Problems with Tax Free Islands are REALby Anonymous
There is so much corruption that you might as well give your money to the pirates to hold onto. Cayman for instance has had many bank failures - one of which continued to take peoples hard earned money deposits (while in foreclosure) from people all over the world for up to a year afterwards. This story continued with a bank manager never to be seen again on a business trip to the Bahaman's and the mysterious new monies obtain by a local island official. Result - investors lost all their money. Tax shelters are based on many grey areas or loop holes of the system. Just because you get your money out of the US does not mean you will not be found out. Tax avoidance is only legal on the tax free island - not where you come from. Then again you could also just lose it the "Island way" which is just plain mia "missing in action". Just because it is a Tax free Island does not mean that you will not be resposible for paying your tax share. This is "the biggest source of income" for the Islands. The seperation of white people's money!
Posted on Apr 22, 2000, 2:34 PM
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