Why do the Cayman Islands have ~280 banks for a population of only 70,000 people?And why do 260 of those banks not do much business in the Cayman Islands proper? http://www.cimoney.com.ky/section/regula... |
Why do the Cayman Islands have ~280 banks for a population of only 70,000 people?And why do 260 of those banks not do much business in the Cayman Islands proper? http://www.cimoney.com.ky/section/regula... |
The Cayman Islands are tax free and so many people, outside of the country can open an account (after a lot of paperwork!!) and can keep their money there without paying taxes on it. Banking is also one of their main incomes.
Because all of the white american ceo's and stockbrokers such as Madoff, stash their money there. If I were in the Caymen Islands, I'd also open up a bank.. I'd get rich off American greed.
The small island is more focused on guarding its population against drug trafficking. It is not the business of the U.S.
to stash money of rich american captitalists.