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The Cayman Islands has robust financial regulations and is a financial center. It is also reliant on the UK for military assistance, and as you can see the ban

The Cayman Islands has robust financial regulations and is a financial center. It is also reliant on the UK for military assistance, and as you can see the bank records for this particular institution are digital. You are grouping everything together with misplaced isolationist paranoia.

walrus01 7y ago
The Cayman Islands is a vassal state of the global one percent as a tax shelter. Let's call it what it really is. It's not a global financial center the way NYC or Hong Kong or Tokyo are. It's a sand bar with a bunch of post office box company registries and some banks. I hear there is also good snorkeling.
- rolltiide 7y ago
  Their legislative branch is extremely competent at evaluating and passing competitive laws for business and banking, their executive branch is extremely competent at providing the administrative services and modern digital facilities for international business and banking, and their judicial branch is extremely competent at resolving disputes. The government's budget is also balanced without passive taxation of this sector. Most jurisdictions, whether they are other island nations or a state in the US are not competent in any of these regards and this has utility on this planet. It would be an understatement for me to just point out how much I don't care how uncompetitive other nations are in this regard, and I also don't care about the challenges for them to become competitive.
  - magashna 7y ago
    If my sole purpose was to be good at X things, I'd be good at them.
    - rolltiide 7y ago
      Somebody tell the British Virgin Islands, St. Kitts & Nevis and the Seychelles They seem to have missed the memo :D I feel like if I had said the Caymans was incompetent I feel the replies whether from you or others would have said “well of course they are” but anyway their regulators and public servants are often US educated at prestigious universities
  - turtlesdown11 7y ago
    >Their legislative branch is extremely competent at evaluating and passing competitive laws for business and banking as if races to the bottom are challenging >this has utility on this planet The only utility the Caymans serve is unfettered human greed.
- brooklyntribe 7y ago
  Great scuba diving. Highly recommend a visit. :-)
- askytb 7y ago
  >is a vassal state of the global one percent as a tax shelter Just FYI, to be in the global one percent you need an income of $32,400 per year
  - boring_twenties 7y ago
    Individual or household?
  - adventured 7y ago
    That won't get you into the global 1%. Around 70 million people are earning more than $50,000 per year in the US. Western Europe, Canada, Australia, Japan, South Korea, China, etc. combined also have a very large number of people similarly over that line. Your figure probably needs to be 100% higher.
    - pc86 7y ago
      Do you have a source for that? We're pushing 7 billion people on the planet. Here's a source that uses that $34k figure: https://www.investopedia.com/articles/personal-finance/050615/are-you-top-one-percent-world.asp https://www.investopedia.com/articles/personal-finance/05061...
      - adventured 7y ago
        That's pretty straightforward. There are 128 million people working full-time jobs in the US. The full-time median income in the US is between $48,000 and $52,000 for 2019 depending on your source. The BLS says it's about $48k for the third quarter of 2019. The often quoted lower median figure, in the $30,000s ($34,000x for 2019; it was ~$33,700 for 2018), is the median income for all US workers, including people working relatively few hours. Being conservative, the US has at least 60x million people making $50,000 or more per year. That's ignoring anything that doesn't show up in the BLS numbers. Now consider how massive the rest of the global economy is and the tens of millions of people in dozens of other countries with high incomes. The US all by itself eliminates the possibility of $34,000 being the 1% line. With the strict US median at the $34,000 line, that's ~78 million workers at or above that level. Again, that's for one country. China has a very large number of people earning around the US median now, due to their scale. They add tens of millions of more people to the over $34k group. Then include Western Europe, they add tens of millions more. And so on.

walrus01 7y ago

The Cayman Islands is a vassal state of the global one percent as a tax shelter. Let's call it what it really is. It's not a global financial center the way NYC or Hong Kong or Tokyo are. It's a sand bar with a bunch of post office box company registries and some banks. I hear there is also good snorkeling.

rolltiide 7y ago
Their legislative branch is extremely competent at evaluating and passing competitive laws for business and banking, their executive branch is extremely competent at providing the administrative services and modern digital facilities for international business and banking, and their judicial branch is extremely competent at resolving disputes. The government's budget is also balanced without passive taxation of this sector. Most jurisdictions, whether they are other island nations or a state in the US are not competent in any of these regards and this has utility on this planet. It would be an understatement for me to just point out how much I don't care how uncompetitive other nations are in this regard, and I also don't care about the challenges for them to become competitive.
- magashna 7y ago
  If my sole purpose was to be good at X things, I'd be good at them.
  - rolltiide 7y ago
    Somebody tell the British Virgin Islands, St. Kitts & Nevis and the Seychelles They seem to have missed the memo :D I feel like if I had said the Caymans was incompetent I feel the replies whether from you or others would have said “well of course they are” but anyway their regulators and public servants are often US educated at prestigious universities
- turtlesdown11 7y ago
  >Their legislative branch is extremely competent at evaluating and passing competitive laws for business and banking as if races to the bottom are challenging >this has utility on this planet The only utility the Caymans serve is unfettered human greed.
brooklyntribe 7y ago
Great scuba diving. Highly recommend a visit. :-)
askytb 7y ago
>is a vassal state of the global one percent as a tax shelter Just FYI, to be in the global one percent you need an income of $32,400 per year
- boring_twenties 7y ago
  Individual or household?
- adventured 7y ago
  That won't get you into the global 1%. Around 70 million people are earning more than $50,000 per year in the US. Western Europe, Canada, Australia, Japan, South Korea, China, etc. combined also have a very large number of people similarly over that line. Your figure probably needs to be 100% higher.
  - pc86 7y ago
    Do you have a source for that? We're pushing 7 billion people on the planet. Here's a source that uses that $34k figure: https://www.investopedia.com/articles/personal-finance/050615/are-you-top-one-percent-world.asp https://www.investopedia.com/articles/personal-finance/05061...
    - adventured 7y ago
      That's pretty straightforward. There are 128 million people working full-time jobs in the US. The full-time median income in the US is between $48,000 and $52,000 for 2019 depending on your source. The BLS says it's about $48k for the third quarter of 2019. The often quoted lower median figure, in the $30,000s ($34,000x for 2019; it was ~$33,700 for 2018), is the median income for all US workers, including people working relatively few hours. Being conservative, the US has at least 60x million people making $50,000 or more per year. That's ignoring anything that doesn't show up in the BLS numbers. Now consider how massive the rest of the global economy is and the tens of millions of people in dozens of other countries with high incomes. The US all by itself eliminates the possibility of $34,000 being the 1% line. With the strict US median at the $34,000 line, that's ~78 million workers at or above that level. Again, that's for one country. China has a very large number of people earning around the US median now, due to their scale. They add tens of millions of more people to the over $34k group. Then include Western Europe, they add tens of millions more. And so on.