, but offshore accounts, shell companies and tax havens are all legal methods U.S. individuals can use to lower their tax liabilities. Just take a look at the recent leak of the Panama Papers. According to the Guardian, the 11.5 million files released from an offshore law firm revealed that 143 politicians — as well as their family members and associates — have been using offshore tax havens.
“The No. 1 benefit of a tax haven is the obvious benefit of saving money on taxes,” said David Hryck, a New York tax lawyer and finance expert with Reed Smith.
