Mitt Romney, the front-runner in the Republican presidential race, reportedly invested millions in the Cayman Islands, according to ABC news.
It is estimated that Romney’s fortune amounts to around $250 million, and on Tuesday he revealed that he pays 15 percent on his taxes, much lower than many Americans.
More on GlobalPost: Romney: I pay "closer to the 15 percent range" in tax (VIDEO)
The ABC report, based on securities records and documents from Bain Capital, states that Romney has $8 million invested in at least 12 funds in the Cayman Islands, and Bain Capital, formerly run by Romney, has control over “138 secretive offshore funds in the Caymans.
"Although it is not apparent on his financial disclosure form, Mitt Romney has millions of dollars of his personal wealth in investment funds set up in the Cayman Islands, a notorious Caribbean tax haven," ABC News reports. "As the ... Read Post
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Former Massachusetts governor Mitt Romney (R) has millions of dollars invested in a Cayman Islands registry that allows him to minimize the amount of taxes he pays on his estimated $250 million fortune, ABC News reports. Read full a... Read Post