In another blow to Republican presidential candidate Mitt Romney’s attempt to maintain a “shroud of secrecy around the details about his vast personal wealth,” ABC News reports, the candidate personally has millions of dollars in investment funds located in the Cayman Islands, a “notorious Caribbean tax haven.”
“ABC is flat wrong,” said Romney campaign spokeswoman Andrea Saul. “The Romneys' investments in funds established in the Cayman Islands are taxed in the very same way they would be if those funds were established in the United States. These are not tax havens and it is false to say so.”
Romney has as much as $8 million in at least 12 investment funds listed on a Cayman Island registry, according to ABC News. He also has another investment worth between $5 million and $25 million listed on securities records that had been "domiciled" in the islands.
Campaign officials and those at Bain Capitol, which Romney once ran, told ABC News that the reason the funds were located in the Cayman Islands was to attract money from foreign investors, and that Romney got no tax advantage from them.