THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Tuesday, December 28, 2004 - Vol. 6 No. 250
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In This Issue:
* COMMENT: What and Where Is Offshore?
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COMMENT: What and Where Is Offshore?
Dear A-Letter Reader:
One common question I often hear from folks new to offshore finance is: "What exactly do you mean by offshore"? The answer is both simple and complex.
Simply put, any nation or jurisdiction is offshore other than the one where you reside. If you're a US resident, other countries are offshore. If you live in the UK, the US is offshore. But this word is more often used in describing financial, banking or investment activity in another nation where taxes are low or none existent for foreigners. Charles Caine, editor of Offshore Investment, points out that "offshore simply means a different jurisdiction which permits someone from outside that jurisdiction to obtain some special financial benefit."
Indeed for anyone except Americans, the US can be an offshore haven of great value. Billions of dollars of tax-free, interest bearing bank deposits are held in US banks by nonresident aliens and foreign corporations. Money held by foreigners effectively has been exempt from US income tax by law since 1921. This major tax break keeps billions in capital investments flowing into the US where it's put to good use in the form of real estate ownership, business securities and US Treasury bonds that keep the US government afloat.
Certain nations have chosen to create a unique legal and tax climate that rates them as "offshore finance" centers. They cater to foreign businesses and investors, giving low tax or no tax advantages. According to the World Bank, more than half the world's wealth - over $6 trillion - resides in asset havens.
Offshore havens really do protect financial privacy, keep regulation to a minimum and guarantee a stabile, predictable legal climate where enforcement of foreign judgments is difficult. Thus they can be called "asset havens."
For those who seek lower taxes and financial privacy offshore, recall the words of William Lloyd Garrison, in a somewhat different context, in the cause of the abolition of slavery: "My country is the world; my countrymen are mankind."
Going offshore means escape from the new slavery; government controls and bureaucrats run amok.
That's the way that it looks from here.
BOB BAUMAN, Editor
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER.
* Bob Bauman, Editor * Daniel Aponte, Jr. Editorial Asst.
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