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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Friday, December 6, 2002 - Vol. 4 No. 128
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In This Issue:
* COMMENT: Financial Privacy Wins. EU Loses.
* OFFSHORE: British Labour Kills Caribbean Offshore Financial Privacy.Costa Rica: Taxes & Frauds. Hong Kong Banks Upset. Mauritius Hit.
* WEALTH: US Banks Object. EU Income Tax. Free Market East. UK Taxes Target Rich Again. Death Tax Death? Canada Trusts. Bank Fined.Offshore Insurance Boom. How to Become a Millionaire.
* PRIVACY & RIGHTS: US-EU Police Deal Delayed. UK Curbs Civil Liberties.
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COMMENT: Financial Privacy Wins. EU Loses.
Dear A-Letter Reader:
A few years ago I was a guest at a reception held in Donald Trump's ornate Palm Beach mansion, Mar-a-Lago, formerly the winter home of the late Marjorie Merriweather Post, heiress to the cereal fortune.
Ever the businessman, Trump rents out his ornate 1920's palace for those who can afford it, and that evening my host was Bank Julius Baer. It was the annual 'thank you' bash for the leading Swiss private bank's US clients, all of whom must have a net worth of millions in order to qualify. (I was there as editor of the A-Letter, NOT as a bank client!)That event is brought to mind by a comment made this week by one of my hosts on that delightful evening, Raymond Baer of Bank Julius Baer in Zurich. Commenting on the European Union's attempt to coerce Switzerland into killing its 200 year old tradition of banking secrecy,Mr. Baer told reporters: 'As a human being, I believe financial privacy is a fundamental right. I don't have to sacrifice my financial privacy on the altar of transparency.'
Swiss bankers are a fairly laconic lot, not given to bold public statements, but I can appreciate the gross EU provocations under which Mr. Baer and all Swiss have labored for several years. He also added tartly: 'Obviously it's less hypocritical to say it's all principles.In my opinion, it's money that is being argued here.'
Exactly! The EU wants to milk every last euro and dollar out of every one of their citizens, especially those who have wisely moved their assets to Switzerland to escape confiscatory welfare state taxes imposed by the likes of France, Germany and the UK.
The Swiss-EU talks have now collapsed as we predicted. Financial privacy and the Swiss have won. The stupidity of the EU threatening sanctions against the Swiss was the final straw. Now let the stripped pants EU diplomats go back to their plush offices and lick their considerable wounds. They deserve every nick, scratch and cut they got in this arrogant attempt at international blackmail.
That's the way that it looks from here.
BOB BAUMAN, Editor
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* COMMENT LINKS:
* Swiss Won't Yield on Secrecy, Stalling Bank Plan. NY Times. LINK:
http://www.nytimes.com/2002/12/04/business/worldbusiness/04BANK.html
* EU Meeting Fails to Agree. Tax-News.com
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=10192http://www.eubusiness.com/cgi-bin/item.cgi?id=98042
* Swiss bank chief argues against EU tax. AP. LINK:
http://www.tallahassee.com/mld/tallahassee/business/4664799.htm
* EU-Swiss Last Ditch Meeting Brings No Results. Reuters.
LINKS: http://www.forbes.com/newswire/2002/12/05/rtr814762.html
http://www.reuters.com/financeNewsArticle.jhtml?type=us FundsNews&storyID=1850780
* EU Sanction Could Hurt Swiss Franc. FX Asia.
LINK: http://sg.biz.yahoo.com/021205/15/35fau.html
* Banc Julius Baer lowers profit forecast. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/S
toryFT/FullStory&c=StoryFT&cid=1037872572157
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* OFFSHORE *
BRITISH CARIBBEAN TAX HAVENS TO END FINANCIAL PRIVACY
LONDON: During the EU debate over demands that Switzerland end its bank secrecy, the British Chancellor Gordon Brown gave the EU 'unequivocal assurance' that automatic information exchange will be introduced in the UK's Caribbean territories. 'If necessary, we will legislate directly,' he threatened. Regardless of current local laws, this means an eventual end to financial privacy in Bermuda, the Cayman Islands, the British Virgin Islands, Antigua et al.
LINKS: http://www.tax-news.com/asp/story/story.asp?
storyname=10199
http://www.tax-news.com/asp/story/story.asp
?storyname=10205
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COSTA RICA TAX HITS OFFSHORE BANKS
SAN JOSE: Sin and luxury taxes hit local offshore banks.
LINK: http://www.tax-news.com/asp/story/story.asp?
storyname=10189
* Costa Rican fraud case costs foreign investors millions.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=10137
* Tax shelter schemer deported to US to face tax evasion charges.
LINK: http://www.miami.com/mld/miami/news/local/4667386.htm
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HONG KONG BANKS MAY QUIT OVER NEW LAW
Communist Beijing-inspired anti-treason law may cause bank exodus.
LINK: http://news.bbc.co.uk/1/hi/business/2545211.stm
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INDIA CLAMPS DOWN ON MAURITIUS TAX HAVEN
NEW DELHI: Indian tax authorities want an end to offshore haven use.
LINK: http://www.atimes.com/atimes/South_Asia/DL0
5Df02.html
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* WEALTH *
U.S. BANKERS OPPOSE I.R.S. FOREIGN REPORTING RULE
WASHINGTON: Banks against IRS plan to compel reporting
of interest payments paid to foreign investors.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=10179
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E.U. WANTS DIRECT EUROPE-WIDE INCOME TAXES
BRUSSELS: Bureaucrats want cash from European citizens' pockets.
LINK: http://www.tax-news.com/asp/story/story.asp?st
oryname=10130
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EASTERN EUROPE ADOPTS FREE MARKET IDEAS
Former Communist bloc nations adopt investor culture.
LINK: http://www.novinite.com/view_news.php?id=16684
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BRITISH INLAND REVENUE TARGETS OFFSHORE RICH
LONDON: Tax evasion is the problem; a £20 billion 'black hole'may be plugged by surprise raids on suspect homes and businesses.
LINKS: http://www.observer.co.uk/business/story/0,6903,851187,00.html
http://www.observer.co.uk/business/story/0,6903,851
186,00.html
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KILL THE U.S. ESTATE TAX
Stop distorting investment and tax planning decisions.
LINK: http://www.cse.org/informed/issues_template.ph
p/1187.htm
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U.S. BUSINESS USES CANADIAN TRUST UNITS
Risky investments: US companies seek new identities as income trusts in Canada. LINK:
http://www.nationalpost.com/financialpost/story.html?id={7D201804-1BAD-4A1D-A0DB-9B36CB1394E2}
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NEW YORK BANK FINED $4 MILLION FOR DIRTY CASH
Broadway National Bank violated anti-money laundering laws.
LINK: http://abcnews.go.com/wire/Business/ap20021127_1282.html
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OFFSHORE INSURANCE BOOMING
Increased premiums pour millions into Bermuda, Ireland.
LINK: http://www.tax-news.com/asp/story/story.asp
?storyname=10115
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LINK: http://www.fool.com/news/foth/2002/foth021204.htm
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* PRIVACY & RIGHTS *
EUROPEAN UNION-U.S. POLICE COOPERATION POSTPONED
LONDON: A secret US-EU joint police operation proposal about which we reported has been temporarily postponed.
LINK: http://www.statewatch.org/news/2002/nov/12eurousa.htm
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BRITISH PLANS TO CURB CIVIL LIBERTIES
LONDON: So-called 'criminal justice' reforms would allow double jeopardy and curb jury trials. LINK:
http://www.guardian.co.uk/guardianpolitics/s
tory/0,3605,853926,00.html
* US court upholds right to legal counsel for alleged combatant. LINK:
http://www.washingtonpost.com/wp-dyn/articles/
A7833-2002Dec4.html
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* PGP Opens Up Encryption Source Code.
LINK: http://www.eweek.com/article2/0,3959,746602,00.asp
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