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I am a servicemember stationed overseas. I have been recently approached about an opportunity to establish what amounts to an offshore account with no tax liability. The literature and method sounds very promising and borders on "the almost to good to be true" arena. That is why I'm asking. The offer is with "EAGLE Star Int. Life". What they propose are so called "Mirror Funds" to publically held U.S. mutuals i.e. Baring Assett, Fidelity, HSBC Asset, Mercury, Jardine Fleming and so on. What I am being told is first this is perfectley above board. They will allow me to transfer any and all held stocks or mutuals to these accounts. Best of all "hard to believe" that I will no longer receive 1099's and acrue taxes on gains. The other plus to this situation is that when you do decide to sell, it is paid out to you as a loan which does or does not have to be paid back. The loan does reduces your interest rate on current holdings by a reciprocal amount, and is quoted by the company rep. "as being floated by a high official in the IRS and explained as being untouchable for tax purposes". Even with the additional "essentially front loaded asspect" of this vehicle it appears if all is true it could be a great opportunity. My problem is I can only establish this while I have an overseas address and again the company sounds reputable, but with little experience in the area the pitflls could be tremendous. "ANY THOUGHTS or EXPERIENCES would be appreciated.

The main company that owns this Eagle Star intl life is a member of the Zurich Group.

Also- the investments are suppose to be insured 90% of the total amount with the company (equal to FDIC in US- but based out of UK.)

Please help.

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