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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Thursday, October 6, 2005 - Vol. 7 No. 202
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In This Issue:
* COMMENT: Tax Avoidance: Right & Wrong.
* OFFSHORE: Bush Goes to Panama; Trade Deal Near; World Bank Aid.
Where Offshore Living is Best.
* WEALTH: Billions in Cash Back. The I.R.S. Police. Avoid Russia.
* PRIVACY & RIGHTS: U.S. Canadian Border Wars? Fraudulent Passports.
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* COMMENT: Tax Avoidance; Right & Wrong
Dear A-Letter Reader:
Many American and other national taxpayers are frustrated with the
high taxes imposed by their governments. There seems to be no limit
to the ravenous appetite of bureaucrats who feed on our hard earned
money at the expense of the welfare of ourselves, our families and our
businesses.
As is the case when there is widespread discontent, the Internet has
blossomed with thousands of web sites offering supposed tax relief,
for a price. Various slick promoters advertise on the web offering
schemes they claim will save you from paying taxes, and not a few are
run by what Vern Jacobs, a member of the Sovereign Society Council
of Experts, rightly calls "hustlers and con artists."
As a service to our readers and his own, Vern Jacobs has excellent
web pages that present an extensive collection of articles about legal
ways to save taxes without getting into an unwinnable dispute with the
IRS. Another web page lists articles about illegal methods and scams
of tax avoidance that you should avoid at all costs. Try any of these
scams and you are certain to lose to the IRS and/or, go to jail.
Vern also publishes the International Wealth Protection Monitor, more
about which at LINK: http://www.offshorepress.com/iwpm-info.htm
You can also access free reports from Vern who answers e-mail
questions at http://finance.groups.yahoo.com/group/JacobsReport/
The Sovereign Society advocates full proper compliance with any
applicable tax and reporting laws for US persons. That includes
reporting worldwide income and offshore bank accounts. In addition
to Vern Jacobs good advice, you should consult your own tax
professional to be certain you comply with the law.
There are legal ways to minimize your taxes. Be sure the legal ones
are the ones you choose -- or you lose.
That's the way that it looks from here.
BOB BAUMAN, Editor
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* COMMENT LINKS:
* Legal Tax Avoidance: Vernon K. Jacobs CPA.
LINK: http://www.offshorepress.com/vkjcpa/articlesindex.htm
* Tax Scams & Illegal Schemes. Vern Jacobs.
LINK: http://www.offshorepress.com/vkjcpa/taxscams.htm
* Offshore Tax Strategies. Vern Jacobs.
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* FROM THE EDITOR'S DESK:
OFFSHORE:
* PRESIDENT BUSH TO VISIT PANAMA; TRADE DEAL
Pushing trade and democracy, Pres. Bush will visit Argentina, Brazil
and Panama next month. On Nov. 6-7 he will meet with President Martin
Torrijos, reportedly to conclude three years of US-Panama free trade
negotiations with an agreement. The US wants to be a part of Canal
expansion work. Panama's economy is predominantly service based, and
the government seeks greater advantages through a bilateral deal.
Meanwhile the World Bank announced that it's considering help and
grants to Panama over the next two years amounting to $160 million.
* Bush South American trip to include Panama. LINK:
http://www.bloomberg.com/apps/news?pid=10000086&sid=a3508foPcSLc&refer=latin_america
* US, Panama plan final talks on free trade deal. LINK:
http://www.washingtonpost.com/wp-dyn/content/article/2005/10/05/AR2005100501589.html
* World Bank discusses Panama 2-year strategy. LINK:
http://www.harolddoan.com/modules.php?name=News&file=article&sid=6260
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* A gringo-eye view of a first time transit of the Panama Canal.
LINK: http://thecelebritycafe.com/travel/silversea_2004-3.html
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* My new book, Panama Money Secrets, gives the lowdown on
the many things Panama has to welcome foreigners. LINK:
https://www.isecureonline.com/secure/FORM1.CFM?PUBCODE=190SPMON&PCODE=E190GB22&ALIAS=99
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* WHERE OFFSHORE IS THE LIVING BEST?
Canada, Australia, Austria and Switzerland were picked as the ideal
destinations in the survey by the Economist Intelligence Unit. Vienna
in 'top 20' for worlds most livable cities. LINK:
http://www.expatica.com/source/site_article.asp?subchannel_id=48&story_id=24233&name=Brussels+in+'top+20'+for+liveable+cities +
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WEALTH:
* WELCOME HOME
Nine months into 2005, US companies have announced plans to repatriate
about $206 billion in foreign profits under a special one-year us tax
break. The special low tax rate is 5.25% compared to the usual tax of
25% or more before. So US offshore corporations do pay tax. LINK
(subs only): http://online.wsj.com/article/SB112847525167060248.html
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* THE I.R.S POLICE
You thought the IRS just collected taxes? Guess again! Now IRS agents
are teaching state and local police how to crack cases ranging from
fraud to tax evasion to public corruption. (But try and get the IRS on
the phone to answer your questions). Your tax dollars at work.
* IRS teaching police computer know-how. LINK:
http://www.newbritainherald.com/site/news.cfm?newsid=15329746&BRD=1641&PAG=461&dept_id=10110&rfi=6
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* AVOID RUSSIAN INVESTMENTS
MOSCOW: The stacked Russian courts have just about abolished the oil
company, Yukos, as planned by Pres. Putin. Yukos just lost one of its
last appeals of it's alleged tax evasion case. LINK:
http://www.nytimes.com/2005/10/05/business/worldbusiness/05yukos.html
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PRIVACY & RIGHTS:
* US, CANADIAN LEADERS DENOUNCE PASSPORT PLAN
By 2008 the US government plans to require travelers crossing land
borders to show a US or Canadian passport. US, Canada leaders
call for an end to the US passport plan. LINK:
http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20051005/Jean_Charest_051005/20051005?hub=Canada
* First Mexico now volunteers are watching Canadian border. LINK:
http://www.boston.com/news/local/vermont/articles/2005/10/04/volunteers_beginning_watch_near_canada_line/
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* FRAUDULENT PASSPORTS
Thailand leads in producing counterfeit passports. Albania, Dubai and
Singapore are also forged document sources. Thailand's counterfeit
culture is becoming a world problem.
LINK: http://www.dominicantoday.com/app/article.aspx?id=5506
* For legal second passports and dual citizenship, click here;
LINK: http://www.agora-inc.com/reports/190SGOPS/W190FA07/
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ADVERTISEMENT: Your Rights & Liberties Are Under Attack
Here's what the PATRIOT Act can do to you! Learn how and where you
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LINK: http://www.agora-inc.com/reports/190SPATY/W190FA09/
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER.
* Bob Bauman, Editor * Daniel Aponte, Jr. Editorial Asst.
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* The A-Letter provides accurate information on the subject matter
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cannot certify the absolute accuracy of referenced articles nor do we
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advocates full compliance with all applicable tax and financial
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* Nothing herein should be considered personalized investment advice.
Although our employees may answer general customer service questions,
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* LEGAL NOTICE: This document is based on SEC filings, current
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