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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Friday, December 27, 2002 - Vol. 4 No. 136
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In This Issue:
* COMMENT: Freedom Grows.
* OFFSHORE: Andorra No to EU. Manx Insistence. Luxembourg Update. Swiss English. Flight: Israeli Cash, Singapore Expats. Manila Extradition.US Sanctions. Costa Rican Bookies May Go. Bermuda Views Grassley.
* WEALTH: Salespeople to Pay? French Elf Scandal. Canada Tax Cuts.Hedge Funds Hurting. Outsourcing. Rich US Pols. Greenspan on Gold.
* PRIVACY & RIGHTS: Labour Kills Ancient Rights. US Prosecutors.
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* COMMENT: Freedom Grows.
Dear A-Letter Reader:
Quite often I am asked the question by an aspiring candidate for an offshore asset protection plan, or someone considering moving abroad: "Which country is the best?" Of course the answer depends on many variables in the individual's life and future plans. But one factor is always of utmost importance: the degree of real freedom available in the nation being considered.
Readers know we have been critical of various so-called "freedom"indexes that focus narrowly on a nation's economics, but ignore a realistic estimate of personal and civil liberties available. One index we do respect has been published annually since the 1970s,Freedom House's "Freedom in the World" survey. Its latest edition just came out and, as always, it gives an honest evaluation of political rights and civil liberties throughout the world. The survey judges all countries and territories by a single standard, emphasizing importance of democracy and freedom. At a minimum, the survey views "democracy" as a political system in which the people choose their leaders freely from among competing groups and individuals who are not designated by the government. "Freedom" they define as the opportunity to act spontaneously outside the control of the government or other centers of potential domination.
In spite of what seems a diminution of liberty worldwide, Freedom House finds a 30-year trend towards greater freedom among nations.The 2002 survey concludes that the number of countries rated free has more than doubled from 30 years ago. The highest ever proportion of the world's population is living in freedom today, they say. That's something for which to be thankful as the new year approaches.
That's the way that it looks from here.
BOB BAUMAN, Editor
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COMMENT LINKS:
* Freedom House 2002 Survey, 'Freedom in the World.'
LINK: http://www.freedomhouse.org/media/
pressrel/121902.htm
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* OFFSHORE *
TINY ANDORRA SAYS 'NO' TO THE E.U.
ANDORRE-LA-VIEILLE: The Prime Minister of this tiny tax haven
rejects both the EU savings tax and information exchanges.
LINKS: http://www.thescotsman.co.uk/business.cfm?
id=1434092002
http://www.tax-news.com/asp/story/story.asp?s
toryname=10387
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SWISS SPEAK YOUR LANGUAGE (ENGLISH)
ZURICH: 40 languages spoken in Switzerland, but English is 1st. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=
111&sid=1527352
* Swiss get a brand new passport. LINK:
http://www.swissinfo.org/sen/Swissinfo.html?
siteSect=111&sid=1538331
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NEW ISRAELI TAXES MAY CAUSE CAPITAL FLIGHT
TEL AVIV: Banks fear a major exodus of foreign owned cash. LINK:
http://new.globes.co.il/serveen/globes/docview.asp
?did=647080&fid=942
* MANAMA: Work on $1 bn BAHRAIN offshore financial center starts.
LINK: http://www.gulf-news.com/Articles/news.asp?
ArticleID=72129
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EXPATS FLEE SINGAPORE
Worst recession in 40 years drives out foreigner workers. LINK:
http://asia.reuters.com/
news_article.jhtml
;jsessionid=BNTJI4VW0ZLQUCRBAELCFEY?type=t
opnews&StoryID=1955964
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PHILIPPINE SENATOR EXTRADITED TO U.S.
MANILA: Tycoon faces charges of illegal Clinton campaign contributions.
LINK: http://www.miami.com/mld/miamiherald
/4818639.htm
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U.S. 'SANCTIONS' ON NAURU, UKRAINE
Because they're still on that FATF blacklist.
LINK: http://www.tax-news.com/asp/story/story.asp?
storyname=10379
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BOOKIES MAY FLEE COSTA RICA
SAN JOSE: Offshore betting operations want no new taxes. LINK:
http://story.news.yahoo.com
/news?tmpl=story2&cid=575&ncid=738&e=8&u=/nm/2
0021225/wr_nm/costarica_gambling_dc
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THE VIEW FROM BERMUDA
HAMILTON: Island tax haven tired of being Sen. Grassley's whipping boy; says real US corporate tax reform is the best answer. LINK:
http://www.theroyalgazette.com
/apps/pbcs.dll/article?Date=
20021224&Category=BUSINESS&ArtNo=11224006
4&Ref=AR
* 'Bermuda shorts' guilty pleas in alleged fraud case.
LINK: http://www.tax-news.com/asp/story/story.asp?
storyname=10381
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LINK: http://www.agora-inc.com/reports/190SSGI/WSG6D103/
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* WEALTH *
ALLEGED OFFSHORE FRAUD SALESMEN MAY PAY ORLANDO, Florida: Evergreen Securities offshore investment
salespeople may be forced to refund millions in commissions.
LINK: http://www.miami.com/mld/miamiherald/busines
s/4817710.htm
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OFFSHORE BANK ACCOUNTS FIGURE IN FRENCH SCANDAL PARIS: 37 defendants on trial in Elf oil company mess.
LINK:http://www.forbes.com/business/newswire/2002/12/
24/rtr832297.html
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CANADA TO CUT BUSINESS TAXES OTTAWA: Corporate and personal tax rates to be lower.
LINK: http://www.tax-news.com/asp/story/story.asp?s
toryname=10366
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HEDGE FUNDS HAVE WORST YEAR IN 10LONDON: 20% of funds stop reporting; many close down.
LINK: http://www.nytimes.com/2002/12/26/business/
26FUND.html
* Soros may go back to managing his own hedge fund.
LINK: http://www.tax-news.com/asp/story/story.asp?s
toryname=10382
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U.S. JOBS GO OFFSHORE
'Outsourcing' grows; India leads the way.
LINKS: http://www.computeruser.com/news/02/12/26
/news1.html
http://www.chron.com/cs/CDA/story.hts/business/1716052
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WEALTHY U.S. CONGRESSMEN WASHINGTON: Half new incoming legislators are millionaires.
LINK: http://www.ohio.com/mld/ohio/news/local/4811579.htm
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GOLD & ECONOMIC FREEDOM US Federal Reserve Board chairman Greenspan speaks about gold.
LINK: http://www.usagold.com/gildedopinion/Greenspan.html
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* PRIVACY & RIGHTS *
LABOUR WANTS TO KILL TRADITIONAL ENGLISH RIGHTS LONDON: Plans to curb trial by jury, abolish the 800-year-old rule against double jeopardy. LINKS:
http://news.ft.com/servlet
/ContentServer?pagename=FT.com/StoryFT/FullStory&c=
StoryFT&cid=1039523984139
http://news.ft.com/servlet
/ContentServer?pagename=FT.com/StoryFT/FullStory&c=
StoryFT&cid=1039523984134
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U.S. PROSECUTORS' TACTICS HIT
Fewer grand jury indictments; lots more PR savvy complaints.
LINK:http://www.washingtonpost.com
/wp-dyn/articles/A41714-2002Dec26.html
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