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Just going to throw my 2 cents in....
1) Don't have a corp and your bank in the same country.
2) US citizens still need to be careful because if it can be proven they control the company, it's their ass. Regardless of a nominee, someone controls the company.
3) Setting up a company is easy and not the issue. It's the bank account you need to worry about. Who's passport is used for the bank account? That's where the real liability and risk lays.
With that said, YES, there are smart ways to do this to seriously lower your tax burden. You just have to be very careful how it's done. Of course someone could also structure it in a manner to totally avoid taxes, if done correctly and if one were so inclined. But that is not recommended, as it would be illegal, and we all know how the GFY crew feels about illegal activity. We simply don't tolerate it.
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