You can have one foot in New York and one in the Cayman Islands and have responsibilities to no one but yourself, Ronen Palan said. While the roots to this “lifestyle” may be found in libertarianism – Bill Maurer, director of UC Irvine’s Institute for Money, called it “late capitalist nomadism” – Palan said it’s less complicated: “Many people enjoy the benefits of states. But they don’t like paying taxes.”

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