In mainstream American discourse, offshore financial centers are generally regarded as transnational dens of iniquity, where wealthy individuals conceal their assets and attempt to evade taxation. Yet in some post-colonial jurisdictions, offshore financial law has also played an important role in promoting economic independence.

Trust law, originally devised as a way to protect the assets of vulnerable parties, has undergone a wholesale transformation in the past half-century. It now primarily serves the rich by providing them with a new form of super-property, insulated from taxation, reporting requirements, and creditor claims. How did this perversion of trust law come about? And why did it confront so little democratic resistance?