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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Friday, October 14, 2005 - Vol. 7 No. 208
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In This Issue:
* COMMENT: Offshore Myth Busters Needed.
* OFFSHORE: U.K. Offshore Havens Buzzing. Panama-Mexico Refinery Deal.
Panama's Chief Anti-Drug Cop Arrested with a Ton of Cocaine.
* WEALTH: Companies Pay More Tax, People Pay Less. Tax Breaks. Reforms.
* PRIVACY & RIGHTS: Brit Judges Draw the Line, FedEx Is Spying on You!
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COMMENT: Offshore Myth Busters Needed.
Dear A-Letter Reader:
I really got ticked off yesterday by an article in the usually reliable
Wall Street Journal by writer Rachel Silverman. Her article (see LINK
below) correctly reported that in response to the IRS clamp down on tax
shelters in general (wildly so, I say), professional tax advisors are
turning to more conservative tax avoidance tactics, though the writer
suggested that some advisors still might be pushing the limits of the
tax law. (And, as my friend, Bill Buckley, often says: "As why should
they not?")
The WSJ article contained a useful list of possible tax savings devices,
including family limited liability partnerships, charitable remainder
trusts, private annuity trusts, private placement life insurance and
restricted management accounts, plus combinations thereof suited to
individual needs.
But what stirred my ire was a box adjoining the article entitled
"Warning Signs" -- factors that the author thinks may indicate an
abusive or illegal tax shelter.
Listed with the established warning signs of a possibly illegal tax
transaction, (having no economic substance other then tax avoidance,
being asked to sign non-disclosure statement by the shelter seller, etc),
was this supposed indicator: Beware, the author says, if "The shelter
involves an offshore trust, partnership or life insurance policy."
Beware such stupid statements.
Whoever wrote this statement knows little about US tax shelter law --
and even less about offshore financial devices and arrangements. And
this bald assertion appeared without any explanation for this wild
claim, nor any reference to what it might mean, other than its inherent
warning: "Stay away from that terrible place called offshore."
The truth is that all of the devices the article touted for legal tax
avoidance can be and are used offshore successfully. And when they are
offshore, they have much more valuable guarantees of stronger asset
protection, far greater financial privacy and no foreign taxes.
Offshore asset protection trusts are not only legal under US laws, but
they provide superior protection for estate plans and investments.
Offshore life insurance and annuities provide not only wider and more
profitable investment possibilities, but they also allow deferred
taxation and a reduction of US estate taxes. (Offshore equities have
done far better than the US market in recent years).
For as long as I can remember, the IRS has engaged in a deceitful, false
campaign to brainwash the American people into believing that "going
offshore" financially is somehow wrong, even unpatriotic. But pressed,
even the IRS admits that Americans have every right to have offshore
bank accounts, foreign investments, as well as offshore trusts,
annuities, and life insurance. Of course the IRS wants to keep you
where they can keep their eye on you and get to your cash. And US
brokers, bankers and insurance salesmen want your money here, not
offshore.
We expect this kind of bilge from the Left, but it's about time the
Wall Street Journal and other "conservative" publications get the
offshore story straight. They might start by reading the excellent
series of articles in the May 2005 issue of Worth magazine. (See
LINK below).
There they can learn about offshore bank accounts, tax havens, safe
harbors for asset protection, investments and insurance -- and the
leading role Worth assigned to the Sovereign Society, based on our
many years of experience and our fidelity to US reporting and tax laws.
We can show you how to create proper, legal offshore devices that
will pass muster with the IRS and, at the same time, give you the
financial peace of mind that no longer can be found in the United
States.
That's the way it looks from here.
BOB BAUMAN, Editor
PS: For a complete description of offshore tax devices, click here:
LINK: http://www.agora-inc.com/reports/190STHOW/W190FA20/
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COMMENT LINKS:
* IRS steps up scrutiny, advisers shift to conservative tactics. LINK
(Subs only) http://online.wsj.com/article/SB112916175691467278.html
* WORTH magazine, The Offshore World. May 2005.
LINK: http://sovereignsociety.com/~web/misc/WORTH-0505.pdf
* The IRS & KPMG: a very strange indictment. LINK: (Subs only)
http://online.wsj.com/article/SB112908617510966355.html
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* FROM THE EDITOR'S DESK:
OFFSHORE:
* WHAT'S HAPPENING IN U.K. OFFSHORE HAVENS?
Here's an up to date assessment of the legal profession in the UK
offshore Crown dependencies, the Channel Islands (Jersey, Guernsey,
Sark) and the Isle of Man. Business is booming, in spite of UK
Labour's continuing anti-offshore tax and other policies and its
gross violations of Brit's financial privacy.
* British lawyers are haven sent.
LINK: http://www.legalweek.com/ViewItem.asp?id=25983
* The right amount of UK taxes.
LINK: http://www.legalweek.com/ViewItem.asp?id=25988
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* PANAMA GAS PRICES DRIVE REFINERY DEAL
Pres. Martin Torrijos is pushing Mexico to build a major regional oil
and gasoline refinery in Panama to increase fuel supplies and lower
prices. Gas in Panama has gone from $2 to $4 a gallon in the last year.
* Panama, Mexico Discuss Joint Refinery Project.
LINK: http://online.wsj.com/article/SB112916180021467283.html
* Panama chief anti-drug policeman arrested with a ton of cocaine (his).
LINK: http://www9.sbs.com.au/theworldnews/region.php?id=122932®ion=4
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* BERMUDA GETS TOP RATINGS AGAIN
HAMILTON: Standard & Poor's Ratings Services has affirmed its 'AA'
long-term and 'A-1 ' short-term sovereign credit ratings. Bermuda is a
global leader in insurance and reinsurance, as well as a leading tax
and asset protection haven.
* S&P Maintains Bermuda's Favorable Ratings.
LINK: http://www.tax-news.com/asp/story/story_open.asp?storyname=21429
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WEALTH:
* CORPORATIONS PAYING MORE TAXES
Companies are paying a larger share of the tax raised by industrialized
countries than at any time since the 1960s, contrary to what
left-wingers would have you believe. Personal income tax has shrunk
from 30% of total taxes in the early 1980s to 25% today, largely as a
result of taxpayer revolts against high tax politicians who impose them.
* Companies paying larger share of tax bill, says OECD. LINK:
http://news.ft.com/cms/s/8009b56a-3b44-11da-b7bc-00000e2511c8.html
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* Panel urges restrictions on certain US tax breaks. LINK:
http://www.usatoday.com/money/perfi/taxes/2005-10-11-tax-fairness_x.htm
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* The Cato Institute's "Options for Tax Reform"
LINK: http://www.cato.org/pub_display.php?pub_id=3681
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PRIVACY & RIGHTS:
* BRITISH JUDGES SHOW INDEPENDENCE
LONDON: Twice in two days, UK PM Tony Blair and his Labourites have
been warned that their Draconian anti-terrorist laws have gone too
far and may be struck down by the courts. And the Lord Chief Justice
has warned the government not to pressure judges in their rulings on
the controversial anti-terror laws.
* UK: Anti-terror laws "could be unlawful" LINK:
http://www.guardian.co.uk/terrorism/story/0,12780,1590985,00.html
* Lord Chief Justice to Blair: Back off. LINK:
http://politics.guardian.co.uk/terrorism/story/0,15935,1590090,00.html
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* FEDEX IS SPYING ON YOU
Did you know that FedEx and many other US corporations are giving your
personal data and information to the FBI? Read this and be scared,
very scared.
* Outsourcing American Intelligence
LINK: http://www.govtech.net/magazine/story.php?id=96792
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LINK: http://www.agora-inc.com/reports/190SFORD/W190FA19/
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER.
* Bob Bauman, Editor * Daniel Aponte, Jr. Editorial Asst.
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