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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Friday, October 25, 2002 - Vol. 4 No. 111
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In This Issue:
* COMMENT: Panama Stands Firm.
* OFFSHORE: IRS Scare Tactics. Channel Islands End? Manx 0 Taxes. Liechtenstein Backs Swiss Secrecy. Belize Trust Fraud. Clean Macao. Phlippines Get Dual Citizenship.
* WEALTH: Becker Probation. US Wealthy Unaffected. Hedge Funds Face Regulation. Swiss Meeting. Tax Breaks Offshore. E-Commerce. Expats Get Help. Nigerian Scam Revealed.
* PRIVACY & RIGHTS: NSA, CIA Eyes on America. Patriot Act Software Could Accuse You. PGP Encryption Reborn.
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* ADVERTISEMENT *
BRITISH 'SECRET SOCIETY' HELPS 23,000 PEOPLE GET RICH
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LINK: http://www.agora-inc.com/reports/190SSGI/WSG6CA03/
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* COMMENT: Panama Stands Firm.
Dear A-Letter Reader:
PANAMA CITY: I am writing today from the Offshore Opportunities Conference being held here by the Sovereign Society and International Living. Nearly 200 attendees and speakers have come from many nations. One question I am asked often is whether Panama will remain safe as a tax and asset haven in the future, as it has been in the past.
Absent a worldwide 'level playing field' Panama has refused consistently to commit to OECD demands for an end to 'harmful tax competition' -- meaning the imposition of taxes on foreigners where none now exist. Panama has also refused demands for automatic exchange of tax information about foreign nationals with accounts or investments here, a prime goal of the G-7 nations and the OECD.
The major question is whether the US can convince Panama to sign a tax information exchange agreement (TIEA) with Washington, which would give the IRS the power to demand information about US persons with accounts here.
The US Treasury announced earlier this year that a TIEA was being discussed with Panama, but that was followed by silence. Our contacts here say the deal is on the back burner because Panama does not want a TIEA, but the US doesn't want to admit publicly negotiations are dead. It would hurt Panama's banking and offshore financial business if it surrendered to Washington. My guess is they wont. At best there might be a face saving deal in which Panama gives information on a probable cause basis -- but that procedure already exists in anti-money laundering laws Panama adopted for to combat drug and financial crimes. That law kept them off the Financial Action Task Force (FATF) world blacklist of dirty cash nations.
There are still safe havens offshore. Panama is one of the best. That's the way that it looks from here in Panama.
Faithfully yours, Bob Bauman, Editor
* COMMENT LINKS:
* Letter from Panama, Derek Sambrook. LINK:
http://www.trustserv.com/Offshore%20Pilot%20-%20Current%20Issue.htm
* Trust Services Explains Panama Laws. LINK:
http://www.trustserv.com/Panama%20-%20Pathway%20to%20Offshore
%20Protection.htm
* Why Panama? Pensinados for retirees. LINK:
http://www.internationalliving.com/contadora/whypanama.html
* The Panama Canal. LINK: http://www.pancanal.com/
* US State Dept. Background Notes on Panama. LINK:
http://www.state.gov/www/background_notes/panama_0100_bgn.html
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* OFFSHORE *
IRS OFFICIAL USES BLATANT SCARE TACTICS
Without naming names, a top IRS official hints US actors, sports figures, celebrities are offshore tax cheats under investigation. LINK (free reg req):
http://www.latimes.com/business/la-fi-fraud24oct24,0,3080115.story?
coll=la%2Dheadlines%2Dbusiness
* US claims fewer American corporations now are going offshore.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9768
* Bill attempts to strip US citizenship from alleged 'turncoats.'
LINK: http://www.foxnews.com/story/0,2933,66563,00.html
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PREDICTION: U.K. CHANNEL ISLANDS MAY LOSE HAVEN STATUS
Labour government may force Crown dependencies to reveal information about accounts and investments in tax matters, expert claims. LINK:
http://www.creditman.biz/uk/members/news-view.asp?newsviewID=107
5&id=1&mylocation=News&chksrc=NNow4251
* Channel Island shares decline in third quarter, still lead UK shares.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9771
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MANX ZERO TAX RATE APPROVED
DOUGLAS, Isle of Man: The Tynwald OKs zero taxes for corporations.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9769
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LIECHTENSTEIN STANDS WITH SWISS ON BANK SECRECY
Principality will not allow automatic tax information exchange.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9765
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U.S SEEKS TO BLOCK BOGUS BELIZE TRUST SCHEMES
DoJ sues to end accountant's alleged fraudulent tax evasion. LINK:
http://cincinnati.bizjournals.com/cincinnati/stories/2002/10/21/daily30.html
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MACAO CLEANS FINANCIAL HOUSE
Asian haven adopts bank anti-money laundering laws. LINK:
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Economies&s1=blk&tp=ad_
topright_econ&T=markets_bfgcgi_content99.ht&s2=ad_right1_economies
&bt=ad_position1_economies&middle=ad_frame2_
economies&s=APbbHvhYATWFjYXUg
* LABUAN promotes clean tax, asset haven image.
LINK: http://www.theedgedaily.com/article.cfm?id=16770
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PHILIPPINES OK's DUAL CITIZENSHIP
MANILA: Congress approves second passports for 1.7m Filipinos in US.
LINK: http://www.inq7.net/nat/2002/oct/24/nat_2-1.htm
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* ADVERTISEMENT *
SAFETY LIES JUST OFFSHORE
From the great Tech Wreck to September 11; from Enron to WorldCom, the flood of financial scams and scandals continues. Where do you go for alternative investment advice and asset protection? There's never been a better time to go offshore...The Sovereign Society has just released its ultimate collection of research on the best offshore havens, global investment techniques, asset protection strategies and banking/financial institutions. Find out about this valuable resource right HERE:
LINK: http://www.agora-inc.com/reports/190SBTSI/W190CA91/
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* WEALTH *
BECKER GETS PROBATION, AVOIDS PRISON
German tax evasion using MONACO address results in heavy fines.
LINKS: http://foxsports.lycos.com/content/view?contentId=721716
http://www.nytimes.com/aponline/sports/AP-TEN-Becker-Trial.html
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ECONOMY NO SET BACK FOR WEALTHY AMERICANS
Travel plans, new yacht orders indicate no rich recession.
LINKS: http://www.miami.com/mld/miamiherald/4347048.htm
http://www.miami.com/mld/miamiherald/business/4347046.htm
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HEDGE FUND PROBLEMS INVITE REGULATION
Bad managers, scandals, frauds produce government intervention. LINK:
http://www.usnews.com/usnews/issue/021028/biztech/28hedgefunds.htm
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ONE OF A KIND SWISS CONFERENCE SOON
Henley & Partner holds a unique conference in Zurich, Nov. 7 & 8,2002; all about tax savings, offshore residency, second citizenship. INFO
LINK:
http://www.trusts-and-trustees.com/publications/res_realestate_ev05.htm
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TAX SAVINGS BECKON AMERICAN CORPORATIONS OFFSHORE
Not just re-incorporation, but expense and loss allocations as well.
LINK: http://accounting.smartpros.com/x35705.xml
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INTERNET BANK SECURITY HURTS E-COMMERCE
Offshore e-commerce needs secure payments systems.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9781
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NEW SERVICE FOR EXPATS MOVING OFFSHORE
Information for those working abroad. LINKS: http://www.expatsolve.com
http://www.tax-news.com/asp/story/story.asp?storyname=9763
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NIGERIAN SPAM SCAM NIGHTMARE
Who's sending you all those scam e-mails?
LINK: http://slate.msn.com//?id=2072851
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* PRIVACY & RIGHTS *
C.I.A. NOW ENGAGED IN DOMESTIC U.S. SPYING
And the NSA wants to join them in internal surveillance of Americans.
LINKS: http://www.politechbot.com/p-04090.html
http://www.washingtonpost.com/wp-dyn/articles/A1943-2002Oct22.html
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BANK SOFTWARE WILL DECIDE PATRIOT ACT VIOLATIONS
Computers will accuse bank account holders of crimes.
LINK: http://biz.yahoo.com/prnews/021024/lath071_1.html
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PGP ENCRYPTION REBORN
Traditional software gets a new lease of life. LINK :
http://www.online.ie/tech/tech_news/viewer.adp?article=1864475
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