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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Thursday, October 21, 2004 - Vol. 6 No. 202
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In This Issue:
* COMMENT: Latin Speculation.
* OFFSHORE: Swiss Honesty. Subtle Clues. Watched Virgins.
* WEALTH: Asian Confidence. Dominican Blues. Irish Dissent. Bank Robber.
* PRIVACY & RIGHTS: Offshore Anti-PATRIOT Act Protests. Chips.
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COMMENT: Latin Speculation.
PANAMA CITY, REPUBLIC OF PANAMA
Dear A-Letter Reader:
Once again I am writing today from our favorite offshore tax haven, Panama. Yesterday I keynoted the 5th Offshore Opportunities Conference the Sovereign Society has held here in Panama, our largest turnout ever with over 300 attendees and speakers. It's really a good feeling to get away from all the presidential election acrimony back in the States.Except for the usual drivel from CNN, local Panama TV largely ignores Bush and Kerry. Folks here are far more interested in what Panama's new president, Martin Torrijos, son of the late dictator, is going to do about this nation's many problems; rampant poverty in a country that has Latin America's highest per capita income; a huge deficit in the social security fund; constant speculation about what the new president's appointments mean; where will they get the $6 billion needed to widen and modernize the nearly century old Panama Canal?
One jarring noted was the new government's highly publicized revocation of over 150 honorary diplomatic passports the previous president had issued, allegedly without legal authorization to do so. The best known of these honorary passport holders was the actor Sean Connery and his name gave the news story worldwide play. This may have played well with the campesinos, but Panama needs all the friends it can get and some thought this public rebuke was more political than practical.
In any case, the consensus here is that Torrijos and company are and will be pro-business, especially offshore business that brings millions into Panama banks and creates many jobs. But there is concern that an anti-offshore regime in Washington could spell trouble for Panama's much vaunted banking and financial privacy. (See LINKS below).
I'll have more to report tomorrow, but for now, that's the way that it looks from Panama.
BOB BAUMAN, Editor
PS: Which are the best offshore tax havens? Find out more in my new book, "Where to Stash Your Cash Legally." Click here:
LINK: http://www.agora-inc.com/reports/190STHOW/W190EA02/
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COMMENT LINKS:
* KERRY THREATENS BANKS, TAX HAVEN SANCTIONS
Promises to punish 'money launderers' if elected.
LINK: http://releases.usnewswire.com/GetRelease.asp?id=38513
* KERRY DENOUNCES 'BENEDICT ARNOLD' CEOs
But he has accepted $370,000 in campaign cash from offshore CEOs.
LINK: http://www.axisoflogic.com/artman/publish/article_12759.shtml
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* OFFSHORE *
SWISS HONESTY RECONFIRMED
BERN: Switzerland remains among least corrupt nations. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=111&sid=5285035
* Switzerland bring insider trading laws in line with Europe.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=17653
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ISLE OF MAN LOOKS FOR SUBTLE CLUES
DOUGLAS: Sophisticated money launderers are now the rule. LINK:
http://www.iomonline.co.im/ViewArticle2.aspx?SectionID=872&ArticleID=873653
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U.S. VIRGIN ISLANDS BEING WATCHED
IRS scrutiny seeks non-resident tax cheats. LINK:
http://www.accountingweb.com/cgi-bin/item.cgi?id=99789&d=815&h=817&f=816&dateformat=%B %e, %Y
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LINK: http://www.agora-inc.com/reports/190STHOW/W190EA02/
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* WEALTH *
SIX ASIAN MARKETS GET HIGH CONFIDENCE
Hong Kong, Malaysia, New Zealand receive investor confidence. LINK:
http://biz.thestar.com.my/news/story.asp?file=/2004/10/20/business/9176201&sec=business
* Hong Kong real estate market boom may be short lived.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=17646
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DOMINICAN REPUBLIC PROBLEMS
SANTO DOMINGO: Major economic woes. LINK:
http://news.ft.com/cms/s/5972f822-21f9-11d9-8c55-00000e2511c8.html
* D.R. courts BAHAMIAN businesspersons. LINK:
http://www.thenassauguardian.com/business/281722828688565.php
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IRISH DISSENTER HITS LOW TAXES
DUBLIN: Claims low corporate taxes are a mistake. LINK:
http://www.businessworld.ie/livenews.htm?a=1024745;s=rollingnews.htm
* U.K. taxes equal 35.5% of GDP; may go higher. LINK:
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2004/10/21/cntax21.xml
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BARINGS BANK ROBBER NOW CRIME EXPERT!
Same market problems exist, says ex-con Nick Leeson. LINK:
http://www.etaiwannews.com/Business/2004/10/18/1098069909.htm
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* PRIVACY & RIGHTS *
CANADA, NEW ZEALAND PROTEST PATRIOT ACT
* Bill protects British Columbia residents from Patriot Act. LINK:
http://vancouver.cbc.ca/regionalnews/caches/bc_patriot20041019.html
* US Patriot Act requires companies to pass on NZers' info.
LINK: http://www.scoop.co.nz/mason/stories/PA0410/S00353.htm
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'YOUR IMPLANT CHIP, PLEASE!'
Bar code implant draws fire from advocates of privacy. LINK:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2004/10/14/MNGQA99FDM1.DTL
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Academy & Finance are hosting The Financial Services Industry Global Summit Geneva, Switzerland Dec. 9-10, 2004. The Sovereign Society, Offshore Institute, Royal Society of Fellows and American Academy of Financial Management are sposnors. For more information click here:
LINK: http://www.academyfinance.ch/En/entry.html
E-mail: registration@academyfinance.ch
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER.
* Bob Bauman, Editor * Daniel Aponte, Jr. Editorial Asst.
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