"According to most reports in the mainstream media, Offshore tax-havens siphon off trillions of dollars every year that high-tax nations would otherwise spend on health care, education and sorely needed infrastructure. Also, as a sideline, the tax-havens launder money for crooks. Their existence is a crime against humanity, and a symbol of how rotten the world of business has become. Well, yes and no..."
Cayman is one of the world's major "offshore" tax havens. In January last year I set out to explain, in a blog-post of 600 words or so, what it is that these desperately sinful places actually do so as to allow their governments (most of them) not to have to levy Income Tax. Above is how I introduced the topic. Below is a link to the post itself.
http://barlowscayman.blogspot.com/2013/ … ey-do.html