AGANA, Guam -- The territory of Guam is hoping to stimulate its offshore banking industry by dropping out of the American tax system while retaining the protective umbrella of the U.S. flag.

"We want to have our cake and eat it too," said Dave Santos, Guam's former banking commissioner and revenue director.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.