Geo Quiz

No income tax

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Today’s Geo Quiz sends us to a place where you don’t have to pay your taxes. We’re looking for a British territory in the Caribbean that’s been able to survive — make that, thrive — on its status as one of the world’s major tax havens.

It’s gotten all the money it’s needed through indirect taxes. That would be things like customs duties and a cut of the action on property sales, and mortgages. Plus, every bank that sets up shop here has to pay more than 600,000 dollars for a business license.

So there’s no income tax here … none.

If that sounds too good to be true, well, it is. This place is now running a budget deficit and couldn’t pay all its bills last month. Britain is pressing the territory to raise new taxes as part of a plan to bail itself out.

Here’s one more hint. The territory consists of three islands…

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Geo Answer:
Let’s go straight to the answer. We’re looking for the world’s fifth largest banking center with get this: one and half trillion dollars in banking liabilities.

We are speaking of none other than the British overseas territory of the Cayman Islands.

Desmond Seals is there. He’s publisher of the Cayman Net News. Listen to the interview:

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