THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Monday, November 29, 2004 - Vol. 6 No. 229
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In This Issue:
* COMMENT: Passion Makes Profit with Imports-Exports
* OFFSHORE: Hong Kong, Bermuda, BVI, Ireland, Monaco. Liechtenstein, Switzerland.
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LINK: http://www.agora-inc.com/reports/190SIBEZ/W190EB18/
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Our guest comment is by Gary Scott, an economic writer and investment consultant for 35 years and creator of International Business Made EZ.
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COMMENT: Passion Makes Profit with Imports-Exports
Dear A-Letter Reader:
It's a truism to say that we live in a global economy. Yet, most of us don't think of the implications - or the opportunities - offered by globalization.
Some of the most lucrative opportunities are export-import businesses.
And those opportunities aren't always where you might think. For instance, the USA is one of the world's biggest popcorn producers.
You might think that means there's no opportunity for someone who wants to import popcorn into the US. But I have a friend, one of the largest popcorn distributors in the US, who now grows popcorn in Argentina, and imports it into the US. Who would have imagined that?
In the course of his business my friend discovered that Argentina is a great place to grow cheap popcorn. But accidentally is not necessarily the best way to discover what export-import business is best for you.
A better way is to find ways to combine your work with your passion. I'm a perfect example. Even though I'm a writer and lecturer, I have never been satisfied sitting behind a desk all day long. I love the outdoors and have always enjoyed the time I spend there.
Rather than quitting writing and teaching, I looked for ways to combine these professions with the outdoor life. One way I've done that is to trek through virgin jungles in the Amazon basin, write about interesting things I find there and export products that I think would be popular abroad. The two businesses (writing and export) go hand and glove. My wife, Merri, and I now sell Amazonian food supplements in the US and Europe, plus we really enjoy tramping through the jungle, and writing about our experiences.
This didn't happen overnight. Indeed, the process of combining my profession with the outdoor life took six years to develop. We're far from finished but since we're doing what we love, who cares? What's the hurry? This is one of the great benefits of having an export-import business. We can slow down and enjoy the work instead of always pushing on.
If you are working in a "9-to-5" type job, you might not think it's possible to start an export-import business. That's not true, if, like Merri and me, you're willing to start slowly. Indeed, we started years ago working from a bedroom in our home.
What is it that you passionately enjoy doing in your spare time? Is there anything related to that passion that is produced overseas and that might be profitably imported?
Think about that, and when you travel internationally, train yourself to spot price distortions. These are opportunities. You will always spot items that are too expensive (import opportunities) or too cheap (export opportunities).
That's how one of our readers, a retired priest, became involved in the export-import business. When he visited Ecuador, he discovered that religious art produced there was very inexpensive. That turned into a business opportunity. He showed us the cost of religious art in Ecuador and how much he sold it for in the US, including shipping. Here are a few examples:
* Santos (religious statues): Total cost $300, sold for $960.60 in one month. Net profit: $660.60
* Vestments: Total cost $33, sold for $198 in two weeks. Another lot of vestments cost $85, and were pre-sold for $300. Net profit, $380.
* Hand made bread dough Christmas ornaments: Total cost $0.25 each, sold for $1.95 each. Net profit for, $1.70 each, or $1,700 for the 1,000 purchased.
Next time you travel abroad, look at everything that interests you and compare costs with what you'd pay back home. Buy a few samples that you think are great bargains to take home and give away to your friends. Ask them if they'd be willing to buy the same item if they saw it in a local store. How much would they be willing to pay?
This is how you begin a global export-import business. And in so doing, you can convert your passion into a business, as we have been able to do. You will have also converted non-tax-deductible travel expenses into legitimate tax-deductible business expenses. As your business grows, it will be a natural entrée into the world of offshore banking and global investment. This provides the additional benefits of privacy, asset protection and potentially, additional tax advantages as well.
Gary Scott, Jefferson, North Carolina USA
E-mail: gary@garyascott.com
Web site: http://garyascott.com/
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Editor's Note: Gary Scott has an easy-to-follow course, International Business Made EZ, that shows you exactly what you need to do, step-by- step, to set up your own global business. In the 14 lesson course you learn how to start your own global business; real-life case studies of businesses you can form; proven marketing ideas, plus the contacts you need to make your business profitable and tax efficient. To learn more,
click here: LINK: http://www.agora-inc.com/reports/190SIBEZ/W190EB18/
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COMMENT LINKS:
* Gary is conducting a 3 day International Business Made EZ Course in Quito, Ecuador Feb. 4-6, 2005 featuring an Import- Export Exhibition. For details contact: Patricia Goltry, Conference Customer Service Representative at, tel. 1 866-381-8446 (USA & Canada toll-free)
or 1-410-230-1243 or email: conferences@internationalliving.com.
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* FROM THE EDITOR'S DESK:
OFFSHORE:
Over the US Thanksgiving holiday there was plenty of news from offshore tax havens and financial centers, so I'll bring you up to date with some short summaries of events (LINKS at page bottom).
* HONG KONG's recovery underscored by a nearly 8% GDP growth, but, as the Cato Institute says, economic freedom is the key.
* During the recent US election campaigns, John Kerry made BERMUDA an undeserved whipping boy; a local attorney explains why this was wrong.
* At a Miami conference, BRITISH VIRGIN ISLANDS officials proudly explained how they have followed orders from London and the EU to weaken their IBC privacy and tax haven laws.
* IRELAND leads all EU nations in prosperity because they have attracted business with low taxes; now they may cut them again.
* There's some misplaced speculation that MONACO may have to fold as a tax haven for the very rich; hardly likely, but France would love that.
LIECHTENSTEIN is consolidating all financial regulation under one roof.
* The SWISS are debating tax reform and why their economy is so slow.
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OFFSHORE LINKS:
* Hong Kong GDP expands 7.2% LINK:
http://www.iht.com/articles/2004/11/28/bloomberg/sxhk.html
* Cato: Economic Freedom Must Lead the Way in Hong Kong
LINK: http://www.cato.org/dailys/11-27-04.html
* Bermuda: Caught in the crossfire.
LINK: http://www.legalweek.com/ViewItem.asp?id=22275
* THE BAHAMAS goes along with the new world order. LINK:
http://www.thenassauguardian.com/national_local/281998343287980.php
* BVI claims world class regulatory regime. LINK:
http://www.islandsun.com/2004-November/27112004/local3-v14i14.html
* Ireland may lower corporate tax laws again.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=18072
* Monaco Might Lose Status of Personal Income Tax Haven. LINK:
http://www.onlypunjab.com/fullstory1104-insight-Monaco Might Lose Status-status-4-newsID-7149.html
* Liechtenstein To Launch New Financial Market Regulator
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=18034
* Switzerland trapped in economic "slow lane" LINK:
http://www.swissinfo.org/sen/Swissinfo.html?siteSect=107&sid=5351435
* Swiss business leaders call for sw eeping tax reforms. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=107&sid=5366564
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LINK: http://www.agora-inc.com/reports/SVS/WSVSEBFF/
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER.
* Bob Bauman, Editor * Daniel Aponte, Jr. Editorial Asst.
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