Marc Harris: Tax Haven Whiz Or Rogue Banker?

Psst! Are you an American citizen? Want to take your hard-earned savings overseas, out of the reach of tax authorities, pesky ex-spouses, or malpractice lawsuits? Just open an offshore account with The Firm of Marc M. Harris. You can do it all by fax or the Internet, where Harris solicits high rollers through his elaborate Web sites (www.marc-harris.com and www.escapeartist.com). Or open your account in person, and you'll be met at the Panama City airport by a chauffeured Jaguar and swept downtown for a heady introduction to the exotic world of offshore trusts, foundations, and second passports from countries such as Argentina, which Harris will help you obtain.

Sitting in his fifth-floor offices in a Panama City high-rise, Harris, an immaculately groomed 33-year-old ex-American citizen, says that 80% of his "several thousand" clients are Americans or Canadians. Harris claims his firm has $35 million in capital and $1 billion under management in various trusts and investments. Although he's a minor player among offshore tax-service firms, Harris has been raising his profile. He says his clients want to protect their assets from America's "litigation nightmare" or have had run-ins with the Internal Revenue Service. He insists that he is just helping people legally avoid U.S. taxes.