The New York Times ran an article today about Guernsey's popularity with rich Britons who take advantage of a loophole in British law that allows individuals to become nonresidents for tax purposes but remain citizens as long as they do not spend more than 90 days a year on British soil.
But British authorities are beginning to challenge the application of that loophole, the Times says.
The Times story cites an estimate by the Organization for Economic Cooperation and Development that "wealthy individuals hold about $6 trillion offshore, resulting in billions of dollars in lost tax revenue for their home countries annually."
