Mitt Romney has millions of dollars of his personal wealth in investment funds set up in the Cayman Islands.
A spokesperson for the Romney campaign says Mr. Romney follows all tax laws and he would pay the same in taxes regardless of where the funds are based.
As the race for the Republican nomination heats up, Mr. Romney is finding it difficult to keep up secrecy around the details about his personal wealth, including his investment in funds located offshore and his ability to pay a lower tax rate.
On Tuesday, Mr. Romney disclosed that he has paid a far lower percentage in taxes than most Americans, around 15% of his annual earnings. It has been Romney’s Republican rivals who have driven the tax issue onto center stage. For weeks, Romney has cited a desire for privacy as his reason for not sharing his tax returns — a gesture of transparency that is now expected from presidential contenders.
“I can tell you we follow the tax laws,” he said recently. “And if there’s an opportunity to save taxes, we like anybody else in this country will follow that opportunity.”