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Article:When Gross Salary Equalled Net Salary In The Caymans
by Expat Focus columnist, Gordon Barlow
For the first 25 years or so after we left Canada in 1967, Linda & I received our respective salaries free of all deductions. It was a very comfortable feeling, to be so self-reliant.
In the three Offshore tax havens we lived in during those years, there was no Income Tax, no contributions towards our old-age pensions or retirement fund, and no deductions for medical-insurance premiums. Where we lived, we all negotiated our own medical insurance, as and to what extent we wanted, and we all saved for our own retirements. There were taxes, but they were mostly consumption-taxes, paid when we bought things. During our first nine years in Cayman, we revelled in the freedom from deductions – just as we had done in Bahamas and New Hebrides. more ...
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