“Are taxes getting to you and getting your spirits down? If you, like us, love to lead the good life, get on the plane to a land of tax cuts where spirit flows freely and the spirits are always high.” “But where are these mysterious lands”, you may ask. An excellent question, my dear Watson; I’ve drawn up a list of places where you con the tax man and stash your cash, all while working up that tan without so much as breaking a sweat. Here’s the name of 5 sunny getaways where the fun never sets, so grab those sunglasses and those bags of cash and make a beeline for these fantastic tax havens.
It was Mark Twain that once said, “You go to heaven, I’d rather stay here in Bermuda”. Historians failed to make any note about whether he was trying to set up an offshore bank account to stash his cash and keep safe all those royalties from good ‘ol Tom Sawyer and Huckleberry Finn, so the waters are slightly muddied on his reasons for staying behind. Regardless of Twain, Bermuda has always been a tax haven for several companies. In all, some 1500 registered companies have operations here and some even have their home set up here and they enjoy total exemption from any income and capitals gain taxes.
The Cayman Islands
The Cayman Islands; tranquil, beautiful and synonymous with good times and offshore banking. The little cluster of islands in the Western Caribbean has very strict financial rules and is eponymous worldwide for the shroud of financial secrecy surrounding its banking services and financial institutions. Is it any wonder then that the Cayman Islands are home to some 8,000 hedge funds and 600 banks of international repute? With no income tax, capital gains tax, gift or estate taxes to speak of, this little island nation is not only a Caribbean pearl, but a banking haven.
If you, like us, love the Caribbean but just absolutely have to being your private Learjet along, have no worries; we have just the solution for you (again). The answer, in one word and two syllables, is Belize. This little country will allow you to bring in that Learjet (or any jet of yours) free, as also household goods and cars absolutely tax free. This little island is still awash with Mayan culture but there are no capital gains, inheritance taxes or any form of taxes on external income. The names of the top brass in your company will always be hidden and you can conduct your business quietly without any form on intrusion before enjoying your weekends on this sunny island.
The Cook Islands is the Pacific’s response to the tax havens found in the Caribbean. These are ancient lands, frequented by great travelers of yore, but there’s nothing ancient about their banking systems. The Cook Islands wants to seriously attract big businesses to its shores and so you pay no income, capital gains or death tax on these sunny shores. The corporate director can be located absolutely anywhere in the world and still run the company, but why would he not be here given the sandy white beaches awaiting him?
Vanuatu is another island in the Pacific vying for a share of the money and it might be a newbie on the tax and banking scene, but it is trying to make up for lost time. It’s ideal for diving, snorkeling and low-key banking, if you’re into these kinds of things. Rumor has it that this is where the CIA transfers its own cash, but there is no way of finding that out for sure. But it doesn’t take intelligence of that level to figure out that you don’t have to pay any income, withholding, capital gains or inheritance taxes. Accounting? You don’t even need to make a report about that. Clink that Martini glass and laugh at any tax snoops trying (hopelessly) to track you down.