The tax haven of movie THE FIRM
I don't know if any of you have ever seen a movie called the firm.
The movie features a tax lawyer, played by Tom Cruise, who uncovers a ring of illicit trafficking and money laundering in a tax haven.
One of the most famous in the world.
The Cayman Islands, where the movie is set.
Even if it is a movie, the choice could not have been more appropriate.
This tax haven, even more so in the past, had special rules within it, which we will see again today.
Rules that allow things that other tax havens don't allow. Which made it the perfect choice in those circumstances.
The truth is, in fact, that some tax havens are perfect for some purposes. But they are not for other purposes.
That's why you need to be sure to choose the one that suits you best.
Let's first look more specifically at the tax regime in the Cayman Islands.
In the Cayman Islands there are no income taxes and there are no corporation taxes.
There are no capital gains taxes and there are no inheritance taxes.
There is no real property tax.
And there is no VAT either.
But there are not only tax benefits in the Caymans, but also procedural and bureaucratic.
In fact, first of all, in the Cayman Islands there are no exchange control restrictions or regulation. Funds can be freely transferred in and out of the Islands in unlimited amounts.
And the Cayman Islands are very close to the United States. In addition, There are of course no transfer pricing rule, and there are no CFC rules.
The Cayman Islands has not concluded any tax treaties.
But it is one of the countries that have agreed to implement CRS, and therefore inform the countries of tax residence in case of bank accounts. Indeed, in hindsight, many have been discovered lately. In fact, not everyone with multi million dollar accounts abroad, has an international tax lawyer on an ongoing basis.
And therefore many were unaware of the new CRS legislation.
And they found themselves a bitter surprise in recent years, and many others are receiving audits this year. Anyway, that's all for today.
But next time we'll look at some of the ways this tax haven is used. We will also talk about trusts. And we will see how this tax haven is literally ready to give you a special guarantee. The guarantee that you will pay no taxes for the next fifty years.
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