Comment by caymanjim

It's not legal for Americans to completely avoid taxes simply by operating in a jurisdiction with different tax laws. You still have to report your foreign income to the IRS, you still have to pay taxes to the IRS. If you try to take the extreme step of acquiring a citizenship elsewhere and then renouncing your US citizenship, you even have to pay taxes to do that. The notion that "tax shelter" countries are a way to get around personal tax obligations is simply wrong. There are tax benefits, and plenty of people try to hide money this way, but it's not some magical solution that legally removes your tax obligation.