I recently came across a website that was touting the benefits of working in cayman islands. Work for a financial firm, earn well, scuba dive...and..............pay NO taxes.
Now, if the people are not paying taxes, what is the source of government earnings? My other question is....what is the catch here? It seems a North American skilled worker can immigrate and start collecting savings at a great rate because he is not paying tax.
Not to mention living on the beach.
What exactly is the catch in this paradise lifestyle? EDIT: Source: http://squiresresources.com/candidateservices/articles/10-11-12/Canadian_Taxes.aspx EDIT#2: Also, when you bring the money back to Canada after a few years, do you pay tax on that?