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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Friday Sep 17, 2004 - Vol. 6 No. 178
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In This Issue:
* COMMENT: Family Foundations
* OFFSHORE: Cayman Islands Disaster; Banks Closed. U.S. Senate Curbs. Hong Kong Hopes. Putin's Russian Dictatorship Rolls On.
* WEALTH: Swiss Bankers Optimistic. EU Tax Disharmony. U.S. Debt Trap.
* PRIVACY & RIGHTS: Swiss Passports for Sale. PATRIOT Act Abuse.
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COMMENT: Family Foundations
Dear A-Letter Reader:
You may have heard about a comparatively unique asset protection and wealth distribution legal entity called 'the family foundation.'
This legal form originated in Liechtenstein some years ago and is relatively unique. It has been adopted in the laws of Panama, more recently by The Bahamas and St. Kitts-Nevis. Although Americans associate a foundation with a non-profit, tax exempt organization, this type of foundation is an autonomous fund consisting of assets endowed by the founder for a specific, usually non-commercial purpose of family support and assistance.
The purpose can be broader in scope, including religious and charitable goals. The more common use is as a so-called 'pure family foundation' dedicated to the financial management and personal welfare of one or more particular families as beneficiaries.
This foundation has no shareholders, partners, owners, or members – it has only beneficiaries who are family members by blood or marriage. It can either be limited in time or perpetual. Foundation and beneficiaries' interest cannot be assigned, sold, or attached by personal creditors. Only foundation assets are liable for its debts.
If engaged in commercial activities, the foundation's activities must promote non-commercial purposes, such as support of the family. The founder's name need not be made public. Foundations may be created by deed, under the terms of a will, or by a common agreement among family members. A family foundation can sometimes be more useful than a trust, since it avoids many restrictive trust rules that limit control by the trust creator.
Depending on the nature of the family foundation activities, the US IRS may treat it as a trust, with similar IRS reporting requirements. If you're interested in exploring the creation of a foundation, you should obtain top quality tax and legal advice, both in your home country and in the offshore nation where you may decide to locate your family foundation.
The family foundation definitely is worth considering for strong asset protection.
That's the way that it looks from here.
BOB BAUMAN, Editor
PS: For lots of facts about all kinds of offshore asset protection, check out my new book: "Where to Stash Your Cash Legally."
LINK: http://www.agora-inc.com/reports/190STHOW/W190E804/
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COMMENT LINKS:
* Information re Liechtenstein family foundations.
LINK: http://www.firstadvisory.li/
* About Panama private family foundations.
LINK: http://www.mata-kelly.com/area-private.html
* IRS reporting of family foundations. LINK:
http://finance.groups.yahoo.com/group/JacobsReport/messagesearch?query=foundation
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* OFFSHORE *
CAYMAN ISLANDS SUFFER MAJOR DISASTER UNDER IVAN
GEORGE TOWN: Calls for US military assistance; British Navy helps;
rioting & looting reported. Banks shift work to other offshore offices.
Financial sector says it is unharmed; Monday re-opening questionable.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=17284
http://news.bbc.co.uk/2/hi/business/3659020.stm
http://www.thestar.com/NASApp/cs/ContentServer?pagename=thestar/Layout/Article_Type1&c=Article&cid=1095286213371&call_pageid=968350072197&col=969048863851
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U.S. SENATE CURBS OFFSHORE CONTRACTS
Companies in ‘tax havens' may face ban from US contracts. LINK:
http://www.theroyalgazette.com/apps/pbcs.dll/article?AID=/20040915/BUSINESS/109150061
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B EIJING BACKS DOWN ON SECURITY LAWS
Conciliation after Hong Kong elections seen as hopeful sign. LINK:
http://www.nytimes.com/2004/09/16/international/asia/16CND-HONG.html
* Hong Kong real estate prices finally on the rise.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=17274
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HITLER WOULD HAVE BEEN PROUD
MOSCOW: Shades of the Reichstag fire; Ex-KGB agent Putin uses
tragic school slaughter to grab total control of Russia. LINKS:
http://www.nytimes.com/2004/09/13/international/europe/13CND-RUSS.html
* Man with iron fist tightens his grip on Russia. LINK:
http://scotlandonsunday.scotsman.com/index.cfm?id=1072142004
* Bush hits Putin's anti-democratic moves. LINK:
http://news.ft.com/cms/s/40af6d08-0704-11d9-9672-00000e2511c8.html
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* WEALTH *
SWISS BANKERS CAUTIOUSLY OPTIMISTIC
ZURICH: Swiss banking sector returns to good health. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=5215770
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EU TAX HARMONIZATION WRONG
VILNIUS: Lithuanian think-tank; break up the European tax cartel.
LINK: http://www.freema.org/Articles/Taxharm.phtml
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U.S. DEBT MAY KILL THE DOLLAR
A quicksand of debt undermines global confidence in the US$. LINK:
http://www.libertarian.to/NewsDta/templates/news1.php?art=art716
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* PRIVACY & RIGHTS *
SWISS PASSPORTS FOR SALE?
BERN: Fame and fortune are passports to citizenship. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=111&sid=5212648
* Switzerland to issue biometric passports in 2006. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=111&sid=5215249
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PATRIOT ACT ABUSE UNDER INVESTIGATION
Three probes launched into law's misuse by US DoJ. LINK:
http://www.etaiwannews.com/World/2004/09/15/1095214526.htm
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9-11 COMMISSION KILLS PERSONAL PRIVACY
Some recommendations counter to US privacy guarantees.
LINK: http://www.nccprivacy.org/handv/040913villain.htm
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER.
* Bob Bauman, Editor * Daniel Aponte, Jr. Editorial Asst.
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