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Why exactly do you think people use the Caymans at all then? If it's as you claim the surely keeping the money domestic makes more sense? Of course the truth is
by 14u2c 3y ago
Why exactly do you think people use the Caymans at all then? If it's as you claim the surely keeping the money domestic makes more sense? Of course the truth is more complicated, and you even skirt around it with "global funds", i.e. a way to operate without repatriating the money and paying taxes.
- DelaneyM 3y agoPeople use Cayman because it’s a neutral and safe jurisdiction for global funds which plays nicely in the global financial system. If you keep money in the US, and the beneficial owner of that money is in Singapore/UAE/China/etc, then profits are taxed twice. If you operate in USA but earn money globally, then you’re subject to at least double, but sometimes a polynomial combination, of reporting and filling obligations from combinations of jurisdictions. Cayman is clean, simple, above-board, and safe. It’s like a global money cache.
- 14u2c 3y ago> If you operate in USA but earn money globally, then you’re subject to at least double, but sometimes a polynomial combination, of reporting and filling obligations from combinations of jurisdictions. Again, you literally state that it's for tax avoidance. Are you reading your own words?