bats

They pay their own income tax. The Falkland Islands are self sufficient and get no funding from the UK. As for defence yes, it's a British protectorate and along with other UK territories it is, and has been defended by UK Forces.

Gordon Barlow

I've just come across an interesting arrangement involving my offshore tax-haven home... Phoning my local bank last week on the local phone number, I found myself talking with someone in Halifax, Nova Scotia. That happened three times - a different person each time. For some unknown reason, none of them could switch me to any bank employee here in Cayman. In the end, I had to email one of them my home landline phone number, and ten minutes later a local (Cayman) employee phoned me and asked me what I wanted.

This is not a grumble about the bank, just an illustration of how "offshore" and "onshore" offices sometimes interact. The bank presumably pays its Canada staff less than its Cayman staff; and somehow the arrangement helps the bank make profits that aren't taxable in Canada. The Nova Scotia government - and maybe the Canadian Federal government too - must be happy to help. Go figure, eh?

Hemlock

Maybe a contract contact centre, who pay Canadian tax, the employees in Canada will be paying income tax in Canada spending their earnings locally in Canada, helping local business and paying sales taxes. Happens the world over.

Gordon Barlow

Yes, of course it does. But usually, high-tax countries such as Canada strongly object to their residents taking advantage of the facilities of offshore tax-havens like Cayman. It amuses me that a Cayman bank is taking advantage of Canada's facilities, that's all.

(In that story about Cayman being Brazil's #1 supplier of oil, maybe the Cayman oil-supplier was a subsidiary of a Canadian company that was dodging Canadian taxes with the assistance of my Caymanian bank!)

Gordon Barlow

Back to Turning Points... Sometimes they go un-recognised at the time. My son and his much-loved girlfriend are about to re-locate to a jungle retreat in a South American country, where they will be part of the staff. The son has a long history of hippie life - on and off - but it's the girlfriend who is leading the way this time. So who knows? Anybody else reading this thread whose child is about to take a real "Life's Turning Point"?