Tags: Low | tax | haven | Guernsey

For Those Seeking a Low-Tax Haven, Guernsey May Fit the Bill

By    |   Monday, 22 June 2015 09:34 AM

If you're fed up with your high tax obligation, you might consider moving to Guernsey, a group of seven islands in the English Channel.

It has an income-tax ceiling and no inheritance or capital-gains taxes, writes Wall Street Journal reporter Ruth Bloomfield. The only downside, "it expects foreigners to pay at least twice as much as locals for the privilege of living on its 30-or-so square miles," she writes.

Anyone with a visa or a European Union passport enjoys a 20 percent cap on their income taxes in Guernsey.

"Aside from low taxes, there is a lot to like about Guernsey," Bloomfield explains. "Its coastline is beautiful, and its main town, St. Peter Port has good restaurants and wine bars and ample shopping. Opportunities for sailing, golf, tennis and horseback riding abound. The flight from London takes under an hour."

Elsewhere on the tax front, you're probably well aware that the earlier you start investing, the more wealth you can accumulate over a lifetime.

But younger Americans aren't investing as much as they used to, and payroll taxes—for Social Security and Medicare — are a large part of the reason why, Stephen Moore, distinguished visiting fellow at The Heritage Foundation, writes in The Washington Times.

Only 7 percent of households headed by Americans under 35 directly own stock, according to the Federal Reserve. "That's pitiful" compared to the 30 percent level prevailing when the survey was first conducted in 1963, Moore says.

"Perhaps the biggest problem for young workers is that the government intercepts more than 12 percent of their paychecks through the Federal Insurance Contributions Act (FICA) payroll tax."

And what's the big deal there? "After paying these taxes, many don't have much disposable income left to invest after paying for the necessities," Moore writes. "Worse, the young get no rate of return on that money because the government spends it when it gets it."

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If you're fed up with your high tax obligation, you might consider moving to Guernsey, a group of seven islands in the English Channel. It has an income-tax ceiling and no inheritance or capital-gains taxes.
Low, tax, haven, Guernsey
317
2015-34-22
Monday, 22 June 2015 09:34 AM
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