In This Issue:
* COMMENT: Offshore Benefits.

* OFFSHORE: Saudi Cash Floods Liechtenstein. Jersey Compromising? Gibraltar Wants Vote. Swiss Answer; Ambassador. Belize-US MLAT. Letter, News from Panama. East Caribbean Union. Tax Shelter Politics. Dual Citizenship for American Millions.

* WEALTH: Anti-EU Tax Directive Needs YOU! Mitchell Exposes EU Plan. Tax Misery Index. New Bank Account Rules. Republican Tax Bill Bombs.

* PRIVACY & RIGHTS: Bush Wants Citizen-Informant TIPS. Backdoor National ID Plan. Warrantless Searches. Check Out EPIC.

* COMMENT: Offshore Benefits.

Dear A-Letter Reader:
With the many controversies swirling around every aspect of the 'offshore' world -- haven blacklists, tax evasion charges, US tax fleeing corporations, political posturing, EU, OECD, FATF demands -- we tend to lose sight of the many real, legal benefits that do lie offshore.

The attractive offshore benefits list includes:
1) greatly expanded investment and profit opportunities;
2) far greater privacy than is now available in most major nations;
3) less government interference, less taxes and deferred taxation;
4) much stronger asset protection.

Good estate planning has always included asset protection with an offshore component. Assets moved offshore into an asset protection trust, or held in the name of an international business corporation, insulate trust beneficiaries and IBC owners from law suits, claims, attachments. If problems arise, plaintiffs' lawyers are very reluctant to sue when a defendant's assets are offshore. Even if they sue, an advantageous settlement is far more likely.

The offshore solution should be in the minds of American medical professionals who currently are being driven out of their practices by multiple lawsuits, enormous jury awards, and sky-high medical malpractice premiums. Quality American health care is threatened.

The Christian Science Monitor reported this week: 'A litigious society that makes it easy to bring lawsuits that often result in extremely high awards has sent doctors' malpractice insurance premiums through the roof. Many doctors are quitting, moving or scaling back their practices.'

We're talking about hundreds, thousands of doctors who can no longer afford to practice in certain states. Certain specialties are completely closed down in some areas.

Denis Kleinfeld, in a comprehensive article this month in Offshore Investment, recounts what asset protection clients say they want, describing how those wishes can be achieved.

American doctors, wherever they practice, professionals of any kind, should protect against the trial lawyer onslaught by moving their assets offshore. Join us in the Sovereign Society and we'll help you do just that.

That's the way that it looks from here.
BOB BAUMAN, Editor
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COMMENT LINKS:
* Liability costs drive doctors from practice. C.S. Monitor.
LINK: http://www.csmonitor.com/2002/0717/p01s02-ussc.html
* A tactical approach to asset protection. Denis Kleinfeld.
LINK: http://www.offshoreinvestment.com/current_issue/letter_miami/main.html
* How to join the Sovereign Society:
LINK: HOME

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* OFFSHORE *

REPORT: SAUDI HOT CASH FLOODS LIECHTENSTEIN
Is the House of Saud on its last legs? Large Saudi sums are being transferred through secret Liechtenstein trusts. European banks, wary of cash from 'politically exposed persons,' don't want their money.
LINK: http://www.guardian.co.uk/saudi/story/0,11599,756499,00.html
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JERSEY READY TO APPEASE O.E.C.D. & E.U.?
ST. HELIER. Channel Island leader says Jersey must be open to change and compromise with the OECD and the European Union:
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=8826

* Island problem: 3 major offshore banks cutting Jersey jobs.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=8813
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DEMAND GIBRALTAR VOTE NOW
Deal between UK and Spain is put off, but residents want to vote now.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=8817
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SWISS ANSWERS FINANCIAL TIMES EDITORIAL
Newspaper rapped for FT criticism of Swiss bank secrecy.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=8833

* Swiss ambassador admits he lied about suspect cash origins.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=8820
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U.S. - BELIZE ANTI-CRIME TREATY SENT TO SENATE
Mutual legal assistance treaty signed in 2000 up for approval.
LINK: Click Here.

* More about the tax haven nation of BELIZE.
LINK: Click Here.
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LETTER FROM PANAMA
Sovereign Society Council of Experts member, Derek SAMBROOK gives us his monthly view from the crossroads of the world.
LINK: Click Here.

* The Panama News reports on the Marc Harris organization.
LINK: http://www.thepanamanews.com/pn/v_08/issue_13/business_02.html
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EASTERN CARIBBEAN UNION PROGRESSES
Antigua, Dominica, Grenada, Montserrat, St.Kitts & Nevis, St.Lucia and St. Vincent & the Grenadines form an economic union.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=8821
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OFFSHORE TAX SHELTER IS POLITICAL ISSUE
California governor candidate defends against illegal IRS smear.
LINK: http://sfgate.com/cgi-bin/article.cgi?f=/c/a/2002/07/17/MN8416.DTL
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25 MILLION AMERICANS MAY HOLD DUAL CITIZENSHIP
US foreign born residents number 31.1 million; most can hold US citizenship and in their home countries as well, if they wish.
LINK: http://www.macon.com/mld/macon/news/nation/3672451.htm

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* WEALTH *

WASHINGTON LOBBYING NEEDED FROM YOU
The Center for Freedom and Prosperity issues a Special Alert asking that you contact ASAP your Congressman and Senators to oppose the European Union savings tax directive. EU bureaucrats are pressuring Washington to capitulate within the next week. ACT NOW! Background information on this issue,
LINK: http://www.freedomandprosperity.org/eu/eu.shtml
* Write Your US Representative:
LINK: http://www.house.gov/writerep/
* Write Your US Senators:
LINK: http://www.senate.gov/senators/senator_by_state.cfm
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BUSH SHOULD REJECT E.U. SAVINGS TAX DIRECTIVE
Dan Mitchell explains why Bush administration must say 'no.'
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=8812
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GLOBAL TAX MISERY INDEX
Forbes magazine gives you nation by nation comparisons.
LINK: Click Here.
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STRICT U.S. RULES ON NEW BANK ACCOUNTS
Newly proposed US Treasury rules will require all financial institutions to investigate and verify new bank accounts applicants.
LINK: Click Here.

* US Treasury statement on proposed bank account rules:
LINK: http://www.federalreserve.gov/boarddocs/press/bcreg/2002/20020717/
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HOUSE REPUBLICAN TAX BILL UNDER ATTACK
Anti-offshore provisions suspend Bermuda loophole. EU complains.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=8835
http://www.tax-news.com/asp/story/story.asp?storyname=8825