- This topic has 5 replies, 2 voices, and was last updated 5 years ago by
.
- Posts
How is it that for a client who has numerous customers in The Cayman Islands, regular and frequent trips to the Caribbean tax haven could be considered to be “normal” activity, while for a client that owns a building supplies business, regular and frequent trips to Grand Cayman would more likely to be “suspicious” activity?
Thank you most kindly.
Exactly what building supplies could you source in the Cayman Islands or what sort of market would there be for your building supplies in those islands?
The Cayman Islands are a tax haven and ‘enjoy’ absolute bank secrecy
The main island has a population of fewer than 20,000 yet there are in excess of 400 banks on the island
If an accountant has a client that has a number of customers based in the Cayman Islands, how would it not be ‘normal’ for frequent visits to be made?
OK?
so if it’s a small island, how come it has over 400 banks?
That gives me reason to get suspicious.Because it’s recognised as a tax haven.
No tax is applicable in the CIs since, according to undocumented legend, following the actions of the islanders on the occasion of the Wreck of the Ten Sails in the early hours of February 8, 1794, a royal pardon granted by the British King George III in 1794 exempting ‘the people of the Cayman Islands from war conscription and taxes’
So, with no taxes, why would businesses (and therefore also banks to service those businesses) not want an address on the CIs?
Admittedly, only around 10 of the banks carry an A licence allowing it to operate as a high-Street bank as we know it. All the others carry B licences and are prevented from dealing with the general public
Does that throw some light on it?
- You must be logged in to reply to this topic.