Word: nassaue
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...well as Canadians and Europeans-have avoided taxes on some or all of their income by placing money in "offshore" real estate developments, banks and other companies located outside the U.S. The principal headquarters for these outfits, many of which reinvest their capital in U.S. securities, has long been Nassau, capital of the Bahamas. It is listed as the place of incorporation for thousands of businesses that actually have their assets elsewhere. Suddenly, much of the world's offshore money-a lot of it hidden from homeland tax men or otherwise "hot"-is fleeing Nassau. Millions of dollars...
...long as U.S. shareholders do not report the earnings from such investments to the IRS, they can escape-illegally-the taxes due on them. The islands' registrar is several months behind in processing companies' new applications, and planeloads of businessmen arrive daily on flights from Miami, Nassau and Costa Rica to file new ones. Aside from meeting a few rudimentary regulations, they are free to run their firms with no government interference. Says a recently arrived investment banker: "We like the place because it is suitably devoid...
...cynic can start small. A shrewd shopper may buy an entire ten-acre island in Deerskin Lake, Wis., for $115,000. For a bit more, the Bahamas' entire Whale Cay, complete with mansion and matching village can be acquired: 650 acres, 20 minutes by plane from downtown Nassau, seven white-sand beaches, and all priced to sell at $3,500,000. Is the purchaser partial to antiques? He can live in one (when he is not in his Breuer building). A restored castle near the Loire is a franc bargain...
GESTATIONAL CHORIOCARCINOMA. Before chemotherapy, this cancer that originates in the placentas of pregnant women killed 90% of its victims within a year. Drs. Min Chiu Li of Nassau Hospital, Mineola, N.Y., and Roy Hertz of New York Medical College, Valhalla, N.Y., have used chemotherapy to apparently cure up to 90% of patients diagnosed within four months of the onset of the disease...
PRINCETON-YALE--Things are returning to normal at Old Nassau. The undergraduates wear orange and black buttons reading "Bring back the Old Princeton;" membership at the Clubs is increasing after a few lean years; and the Trustees have brought ROTC back on campus without any opposition. Today, Princetonians will maintain another tradition -- losing to Yale -- which they have done more often than not over the last century. Yale...