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The Panama Boom Takes Off
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June 8, 2006
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Thursday June 8, 2006
Vol. 8 No. 113 |
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In Today's Letter: Comment: Panama's Booming Bull Market
Offshore: OECD Miracle?
Wealth: Derivatives Trading Booms
Privacy & Rights: DNA Files Gone Wild
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The Panama Boom Takes Off
Dear A-Letter Reader:
As regular readers know, in May we visited Panama for a week for The Sovereign Society's Total Wealth Symposium. Over 350 attendees and speakers gathered to discuss the many and varied attractions of this leading offshore tax haven, less than 3 hours from Miami by air.
In my recent book, Panama Money Secrets, I wrote: "With this unique history and a huge potential for future development, Panama, as it begins its second century, is on the threshold of a new and unequaled period of prosperity and growth. And you can be part of it."
Those who attended our May conference witnessed first hand the current Panama real estate and retirement boom. I saw the beginning of this boom in 1999 when I returned for the first time since 1975, but I didn't foresee just how fast Panama would grow. A "boom" is usually defined as a period of time during which sales or business activity increases rapidly. Today Panama meets that definition -- it's a bull market, and you can get in on it, before it's too late.
During our last visit, you could see the evidence of this growth everywhere. In downtown Panama City construction cranes cluttered the Miami-like skyline, with scores of skyscraper condos inching upwards. It reminded me of my recent visit to Shanghai, another major city that's in a building frenzy right now. While we were in town, Panama City got its official boom town seal of approval when Donald Trump announced plans to build yet another of his ubiquitous Trump Towers. The Donald's word sent waves of glee through the local real estate sales community.
All this means is that the Panama market really has taken off. And the time for you to get in on attractive lower prices is now.
EDITOR'S NOTE: The Sovereign Society is currently offering the Total Wealth Symposium Audio Series, which includes all 28 international asset protection and investment experts' presentations. Click here to find out more.
When foreigners come to Panama, either for a visit or a longer stay, most fall in love with the country and its people. Panamanians are proud of their rich cultural heritage and they are glad to be free from what they saw as U.S. colonial domination. Panamanians are used to Americans in particular, and foreigners in general - and, if you're a decent human being, they'll welcome you and make you feel right at home. The local joke is that more people here speak English here than they do in Miami. This is a country where folks are friendly and laid back, willing to live and let live. Life does move at a slower pace than frantic American gringos are used to up north. The humid, tropical weather alone has a tendency to lull you into slower acting, even slower thinking. And that's not all bad.
Recently a debate arose among some of my friends as to just how many Americans live in Panama. A newsletter claimed "approximately 50,000 Americans have moved to or purchased property in Panama." Another thought this number was too high. During his trip to Panama last November, President Bush said 25,000 US citizens live in Panama and the U.S. Embassy website in Panama seems to support that statement.
No one really knows, but it's undisputed fact that there is a major influx of Americans (as well as Canadians, Europeans and many other nationals). Some are investors, some want a second home, some are retiring here, and many are taking advantage of Panama's traditional tax haven status.
In 2005, Panama's economy grew a healthy 6.4% with revenues rising on all fronts. Eric Roseman, our Sovereign Society Investment Director, says: "For value investors, Panama is the best bang for your real estate buck in this decade." ( A-Letter, 04/07/06)
These are just some of the facts heard and learned by attendees at our recent Panama Sovereign Society Total Wealth Symposium. If you weren't there, you can still attend by proxy by ordering the audio series. Click here for more information.
That's the way that it looks from here,
BOB BAUMAN, Editor
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OECD Miracle Conversion?
Paris: After a decade of bashing all tax havens and attacking banking privacy secrecy, the leftwing Organization for Economic Cooperation and Development (OECD) has issued a report that lauds tax havens, saying they are cleaning up their act regarding transparency and honest practice. 'Most have entered into double taxation conventions and/or tax information exchange agreements, and many are engaged in negotiations for such agreements', said the report, which gives detailed notes on the banking secrecy status of 82 OECD and non-OECD countries.
Don't take this as a true change of heart. The truth is the OECD has lost its battle to crush tax havens because many of its own leading members have similar banking secrecy laws and lack tax exchange agreements themselves. The smaller tax havens demanded an "equal playing field" and when the biggies realized they would have to play by the same rules, they backed down.
The new OECD report, however, is echoing its past, attacking Switzerland, Andorra, the Cook Islands and Samoa for an alleged failure share tax information with other governments. Duh! Hasn't the OECD ever heard of the 1934 Swiss Bank Secrecy law? All in all this report is a real OECD back down, and about time. For the OECD Report, click here.
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The Boom in Derivatives Trading
Derivatives might be a dirty word among many global investors, but specialized houses clearing trades of these numerous contracts continue to earn a bundle this decade. Derivatives derive their notional value from interest rates, commodities, currencies, stocks and a host of synthetic securities like SWAPS. Among the first to go public in December 2002, the Chicago Mercantile Exchange (CME) has seen its stock skyrocket more than 1,000%; The Sovereign Society's Commodity Trend Alert (CTA) recommended CME back in April 2003 at $46.75 per share - a gain of over 800% and counting. Driving the boom in derivatives trading is the massive increase in the number of hedge funds since 2000 coupled with the arrival of popularized options-trading among individual investors. Contract volume at the CME continues to hit new highs virtually each month accompanied by soaring earnings. In May, CTA recommended its second slingshot stock in this sector - unwanted by the herd and heading to over $200 a share, if not higher, as commodity and bond trading revenues head to Mars the latter half of this decade.
ERIC ROSEMAN, Investment Director
on behalf of The Sovereign Society
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Isn't Your DNA Your Private Information?
Is your DNA your private property? Apparently not, if you consider the nation's DNA databank already has 3 million Americans' DNA samples, and police officials file away another 80,000 Americans' DNA each month. Now you might say "well yes, but those people on file are all criminals." Actually this ever-growing registry includes people who are arrested and not convicted, (meaning by definition, not all these Americans are criminals). If you live in Kansas, you can make it on this ever-growing list, just by getting pulled over for speeding.
And according to the Washington Post, if some law enforcement officials have their way, every single American's DNA will be on file. These officials say having a national registry of DNA is the best way to deter potential criminals and catch the active criminals. This obviously ignores the fourth amendment, which protects innocent people from being swept into police investigations without good cause. But advocates say they have every right. "It's like a Social Security number, but not assigned by the government," said one proponent. Just like a SS#? Oh please. The only similarity between your SS# and your DNA is both are your private information, and apparently some officials would feel safer having both on file.
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