Saga of offshore secrets unfolds

Picture this. Your firm investigates a somewhat secretive offshore investment option but decides not to proceed. For personal reasons, however, you decide to invest some of your after-tax income in such an offshore trust for the benefit of the children.

Let's leave aside for the moment that certain tax issues may arise on the investment income, the essence of this trust is that it is untraceable. According to the strategy designed for your company, no document relating to it will ever be sent to an address in the State and no meetings will take place inside the State.

So secret is the trust that, under the document, beneficiaries are instructed not even to allow the executor of their will to have the details to ensure that, if they die, the details can be passed on to their heirs. It will be up to the trustees outside the State to figure out, eventually, that you are dead and circumspectly inform the trust's beneficiaries.

Now imagine that, despite all the exhortations to secrecy, you keep the very documents outlining the scheme and they go out of your possession . . . need one say more?