File this one under weird FATCA news. Cayman 27 has just issued this in-depth report:
Minister for Financial Services Hon. Wayne Panton says FATCA may give an unexpected boost to tourism. When initialing the exchange agreement government negotiated a tax write off for those who hold conferences at hotels and business places in the Cayman Islands.
He says this added incentive may help draw people to these shores. “Historically, there has been a big question mark whether that is possible, whether it’s an appropriate deduction. We have had confirmation that this will be a benefit that results from this – so we are happy about that,” said Minister Panton.
So, maybe it’s time for other territories and countries to get creative about their FATCA negotiations. Here are a few ideas:
- Canada offers a tax write-off for every American cop operating within its borders as long as he drops $20 or more at a Tim Hortons within a 24-hour period.
- Yemen and Pakistan both offer tax write-offs for the reconstruction of civilian dwellings as long as the claim is accompanied by a certifiable American drone fragment (a similar deal with Syria is still pending).
- The United Kingdom offers a tax write-off for any proctologist who can successfully extract Prime Minister David Cameron’s head from…well…you know…