Tax efficiency. The phrase is tinged with slighted images of tax evaders like Marc Rich amongst other unsavory international finance weasels. After mucking around this weekend in Title 26, it appears that we can create an investment company in some corporate tax-free domicile, fund it with cash, and then watch our funds grow tax-free. Naturally, we have to pay capital gains tax as we repatriate our funds, but in the interim, the money is growing at a faster velocity than available in domestic investment accounts. But you need 5 people other than you to help set up the corporation, otherwise it would become a personal holding company. So, I need to give this a week's rest, and then go re-read the tax code, and see if I missed anything obvious.