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UK tax shelters in the Channel and the Caribbean and Hong Kong are like "beachheads" for the City's finance league and their international clients. Laundering is their principal business. There are a few thousand owner/occupants containing UK nationals between them, 10x as many "domiciled" post boxes and LLCs, and say, four inns and commercial office "parks".  "Crown Dependency" and "overseas territory" status provides businesses certain protection of UK courts and customs jurisdiction in the unlikely event of customer complaints. Not all of these are filthy rich.

I for instance never knew the name of my landlord, located at a box on Isle of Man. I met a squiggly line on the lease documents and the property manager who also collected the rent electronically.

There's the case of a UID at calculatedrisk, dual Canada/US citizen (married to a US naturalized Chinese) currently working and residing in California who let slip (on separate occasions)delight in managing banking accounts through their parents in UK, Jersey, and Hong Kong. The tax and FX arbitrage opportunities are mind boggling.

Then there are the millions of anonymous Brit pensioners frittering away the former pound currency edge from Cyprus, Malta, and Gibraltar, too. Their savings must be protected.

That's why HRM minions will play the pirate at the EU's shores for decades to come whether or not ah legitimate brokers lose their "passports."

Diversity is the key to economic and political evolution.

by Cat on Tue Nov 14th, 2017 at 06:57:25 PM EST
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My father had an account in Jersey for the simple reason that nonresidents cannot open accounts in the UK for fear that they might be terrorists. Jersey on the other hand, has no objection to terrorists or anyone else as long as they have enough money (if they are suicide terrorists, even better. Their heirs won't be able to get the money out of Jersey without getting a probate of the will from a Jersey court, using a Jersey lawyer)
by gk (gk (gk quattro due due sette @gmail.com)) on Tue Nov 14th, 2017 at 07:21:14 PM EST
[ Parent ]

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