I worked there a few years. No income tax to file. No paycheck withholdings. No April 15th deadline. Only an import duty on everything imported and that is it. To prevent overcrowding, a non citizen gets a limited time to work there. Medical was affordable. Electric from Diesel was a little expensive as was city water.
@@dominusnostrum If I understand that correctly, They have privacy laws that prevent disclosing personal information on investments, therefore the government forbids you to use the services of private banking. You can only bank where our government can view your investments, income, and expences.
I'll sum this up. The federal reserve and the IRS are used by favorable government officials to reward and punish selected businesses and citizens. The complex laws are in place to do just that.
Thanks for defending us. The Cayman Islands is often portrayed as a tax haven. Most people who have visited and everyone who is from or lived here can tell you otherwise
But mostly the tax heaven stuff. The Panama-Papers showed that clearly. Also: If companies just like it simple, why do they use the most complicated, intransparent schemes in Europe (for example the "Double Irish with a Dutch Sandwich") just to cheat a few percent on their taxes? No this is a rather poor excuse for the usage of giant corporations of tax heavens.
Caribbean and there is a dude who's got an eyepatch.. amazing! Love how John says "pirate" multiole times in front of the guy trying to get him to laugh!
It's no accident that these so-called regulations are so complex. It gives the corrupt banks cover because most people in general can't make heads or tails of them.
People don't realize how easy it is to mitigate losses with simple rules. Say you and I build a business and it grows. Then I decide to cheat you. Nothing illegal. Just unethical. With few rules, you have a lot easier time starting over. It'll suck, but it's an option. But more rules? Despite what those rules promise, I will still successfully screw you. Sure, you'll have some legal recourse, but it will bankrupt you to find it and see through. And you still may not win. You could try starting over, but are you willing and able to deal with all the rules that didn't protect you? Sure you didn't win in either case, but at least one you could more easily cut you losses.
somehow this was in my recommended, i think its just because im from Cayman and RU-vid wanted to pull my leg, but its true. Great Island, great economy
There is such a thing as a tax haven, and the Cayman islands do indeed have very low taxes. Additionally, the Cayman islands have stability from British backing which allows it the credibility to manage tax free trusts for the worlds richest people. However I agree that simple rules also attract businesses. As a sidenote, classical liberals should not defend the liberal cronyist oligarchy that so often enrich these tax havens.
There was also a video showing the complex word tend to correlate with corruption. An example of complex words are grammatically ambiguous sentences like "the girl with flower touches the boy". maybe like "the politician with most power in government shall enforce this law." I believe your point is that clear concise and simple laws are more effective.
What people never seem to get is that the more rules you write the more likely it is that one of them or a combination of them can be used against their intended purpose.
Im catholic, I do ignatian exercises with a experienced professor, and I had trouble remembering the tenth commandments during a conversation some weeks ago, now imagine such requirements
👍👍👍fifty freaking thumbs up, I live in Calunicornia People leaving, corporations . Having medical insurance is required now. ( I need it anyways) so ok for me, but I'll bet in a few years you'll here about people getting they're taxes impounded( millions of people) they've run out of ways to tax more. This is confiscation, we all know what playbook that is from!
Anyone can open a bank account in foriegn country. FATCA sees to it that foreign banks report on bank accounts held by Americans. There is no more hissing money off shore.
I open an account in Cyprus by accident, it was hard to managed money until I noticed, the company was holding my money and they took their sweet time to send back, so I closed the account.
FATCA is only good if foreign banks cooperate and use the USD. But slowly that's changing. Some foreign banks don't even want to open bank accounts to Americans, because of the headaches. The US government can't go tell a foreign bank what to do, but they can demand information with threats, such as blocking them from using SWIFT or track them if using the USD, so many of them already started bypassing the USD.
Very good points. So much overkill by our Congress. They kill initiative with an ocean of words. The law of increasing and diminishing returns at work here.
When I bought a house one time the previous owners moved to the Cayman Islands. A few weeks later a representative from the IRS was knocking on my door looking for them. They had had a canning company and skipped town with the profits.
A journalists tried to open foreign accounts, from the US during the Miami Vice days of money laundering. He quickly received responses from Switzerland and Hong Kong banks. No Cayman Islands 🇰🇾 would even correspond with him.
its very simple : why do big bisness lobby for more laws? the more laws the harder it is to go in bisness in said fields . its also easier to fail! most people don't have the necessary resources nor the time to investigate and research all they could be doing to gain more money / tax benefits etc... hence the more laws the harder it gets for normal people .
It's true, just look at the tax code, big corporations employ TEAMS of super accountants to exploit it best, while poor folks with no access to super accountants just pay up to the Gov't mafia and their complex tax rules
This is a good example to get rid of the complicated IRS and tax write-offs and have a simple flat tax of 21%. Many economists have said this for decades now. Unfortunately our politicians aren’t economists.
All you guys don't even realise that the pirate joke might possibly be the most Chad thing anybody throughout all of the world and it's history has ever done.
YES since 1999, 2000 and 2009, the Gramm-Leach-Bliley Act that destroyed the Glass-Steagal Act which was a few pages long. And instituted the $ 2 Quadrillion ISDA SWAPS Casino indemnified by the FDIC and the FHFA of mass Casino secret profits & theft. Basically and "Insurance Bets Casino" that steals $trillions every year (1-3% profits on $20 TRILLION in CASH BETS and $2,000 TRILLION in 'nominal' bets)) and they put that money in off shore accounts like Cayman Islands !
A person puts assets in a foreign country, because there might be secrecy laws that precludes banks from disclosing information to the IRS. Swiss banks used to not disclose deposits and interest earned to the IRS. The mortgage crisis was caused by people who were buying and selling houses regularly and accumulating the appreciation for savings, rather than investing in the stock market. A house is a great investment for the long term, but not the short term. My parents bought their house in 1964 for $31K. The sellers bought it in 1959 for $36K. The sellers took a $5000 loss.
Nobody makes any money trading stocks & bonds not enough point spreads or margins they are strictly used to Front Run and String Bet with ISDA SWAPS ! see "the Big Short" For the first time in capitalist financial HISTORY ~ a casino rules the world... "Banks and hedge funds make more money on trading ISDA SWAPS than trading in Stocks and Bonds," ~ NY Times Deal Book October 23, 2015. The ISDA SWAPS Casino $ 2,000 TRILLION (USA) ..."Insurance Bets" 'inside' insurance bets 1-3% profits. 60,000 banks and hedge funds in on the action the $2,000 TRILLION taxpayer FDIC...…. ISDA SWAPS Casino that steals hundreds of BILLIONS $$$$ from every human activity on EARTH since 2009 when the Obama Nation declared the ISDA CASINO STEALING WAS "legal." ($67* TRILLION in worldwide fraud and BAILOUTS) to Steve Croft in 2012, in response to ACCEPTING $6 BILLION in SWAPS BANKSTER "donations" and his $ 1 BILLION "library." from the very same CEO's he REFUSED to PROSECUTE under the Laws of this Nation : America * Mort Zuckerman, US News and World Report on the McLaughlin Report For the first time in HISTORY ~ "Banks and hedge funds make more money on trading ISDA SWAPS than trading in Stocks and Bonds," ~ NY Times Deal Book October 23, 2015. WORLDWIDE................. "Middle Class Taxpayers and Citizens who went from 61% of the USA Population to 50% of the USA Population in less than 15 years and "lost" 38% of their wealth !"
@@lorenzo6mm And Warren Buffet would probably consider swaps in the same vein as derivatives, weapons of mass financial destruction. Of course, trying to make money in the stock market during the Obama administration was a bit like Sisyphus trying to roll the stone uphill. But, if you invest like Warren Buffet, investing in companies that have good management teams, sound business models, and are undervalued by the market, you will make money.
