Cayman Islands-no tax - Page 2

exmen · 05-24-2007

The tax incentive promotes economic activity in the island since more entrepreneurs are encouraged to set up their respective businesses. It is not a tax evasion case for a business to be set up in Cayman. Tax avoidance to me is vague and synonymous to tax evasion.

JoseYero · 05-25-2007

i think you have to leave the money out of the US to get the benefits. once it comes in in it is taxed.

mike4rd · 05-31-2007

Quote:

Originally Posted by exmen

The tax incentive promotes economic activity in the island since more entrepreneurs are encouraged to set up their respective businesses. It is not a tax evasion case for a business to be set up in Cayman. Tax avoidance to me is vague and synonymous to tax evasion.

Many large corporations have offices in Tax havens to "avoid" tax, most of them are well know.
Do a search and you will find plenty of information.

mike4rd · 05-31-2007

Quote:

Originally Posted by JoseYero

i think you have to leave the money out of the US to get the benefits. once it comes in in it is taxed.

True JoseYero, but not not 100% true

It is VERY expensive advise, but if you have the $$ to pay the experts, their are ways to get around this, that are 100% legal.
You may pay no tax, or you may pay tax at a far lower rate.

aspire · 06-20-2007

But how do countries that levy no tax pay for its expenditures?

mike4rd · 06-21-2007

Quote:

Originally Posted by aspire

But how do countries that levy no tax pay for its expenditures?

There are plenty of taxes within the country to pay for everything.

thinktank · 02-24-2008

Quote:

Originally Posted by mike4rd

Just because you have a corporation in the Cayman island, does not mean you are commiting tax fraud.

There is a difference between Tax Avoidance and Tax Evasion.

Tax Avoidance is legal.

Tax Evasion is illegal.

What exactly is the difference? I don't see how keeping your money in another country would be breaking the laws of the U.S.?

Jerlene · 02-25-2008

Having an offshore account is perfectly legal and simply done to enhance its safety through privacy protection and/or to get a tax free status.
Unless the money is dirty, it's not tax evasion or avoidance.
Also, just to make things clear, just because a bank is not located in your country, it does not make it an offshore bank. The only way a bank becomes an offshore bank is if it meets all of the requirements to do so. If it doesn't, your account is still subject to the regular tax laws.

05-24-2007	#11 (permalink)
exmen Junior Member Join Date: May 2007 Posts: 28 Rep Power: 0	The tax incentive promotes economic activity in the island since more entrepreneurs are encouraged to set up their respective businesses. It is not a tax evasion case for a business to be set up in Cayman. Tax avoidance to me is vague and synonymous to tax evasion. __________________ Online Income

05-25-2007	#12 (permalink)
JoseYero Senior Member Join Date: May 2007 Posts: 99 Rep Power: 1	i think you have to leave the money out of the US to get the benefits. once it comes in in it is taxed. __________________ www.mmastocks.com

02-25-2008	#18 (permalink)
Jerlene Senior Member Join Date: Mar 2007 Posts: 1,077 Rep Power: 3	Having an offshore account is perfectly legal and simply done to enhance its safety through privacy protection and/or to get a tax free status. Unless the money is dirty, it's not tax evasion or avoidance. Also, just to make things clear, just because a bank is not located in your country, it does not make it an offshore bank. The only way a bank becomes an offshore bank is if it meets all of the requirements to do so. If it doesn't, your account is still subject to the regular tax laws. __________________ 1 \| 2 \| 3 \| 4 \| 5 \| 6 \| 7

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06-20-2007	#15 (permalink)
aspire Senior Member Join Date: Jun 2007 Posts: 106 Rep Power: 1	But how do countries that levy no tax pay for its expenditures?

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