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The Cayman Islands are one of the most well-known tax havens in the world. In addition to having no corporate tax, the Cayman Islands impose no direct taxes whatsoever on residents. They have no income tax, no property taxes, no capital gains taxes, no payroll taxes, and no withholding tax. Instead of earning revenue through direct taxation, the Caymans earn revenue via fees related to stay-over tourism and work permits, financial transactions, and import duties. Some items, such as baby formula, are exempt from duty taxes, while other goods, such as automobiles, are taxed at a higher rate based on the value of the vehicle. A tax haven is any location that has very lenient or even non-existent tax laws.
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British Virgin Islands BanksCentral Banks Directory | OffShoreBanksDirectory

The law of the British Virgin Islands is a combination of common law and statute , and is based heavily upon English law. Law in the British Virgin Islands tends to be a combination of the very old and the very new. As a leading offshore financial centre , the territory has extremely modern statutes dealing with company law , insolvency , banking law , trust law , insurance and other related matters. However, in a number of areas of law, such as family law , the laws of the British Virgin Islands are based upon very old English laws, and can cause some difficulty in modern times. Other areas of law, such as international law , are essentially regulated externally through the Foreign and Commonwealth Office in London by Order in Council.
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British Virgin Islands Banks

Each month, millions of Americans send a check to Ocwen Financial Corp. Handling loan payments, modifying soured mortgages and foreclosing on borrowers is a profitable line of work. But Ocwen's success has been turbocharged by its subsidiaries in an unlikely offshore tax haven: the United States Virgin Islands. It is a slice of paradise that some experts consider the nation's one and only, officially sanctioned, full-blown offshore tax shelter. Tax shelters are perfectly legal and certainly commonplace, but the recent merger of Burger King and Tim Hortons, the Canadian coffee and doughnut chain, has sparked public anger about U.
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The British Virgin Islands of the BVI as they are commonly known is a group of islands in the Caribbean, an estimated group of fifty four The BVI is made up of four main islands and fifty smaller cays. The capital city of the BVI is located on the island of Tortola.
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