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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Wednesday, December 18, 2002 - Vol. 4 No. 133
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In This Issue:
* COMMENT: Expatriation - 12 Steps.
* OFFSHORE: EU Tax Deal Opposed. Swiss Banks Fear. German, Italian Tax Amnesties. UK Banks Offshore Tax Dodge. Macao Push.
* WEALTH: 5-Year Gold High. US Tax Policies. Investing. Advice.Butler Insurance. Offshore Fraud Conviction.
* PRIVACY & RIGHTS: Dual Citizenship. Passports. IDs. Net Records.
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Guest Comment is by KATHLEEN PEDDICORD, member of the Sovereign Society Council of Experts & publisher of International Living. Bob BAUMAN Ed.
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* COMMENT: Expatriation - A 12 Step Program
Dear A-Letter Reader,
Admitting you want to make the move is the first step. But, once you determine that you may be able to live better, cheaper, freer, safer outside the US, or wherever you now live; then what to do?
Here's International Living's recommended 12 step program:
1.) Make a list of personal priorities and preferences. Determine what's most important to you; cost of living or cultural diversions,medical care or the weather.
2.) Narrow the list of potential paradises to 3 or 4 and arrange to spend some time in each one.
3.) After visits, cut the list to 1 or 2 countries, plan extended stays during the least agreeable time of year (rainy, hot, cold).
4.) Visit each country, meet other expats already there and local real estate agents to inspect properties for sale.
5.) Consult an international tax planner. Check new tax obligations,and if you're a US person, determine your old ones owed to the US.
6.) Consult a tax expert in the country you're considering who,most importantly, is experienced working with foreign residents.
7.) Consult a residency expert from the country and determine which visa or residency permit is most advantageous to you.
8.) Narrow your list to one country and set a date for your move.Decide whether to ship household goods or buy new when you arrive.The type of visa you obtain may or may not allow for tax-free importation of personal belongings, but weigh the hassle factor.
9.) Set up a portable global office for reliable and efficient mail forwarding, e-mail, international phone calls, bill paying, etc.
10.) Don't buy, rent a home in your chosen haven for at least six months before you commit fully by making a home purchase.
11.) Open a local bank account in your new country.
12.) Buy your tickets and pack. You're ready to expatriate.
Good luck, Kathleen Peddicord
Publisher, International Living
PS: Why not sign up for our FREE weekly e-letter which brings you a world of new opportunities. You'll get tips on romantic living, luxury travel, inexpensive retirement, rewarding investments and safe financial havens. Be our guest. Subscribe FREE; click on the link below.
LINK: http://www.internationalliving.com/opt/ss
* Sovereign Society suggestion: REINVENT YOURSELF OVERSEAS:
LINK: http://www.agora-inc.com/reports/190SRYOS/W190CB47/
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LINK: http://www.agora-inc.com/reports/120SROS/W120CCR3/
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* OFFSHORE *
AUSTRIA, LUXEMBOURG AGAINST E.U. TAX DEAL
VIENNA: Officials of both nations reconfirm opposition to the EU savings tax directive and doubt its future approval chances.
LINK: http://www.alertnet.org/thenews/newsdesk/L17282026
* Liechtenstein again states backing for Swiss banking secrecy.
LINK: http://www.tax-news.com/asp/story/story.asp?story
name=10318
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SWISS PRIVATE BANKS FEAR GERMAN TAX AMNESTY
BERLIN: With a possible 100 billion euros ($102 billion) flow back to
Germany, Swiss banks are nervous; 25% tax may deter repatriation. LINK:
http://www.nytimes.com/2002/12/17/business/worldbusine
ss/17TAX.html
* ITALY may extend new tax amnesty to corporations.
LINK: http://www.tax-news.com/asp/story/story.asp?sto
ryname=10316
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BRITISH BANKS ACCUSED OF TAX DODGING
LONDON: Alleged use of offshore trusts by City big banks. LINK:
http://money.telegraph.co.uk/money/main.jhtml?xml=/money/
2002/12/15/ccbonus15.xml&sSheet=/
money/2002/12/15/ixcoms.html
* Top 25% of IRISH earners said to pay no taxes.
LINK: http://www.tax-news.com/asp/story/story.asp?
storyname=10314
* Revenue CANADA said to fail tax collecting job.
LINK: http://www.tax-news.com/asp/story/story.asp?
storyname=10312
* Bank fined £750,000 ($1.2bn) by UK for cash control errors. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com
/StoryFT/FullStory&c=StoryFT&cid=1039523738806
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RED CHINA PUSHING MACAO
BEIJING: China's other 'special administrative region' expands. LINK:
http://english.peopledaily.com.cn/200212/17/eng20021217
_108561.shtml
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LINK: http://www.agora-inc.com/reports/NAH/WNAHCC12
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* WEALTH *
GOLD PRICE HITS 5 YEAR HIGH
Dollar falls to 3 year low against euro; gold fills the gap. LINKS:
http://www.forbes.com/home/newswire/2002/12/17/rt
r826011.html
http://news.ft.com/servlet/ContentServer?pagename=FT.com/
StoryFT/FullStory&c=StoryFT&cid=1039523751223
* Euro hits three-year high against US dollar.
LINK: http://news.bbc.co.uk/2/hi/business/2571985.stm
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U.S. OFFSHORE TAX POLICES TO CHANGE?
WASHINGTON: Asst. Treasury Sec. describes tax policy alternatives.
LINK: http://www.tax-news.com/asp/story/story.asp?s
toryname=10321
* CANADA beats U.S. in growth during last quarter. LINK:
http://www.theglobeandmail.com/servlet/ArticleNews/busines
s/RTGAM/20021216/woecd/Business
/businessBN/breakingnews-business
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INVESTING:
* Hedge funds face new rules, reporting requirements. LINK:
http://www.bizjournals.com/boston/stories/2002/12/16/focus1.html
* How to buy offshore bonds while avoiding risk. LINK:
http://www.dailyrecord.com/business/02/12/17/busines
s2-bor17.htm
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WEALTH ADVICE:
* Wealthy heirs to pay more in US state taxes as rates go up. LINK:
http://www.usatoday.com/money/perfi/taxes/2002-12-
16-estate_x.htm
* Sued by your butler? Special defensive insurance coverage. LINK:
http://rc.ctnow.com/business/hc-chubbpolicy1217.artdec17
,0,1831733.story?coll=hc-headlines-business
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* British attorney convicted in NY court of offshore fraud.
LINK: http://www.lawgazette.co.uk/articles/12.asp
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* PRIVACY & RIGHTS *
MORE COUNTRIES LEGALIZE DUAL CITIZENSHIP.
No longer viewed as divided loyalties.
LINK: http://www.foreignpolicy.com/issue_novdec_200
2/doubleties.html
* Sovereign Society's Passport Report. Find our more here:
LINK: http://www.agora-inc.com/reports/190SGOPS/
W190CB47/
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U.S. PASSPORTS & VISAS:
All you'll ever need to know about your US passport or visas. LINK:
http://www.chicagotribune.com/travel/chi-010905passp ort.story?coll=chi-travel-utl
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COUNTRIES DEMAND 'HIGH SECURITY' IDS.
* Netherlands plan may force anyone over 12 to carry ID at all times.
LINK: http://www.expatica.com/index.asp?pad=2,366,&item_id=27641
* G8 countries want machine-readable passports with biometric features.
LINK: http://www.heise.de/english/newsticker/data/jk-12.12.02-002
* But biometric IDs can easily be faked.
LINK: http://www.heise.de/ct/english/02/11/114/
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GOVERNMENT WANTS YOUR INTERNET RECORDS.
* Canadian groups criticize data proposal. LINK:
http://www.privaterra.org/modules.php?op=modload&name
=News&file=article&sid=50&mode=thread&order=0&thold=0
* UK agencies demand more data storage.
LINK: http://news.zdnet.co.uk/story/0,,t269-s2127532,00.html
* US Congress wants to break into home PCs.
LINKS: http://pokermag.com/managearticle.asp?c=150&a=683
* How to "Poindexter-Proof" your personal information.
LINK: http://news.com.com/2010-1069-977908.html
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U.S. BILL OF RIGHTS 211 YEARS OLD.
Will it last another 100 years? LINK:
http://www.oaklandtribune.com/Stories/0,1413,82~1865
~1054418,00.html
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