Global Tax Forum: Tax Laws Make Foreign Funds a Bad Investment

Apparently, investors want to do business in their bathing suits.

U.S. citizens, in their continuing search for ways to get their money beyond the reach of the Internal Revenue Service and into some tropical foreign locale, inevitably will come across passive foreign investment companies.

Well, here's a travel tip: Stay away from them. The tax rules are so onerous that you might be left with little more than your swim trunks once the IRS is through with you. ...