To off shore bank or not to off shore bank

Ive seen a few Gurus on other sites advocating this. Maybe its a good deal and maybe not.

My opinion: Not.

Ive read an article in the New York Times (or maybe it was Yahoo News) about a CEO of an elctronics firm that hid his money in a "Safe Haven" in the Caribean. The rule on the island changed and they caught him to the toon of like 50 million in back taxes.

The US government is always putting pressure on these havens to reveal their depositors. Now and then one cave in and those people are hit for taxes, penalties and interest.

Here are some articles on the subject:

http://www.nytimes.com/2011/04/13/business/global/13tax.html?ref=offshorebanking

http://www.nytimes.com/2011/09/06/business/global/swiss-banks-urge-united-front-against-us-pressure-on-tax-evasion.html?ref=offshorebanking

http://www.nytimes.com/2011/07/13/business/new-efforts-to-tighten-rules-on-offshore-trading.html?ref=offshorebanking