Why stash money in the Caymans and Swiss bank accounts if there's no tax advantage as Romney claims?

[Brewinblue]

18. U.S. Tax Law

does not permit a citizen or resident to escape taxation on income, of any kind, merely because the source is foreign. If there is tax paid in the foreign jurisdiction, which would not be the case in Bermuda or Cayman Islands since no taxes are levied there, the taxpayer may qualify for a foreign tax credit for the amount paid in the foreign jurisdiction.

Romney is a tax cheat, I'm convinced of that, I'd bet anything that he did not report, or under reported, his offshore income.