===============================
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Friday, October 18, 2002 - Vol. 4 No. 108
===============================
In This Issue:
* COMMENT: I.R.S. Tyranny.
* OFFSHORE: Anti-Inversion Bill Stopped. Offshore Terror Banks? UK OSTs Urged to Sue OECD. Gibraltar Tax Issue. Havens Feel Heat. Monaco Bank Theft. Bahamas Banks Come Clean.
* WEALTH: Danes Go South. UK Tax Target: Offshore. Becker Tax Settlement? Iran Banks Profit. Expats Favorite. New Offshore Scam.
* PRIVACY & RIGHTS: Civil Liberties at Risk. Huge Patriot Act Costs.
===============================
* ADVERTISEMENT *
US Government Backed "Portfolio Repair" Program Pays Out Millions of Dollars to "In-the-Know" Investors
* Michael Farrell, age 50, received about $1.675 million last year. The year before that he got $400,000.
* Jennifer Stevens, 31, pocketed $391,000 last year alone, from this same source. * Joseph Galligan, 43, received $31,200 last year as part of this same deal. If you qualify, you can start receiving payments almost immediately, no matter what your situation. This bureaucratic loophole won't stay open forever. All the details here:
LINK: http://www.agora-inc.com/reports/TRW/WTRWC934/
==============================
* COMMENT: IRS Tyranny.
Dear A-Letter Reader:
We often have commented critically about the US Internal Revenue Service and it high handed, even unconstitutional tactics. Its special targets have been offshore credit card holders and those who use tax shelters in their estate planning. These IRS Gestapo tactics have included broad demands for millions of credit card purchase records from both charge card companies, and individual business where cards may have been used by card holders.
This week more IRS demands were filed in federal courts to force some 70 American businesses to provide still more records. The companies include Disney resorts, automobile and truck dealerships, hotels, airlines, and retail stores where individuals might have made purchases with an offshore credit card. There is no probable cause involved, just the naked IRS demand to rummage at will though citizens' private records.
Also this week, the IRS proposed new anti-tax shelter rules in what they claim is an effort to curb widespread illegal use of such vehicles to evade taxes. One of the new requirements is that taxpayers must report to the IRS any tax shelter plans 'marketed by accountants under conditions of confidentiality.' In other words, if an accounting firm imposes privacy on its agreement with a taxpayer, that alone makes both suspect of evasion.
A few months ago the IRS was forced to apologize publicly for releasing scores of names of individuals who were using legal tax shelters that IRS agents simply did not like. Of course, by then people were already smeared in news reports as potential criminal tax evaders. Officially sanctioned public smears, illegal searches and seizures and wholesale fishing expeditions into private financial records have a devastating impact on reputations, careers and individual prosperity, not to mention the enormous cost of defending against such blatant government aggression.
A President who preaches so often about waging war against tyrants might start by ending the IRS tyranny based in Washington, DC, just a few blocks away from where he sits in the White House. That's the way that it looks from here.
BOB BAUMAN, Editor
================================
* COMMENT LINKS:
* Top 10 US Civil Liberties the IRS regularly abuses. Cato Institute.
LINK: http://www.cato.org/dailys/04-11-02.html
* Treasury Proposes Rules To Target Tax Shelters. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A37571-2002Oct16.html
* Tough Rules for Tax Shelters. Newsday. LINK:
http://www.newsday.com/business/local/newyork/ny-bztax172968398oct
17,0,1666084.story?coll=ny-nybusiness-headlines
* IRS offshore probe seeks more records. Bloomberg News.
LINK: http://www.miami.com/mld/miamiherald/business/4293020.htm
================================
* OFFSHORE *
ANTI-OFFSHORE BILL PUT OF IN U.S. CONGRESS WASHINGTON: As lawmakers leave town for election campaigns, a bill punishing US companies that reincoporate offshore is dropped. LINK:
http://www.cnn.com/2002/ALLPOLITICS/10/16/house.heads.home/index.html
* Notwithstanding US company controversy, BERMUDA is doing OK.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9695
-----
REPORT CLAIMS OFFSHORE BANKS USED BY TERRORISTS NEW YORK: CFR report claims Liechtenstein, Bahamas used for terror cash by Saudis; no proof offered. US government attacks report.
LINKS: http://www.cfr.org/publication.php?id=5080
http://www.washingtonpost.com/wp-dyn/articles/A37535-2002Oct16.html
-----
BRITISH TORY URGES ANTI-OECD STANCE BY U.K. OSTs LONDON: British Overseas Territories told to sue OECD for tax attacks.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9692
-----
GIBRALTAR TAX REFORMS QUESTIONED BY E.U.
Lower corporate tax at issue. SPAIN uses issue to assert claims.
LINKS: http://www.euobserver.com/index.phtml?sid=9&aid=7949
http://www.tax-news.com/asp/story/story.asp?storyname=9709
-----
OFFSHORE TAX HAVENS FEEL HEAT
US anti-terror laws affect offshore financial centers; a summary. LINK:
http://biz.thestar.com.my/news/story.asp?file=/2002/10/17/business/
kptaxhaven&sec=business
-----
MONACO HSBC BANKER STEALS $14 MILLION
Tax haven shocked at HSBC theft; banker faces prison. LINK:
http://www.guardian.co.uk/business/story/0,3604,812621,00.html
* BAHAMAS banking says it has clean up its act. LINK:
http://www.thenassauguardian.com/business/276099254959847.php
================================
* ADVERTISEMENT *
LITTLE BLACK BOOK
After more than 20 years of traveling and doing business all over the world, the staff of The Sovereign Society, including editor of The Sovereign Society Offshore A-Letter, Bob Bauman, have put together what we believe is the greatest resource in the world for offshore banking, investing, privacy, legal tax-reduction and deferral, real estate, and so much more. It's called The Sovereign Society's Offshore Yellow Pages, and it's made up of...at last count...8,251 important resources. To learn more, click here NOW:
LINK: http://www.agora-inc.com/reports/190SOYPP/W190CA75/
================================
* WEALTH *
DANISH SENIORS FLEE SOUTH FOR TAX BREAKS COPENHAGEN: Older Danes head for southern Europe, lower taxes.
LINK: http://cphpost.periskop.dk/default.asp?id=25160
-----
U.K. TAX COLLECTORS TARGET OFFSHORE INVESTORS
Presumption of tax evasion if Brits dare to invest offshore. LINK:
http://www.vortexcentrum.com/members/wmlro/wmlro1046.htm
* Labour plans to name and shame money laundering firms. LINK:
http://www.reuters.co.uk/newsArticle.jhtml;jsessionid=NSE0MQ
LFORU1OCRBAELCFEY?type=businessNews&storyID=1578429
-----
BORIS BECKER'S ON/OFF TAX SETTLEMENT
MONACO residency claiming tennis star may or may not have settled with GERMANY for US$2.3m in back taxes, plus penalty. LINKS:
http://sportsillustrated.cnn.com/tennis/news/2002/10/16/becker_
advisor_ap/
http://foxsports.lycos.com/content/view?contentId=710756
-----
IRAN PROFITS FROM U.S. TERROR CRACKDOWN
TEHERAN: Billions in cash and gold flow from the US to Iran. LINK:
http://www.iranmania.com/news/ArticleView/Default.asp?NewsCode=
12560&NewsKind=BusinessEconomy
-----
EU, AMERICA EXPATS' FAVORITE PLACES
Least problems, most satisfaction for expatriates in the EU and US.
LINK: http://www.expatica.com/hr.asp?pad=232,239,&item_id=26044
-----
OBNR WARNS OF OFFSHORE 'ASSET RECOVERY' SCAM
Offshore Alert describes Hong Kong based advance fee fraud.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9702
================================
* PRIVACY & RIGHTS *
US TERROR LAWS PUT CIVIL LIBERTIES AT RISK
Average Americans have little idea what is happening to their freedom.
LINK: http://www.foxnews.com/story/0,2933,65888,00.html
* ACLU ads accuse anti-terror laws of violating civil rights.
LINK: http://seattletimes.nwsource.com/text/134556027_aclu16m.html
-----
HUGH BUSINESS COSTS IMPOSED BY USA PATRIOT ACT
New law may cost small businesses up to $100,000 first year.
LINK: http://www.financial-planning.com/pubs/fpi/20021015100.html
==============================
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER.
*SUBSCRIBE FREE or send to a friend at
LINK: HOME
PLEASE DO NOT RESPOND DIRECTLY TO THE A-LETTER. SEND E-MAIL TO: INFO@THESOVEREIGNSOCIETY.COM
==============================
The A-Letter provides accurate information on the subject matter covered and advertisements displayed, so far as we can ascertain. We cannot certify the absolute accuracy of referenced articles nor do we necessarily endorse products advertised herein.
==============================
THE SOVEREIGN SOCIETY Ltd., 5 Catherine St., Waterford, Ireland
TEL: 353-51 844 068 FAX: 353-51 304 561
Copyright (C) 2002. All domestic & international rights reserved.