Reporting from the Total Wealth Symposium at the Intercontinental Playa Bonita Resort in Panama.
Dear A-Letter Reader:
For several days now the international edition of the Miami Herald, which is the English newspaper here on the Isthmus of Panama, has published disturbing news about the U.S. government secretly tracking the phone calls of millions of Americans. It seems President Bush, in his ignorance of, and/or contempt for, the U.S. Constitution, will stop at nothing to catch those lurking terrorists. (Osama bin Laden, where are you now?)
Terrorism seems to be the Bush justification for "anything goes." Of course, any honest observer will admit that personal and financial privacy is dead in what is fast becoming the American Police State.
Personal and financial privacy is just one of several reasons why The Sovereign Society staff and many of our members are here this week in the Republic of Panama, one of the world's leading tax havens.
In contrast to Bush's America, Panama is a nation where strict laws protect your financial privacy. It's a crime here for anyone to reveal your financial information -- even the government has to go to court to obtain permission to look at your business. Yes, thank goodness, Panama does have tough anti-money laundering laws, but that's a definite plus and keeps things clean. Dirty money is not wanted here.
Today is opening day of The Sovereign Society's Total Wealth Symposium, May 17-20, at the Playa Bonita Resort Hotel. Over 300 attendees and speakers from the U.S. and many other nations are gathering here - the largest number ever in the five years we have held these popular Panama meetings.
And after five years of coming here for conferences, I'm still impressed with not only Panama's level of privacy, but also this country's asset protection laws. Panama's asset protection laws date back to the 1920s, giving this nation the distinction of being one of the world's first offshore financial centers. Here you can create an asset protection trust, a family foundation, an international business corporation, or open a bank account, all with the help of a well-established, experienced offshore professional community with many of whom we work on a daily basis.
But the third "p" in the Panama pod stands for "profit" -- especially in real estate. Panama is at the take off point in a real estate boom. Miss out now and in a year or two, Panama prices will edge towards those in the USA. Now you can get prime Pacific or Atlantic beach front, an ocean view Panama City condo, or a cool mountain retreat for a third or more less than a comparable U.S. property. And for foreign buyers there's a multi-year exemption on all real estate taxes. No wonder thousands of Americans and other nationals are flocking here for retirement and second homes -- plus a much lower cost of living.
It is more than a shame that proud U.S. citizens are forced to look elsewhere for the freedoms we thought were guaranteed in America. And Panama, a nation America helped create back in 1905, is more than just a Canal -- it could be your best financial base or even your new home. Come on down -- we'll help you do it.
That's the way that it looks from here in Panama.
BOB BAUMAN, Editor
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