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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Wednesday, October 23, 2002 - Vol. 4 No. 110
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In This Issue:
* COMMENT: Tax Avoidance
* OFFSHORE: Corporate Inversion Battle Not Ended. Swiss Praised. Gibraltar Taxes. German Tax Exiles. Baltic Banks. IMF Inspections. Labuan Advice. Herald Trib Sold.
* WEALTH: IRS Hits Captive Insurance. Stolen Credit Cards, IDs. Brits Distrust Government. UK Taxes Hit Business, Property Owners Wealthy; Drive All Offshore, Coutts Private Bank Expands.
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* COMMENT: Tax Avoidance; Right and Wrong
Dear A-Letter Reader:
No doubt a lot of American and other national taxpayers are frustrated with the high taxes imposed by their governments. (See items about high UK taxes under 'Wealth' below). There seems to be no limit to the ravenous appetite of bureaucrats who feed on our hard earned money at the expense of the welfare of ourselves, our families and our business.
As is the case when a widespread problem arises, the Internet has blossomed with hundreds of web sites offering supposed tax relief. Various slick promoters advertise on the Web offering schemes they claim will save you from paying taxes, and not a few are run by by what Vern Jacobs, a member of the Sovereign Society Council of Experts, rightly calls "hustlers and con artists.
As a service to our readers and his own, Vern Jacobs has produced two excellent web pages that present, first, an extensive collection of articles about legal ways to save taxes without getting into a dispute with the IRS that you can't win. Another web page lists articles about illegal methods and scams of tax avoidance that you should avoid at all costs. Try any of these scams and you are certain to loose to the IRS and/or, go to jail.
If you want to learn first hand about legal tax avoidance and illegal scams to avoid, Vern will hold his 3rd Offshore Tax Boot Camp Seminar at Caesars Palace in Las Vegas, Feb 14 and Feb. 15, 2003. For more information see: http://www.offshorepress.com/ostaxbootcamp.htm
There are legal ways to minimize your taxes. Be sure the legal ones
ate the ones you choose -- or you loose.
That's the way that it looks from here.
BOB BAUMAN, Editor
PS: The Sovereign Society recommends Vern Jacob's report 'The Offshore Tax Bootcamp Manual'. For more about this report, please click here: LINK: http://www.agora-inc.com/reports/190SVJBM/W190CA88/
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* COMMENT LINKS:
* Legal Tax Avoidance: Vernon K. Jacobs CPA.
LINK: http://www.offshorepress.com/vkjcpa/articlesindex.htm
* Tax Scams & Illegal Schemes. Vern Jacobs.
LINK: http://www.offshorepress.com/vkjcpa/taxscams.htm
* Offshore Tax Strategies. Vern Jacobs.
LINK: http://www.offshorepress.com/offshoretax/index.htm
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* OFFSHORE *
BATTLE OVER OFFSHORE RE-INCORPORATION NOT ENDED
NASSAU: US Congress didn't act on punishing US companies that re-incorporate offshore to save taxes; but the fight is not over. LINK:
http://www.theroyalgazette.com/apps/pbcs.dll/article?Site=RG&Date
=20021022&
Category=BUSINESS&ArtNo=110220036&Ref=AR
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U.S TREASURY OFFICIAL PRAISES SWISS
ZURICH: Says Swiss banking secrecy is not a problem. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=1410440
* Major Swiss insurer post posts big loss for quarter.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9751
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GIBRALTAR CONFIDENT ON NEW TAX PLANS
Rock's business tax regime faces major shake-up to please EU. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/
FullStory&c=StoryFT&cid=1033849189320
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BECKER CASE SPOTLIGHTS GERMAN TAX EXILES
MUNICH: Thousands pushed offshore by high taxes, police tactics. LINK:
http://sportsillustrated.cnn.com/tennis/news/2002/10/21/becker_trial/
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LATVIAN BANKS ON A NEW FRONTIER
RIGA: Baltic bankers profit from booming new market economy.
LINK: http://www.helsinki-hs.net/news.asp?id=20021022IE18
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I.M.F. PLANS CHANNEL ISLANDS, ISLE OF MAN VISITS
International Monetary Fund inspectors in rolling offshore assessment.
LINK: http://www.iomonline.co.im/Businessnewsstory.asp?storyid=16432
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LABUAN OFFSHORE CENTER CLEARS THE AIR
Far East tax haven commentator sums up haven problems. LINK:
http://www.bernama.com.my/state_news/news.shtml?sarawak/bu2210_21
* Pacific Islands Forum hires anti-dirty cash expert. LINK:
http://www.abc.net.au/asiapacific/news/GoAsiaPacificBNP_706891.htm
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AMERICAN EXPAT'S FAVORITE NEWSPAPER SOLD
PARIS: NY Times buys International Herald Tribune. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/
FullStory&c=StoryFT&cid=1033849210364
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* WEALTH *
IRS TO CHALLENGE OFFSHORE CAPTIVE INSURANCE
WASHINGTON: IRS questions tax breaks for offshore captive insurance used to reinsure customers' warranty risks. LINK:
http://www.businessinsurance.com/cgi-bin/news.pl?newsId=1514
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GREAT CREDIT CARD BAZAAR
Internet sales of stolen credit cards is big business; and that's not all.
LINK: http://pokermag.com/managearticle.asp?c=290&a=23
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STOLEN IDENTIFY THEFT THREATENS EVERYONE
MANCHESTER, U.K. Stolen; a scam victim's complete identity. LINK:
http://www.manchesteronline.co.uk/business/personalfinance/stories/
Detail_LinkStory=22266.html
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BRITISH DISTRUST U.K. & E.U. GOVERNMENTS
LONDON: Only French have less faith in rulers, survey shows. LINK:
http://www.guardian.co.uk/guardianpolitics/story/0,3605,816637,00.html
Three reasons why Brits distrust government:
* High UK taxes may drive British big business offshore.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9748
* UK tax collectors stick it to British offshore property owners.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9749
* British tax collectors make special targets of wealthy citizens. LINK:
http://www.manchesteronline.co.uk/business/personalfinance/stories
/Detail_LinkStory=21774.html
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COUTTS BANK EXPANDS SUPER RICH SERVICES
One of the UK's oldest private banks expands services. LINK:
http://www.manchesteronline.co.uk/business/personalfinance/
stories/Detail_LinkStory=22260.html
Coutts Private Bank: http://www.coutts.com/
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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.