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Trillion Dollar Island
58:56

Trillion Dollar Island

ABC2/Kids May 4, 2016

Ethical understanding

Civics and citizenship

Business and economics

9-10
11-12
Classification: GeneralClassification: General
This video has closed captioning
Trillion Dollar Island - Thousands of kilometres away from the United Kingdom lies a secretive slice of Britain; a small sun-soaked Caribbean paradise - the Cayman Islands. ...

Trillion Dollar Island - Thousands of kilometres away from the United Kingdom lies a secretive slice of Britain; a small sun-soaked Caribbean paradise - the Cayman Islands. Watched over by a governor appointed from London, the Caymans are well and truly British, but with one big difference: no-one seems to be paying a penny of tax! Not locals. Not expats. Not big global corporations. And thanks to this tax-free status, Cayman has built a finance industry that's brought one and a half trillion pounds into its banks. There are twice as many companies registered in the Caymans as there are people. But what's really going on? Is it tax avoidance on an epic scale? President Obama thought so - he described one building in the Caymans, Ugland House, home to nearly 20,000 registered companies, as "either the biggest building, or the biggest tax scam, on record". Now investigative reporter Jacques Peretti has been given unprecedented access to Cayman's politicians and financiers, its millionaires and the ordinary British expats who've built a life here in the sun. Peretti is on a mission to get to the heart of what makes Cayman tick and to uncover the unexpected truth about what its existence really means for everyone in Britain.

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