============================================
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Wednesday, July 30, 2003 - Vol. 5 No. 90
============================================
In This Issue:
* COMMENT: Instant Citizenship in Peril
* OFFSHORE: Bahamas Bank Ends Credit Cards Under IRS Pressure.
U.K. Crown Dependencies Diminished: Guernsey, Jersey, Isle of Man.
Swiss Election Gets Nasty. Lots of Offshore Tips for Expats.
* WEALTH: Offshore Mutual Funds Booming. How Rich is Rich?
* PRIVACY & RIGHTS: Patriot Act Curbed. Foreigners Under US Watch.
Renegade Tax Lawyer. Terror Lottery. Government Costs.
UK-Gibraltar Entrapment. Privacy and Secrecy in the United Kingdom.
============================================
* ADVERTISEMENT *
PROTECT YOUR VISION NATURALLY
Keep the eyesight of a 25-year-old, with ingredients shown to:
* Reduce risk of central vision loss
* Improve nearsightedness
* Strengthen night vision
* Improve cloudy or blurred vision
* Block harmful UV and free radical damage
Get real results in 60 days guaranteed, with a powerful, doctor developed vision formula that may help you naturally and safely protect your vision for years to come; and even reverse age-related vision loss.
* Click here to learn more today!
LINK: http://www.agora-inc.com/reports/650SV09/W650D741
============================================
Guest Comment is by CHRISTIAN H. KÄLIN, member of The Sovereign Society Council of Experts, and partner in Henley & Partners, Zürich,specialists in relocation and residence for private clients worldwide.
============================================
COMMENT: Instant Citizenship in Peril
Dear A-Letter Reader:
A second passport, quite literally, could save your life.
Your existing passport may not permit you to travel internationally if unanticipated events...political instability, corruption, violence, etc. make it necessary for you to leave "home." That's because your passport is the property of your government. And in most countries, government can seize it anytime.
At the very least, a second nationality is a hedge against unknown events. Because it gives you the option to reside in another country, it may also offer tax advantages, although this is of limited benefit to US citizens.
You may be able to acquire a second nationality and passport based on ancestry, marriage or religious affiliation. If you don't qualify on these grounds, your options are limited to obtaining citizenship through residency for some time (anywhere from 2 - 12 years) or obtaining citizenship by investment.
Citizenship by investment is the granting of citizenship by a sovereign country in exchange for a financial contribution to that country, or an investment in a business, real estate, etc. in that country.
In recent years, such programs have been heavily criticized. There have been allegations that passports are being sold to international organized crime figures and terrorists. These allegations are totally false, but have led to the termination of the citizenship by investment program in Belize and the indefinite suspension of the Grenada program.
St. Kitts & Nevis and Dominica are now the only countries that offer legal citizenship-by-investment programs, although in Austria it is also possible under certain conditions to obtain citizenship without prior residence based on a substantial investment. All of these programs require that applicants pass a rigorous screening process.
The best value for the money is the St. Kitts & Nevis program. Citizens enjoy a passport with an excellent reputation and do not need a visa to travel to most countries. You are required to make a real estate investment of at least US$250,000 and pay application fees that total US$35,000 for a single applicant plus US$15,000 for each dependent, plus a "due diligence" fee of US$2,000 per adult applicant.
In Dominica, there are two options for obtaining citizenship by investment: a Family Option (requiring a US$100,000 payment) and a Single Option (requiring a US$75,000 payment). Application, agent and registration fees total approximately US$17,000. You must also travel to Dominica for an interview.
In Austria, you may qualify for citizenship if you make a substantial investment that creates jobs in Austria. There is no "program" as such and few cases are approved each year. An equity investment of approximately US$1 million is normally required, along with application and legal fees of approximately US$250,000. However, the Austrian passport is the only possibility to obtain a first world passport through an investment.
Since citizenship by investment remains controversial, these programs,particularly in Dominica, may be terminated at any time. If you are interested in this potentially life-saving option, now is the time to act.
Christian H. Kälin
Zürich, Switzerland
E-MAIL: christian.kalin@henleyglobal.com
Web site: http://www.henleyglobal.com
===========================================
COMMENT LINKS:
* Benefits of citizenship by investment.
LINK: http://www.henleyglobal.com/m-citizenship.html.
* More information on citizenship by investment:
LINKS: http://www.henleyglobal.com/austria.htm
http://www.henleyglobal.com/dominica.htm
http://www.henleyglobal.com/stkittsnevis.htm
* Beware of economic citizenship scams, fraud.
LINK (scroll down): http://www.wwits.ws/no9.html
* Click here for more about dual citizenship, 2nd passports.
LINK: http://www.agora-inc.com/reports/190SGOPS/W190CB47/
============================================
** SPECIAL CONFERENCE ** Zurich, October 15 & 16, 2003
All about international tax planning and offshore residency.
Henley & Partners invites you to find out more at LINK:
http://www.henleyglobal.com/conferences/Residence&RealEstateConference.pdf
============================================
* OFFSHORE *
I.R.S. PRESSURE: BAHAMAS BANK KILLS OFFSHORE CARDS
NASSAU: All Ledenhall Bank offshore Mastercards canceled as of Tuesday under US IRS pressure; card holders left in the lurch. LINK:
http://www.thenassauguardian.com/business/278287488782622.php
-----
BRITISH CROWN DEPENDENCIES - HAVENS DIMINISHED
* GUERNSEY haven mangled by EU's "unlevel playing field." LINK:
http://www.telegraph.co.uk/global/main.jhtml?xml=/global/2003/04/01/figeu01.xml&sSheet=/global/2003/07/29/fin_home.html
* JERSEY self-confidence undermined by new EU rules. LINK:
http://www.telegraph.co.uk/global/main.jhtml?xml=/global/2002/09/09/fjers09.xml&sSheet=/global/2003/07/29/fin_home.html
* ISLE OF MAN: strictly clean cash and know your customer. LINK:
http://www.telegraph.co.uk/global/main.jhtml?xml=/global/2003/07/01/fiiom01.xml&sSheet=/global/2003/07/29/fin_home.html
* JERSEY banks benefit from switch to cash. LINK:
http://www.telegraph.co.uk/global/main.jhtml?xml=/global/2002/09/09/fjers409.xml&sSheet=/global/2003/07/29/fin_home.html
-----
SWISS ELECTION CAMPAIGN HEATS UP
With less than 3 months to go Swiss campaign turns ugly. LINK:
http://www.swisspolitics.org/en/news/index.php?page=story_inhalt&story_id=4077475
-----
OFFSHORE TIPS FOR EXPATS
* Business bank account designed for expats. LINK:
http://www.telegraph.co.uk/global/main.jhtml?xml=/global/2003/06/02/fiint102.xml&sSheet=/global/2003/07/29/fin_home.html
* Wealthy expats get more from private banking. LINK:
http://www.telegraph.co.uk/global/main.jhtml?xml=/global/2003/05/27/fibank27.xml&sSheet=/global/2003/07/29/fin_home.html
* Financial advisors for expats; who & where. LINK:
http://www.telegraph.co.uk/global/main.jhtml?xml=/global/2003/06/02/fiint02.xml&sSheet=/global/2003/07/29/fin_home.html
* Planning to become an expat in SHANGHAI, CHINA? Click here. LINK:
http://www.telegraph.co.uk/global/main.jhtml?xml=/global/mentors/china.xml&sSheet=/global/2003/07/29/expatres.html
* Expats need maximum Net security for financial transactions. LINK:
http://www.telegraph.co.uk/global/main.jhtml?xml=/global/2003/06/02/fiint402.xml&sSheet=/global/2003/07/29/fin_home.html
============================================
* ADVERTISEMENT *
"This 15-Year Old Secret Could Devastate U.S. Markets"
"A small group of Washington and Wall Street insiders is secretly playing "God" with the markets. If they slip up one more time...it could cost you half your remaining portfolio. Learn about "the age- old financial device of the super rich" that can help you transform the coming economic turmoil into FORBIDDEN profits. Reap gains of 656%...193%...62% and more by accessing markets and investments unheard of by the average American investor. Former Congressman tells all in this FREE report. See For Yourself. Click here."
LINK: http://www.agora-inc.com/reports/SVS/WSVSD710/
============================================
* WEALTH *
OFFSHORE FUNDS ARE BOOMING IN 2ND QUARTER
96% of 500 offshore mutual funds turn in double digit gains. LINK:
http://www.businessweek.com/magazine/content/03_31/b3844143_mz035.htm
* Regulators turn their attention to mutual funds. LINK:
http://www.economist.com/finance/displayStory.cfm?story_id=1944254
* Hedge fund investors banned from annuities as tax shields. LINK:
http://www.teletrader.com/_news/newsdetail.asp?ID=1264038&subm=
* Tax-Avoidance Device Is Attacked by IRS. LINK (subscribers only):
http://online.wsj.com/article/0,,SB10589941127926700-search,00.html
-----
HOW RICH IS RICH?
* Wealth is measured in more than just money. LINK:
http://money.cnn.com/2003/07/23/commentary/everyday/sahadi/
* In tough times wealthy people seek advice. LINK:
http://www.sddt.com/Commentary/article.cfm?Commentary_ID=10&SourceCode=20030725tbb
============================================
* PRIVACY & RIGHTS *
309 US CONGRESSMEN VOTE TO CURB PATRIOT ACT
Strongest attack yet on the extremist Patriot Act.
LINK: http://www.foxnews.com/story/0,2933,93141,00.html
-----
FOREIGNERS: UNCLE SAM IS WATCHING YOU
Visitors to the US all are suspect these days. LINK:
http://www.telegraph.co.uk/global/main.jhtml?xml=/global/2003/07/19/etdata.xml&sSheet=/global/2003/07/29/expatres.html
-----
TRYING TO QUASH I.R.S. SUBPOENA ON RENEGADE LAWYER
Levi Strauss seeks to quash IRS summons in tax case.
LINK: http://www.law.com/jsp/article.jsp?id=1058416435856
-----
PENTAGON TERROR LOTTERY
Pentagon prepares a futures market on terror attacks.
LINK: http://www.nytimes.com/2003/07/29/politics/29TERR.html
-----
U.S. REP. RON PAUL ON GOVERNMENT COSTS
The Congressman comments on the horrific cost of government.
LINK: http://www.lewrockwell.com/paul/paul117.html
-----
WHEN A U.K. POLICE STRING BECOMES ENTRAPMENT
An elaborate GIBRALTAR money laundering comes undone.
LINKS: http://news.bbc.co.uk/2/hi/uk_news/3104923.stm
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1058868222832
* Eavesdroppers listen in to UK phone calls using legal loophole.
LINK: http://news.bbc.co.uk/1/hi/uk/3067643.stm
* The A to Z of Britain's secrecy and privacy laws.
LINK: http://news.bbc.co.uk/1/hi/uk_politics/3093225.stm
============================================
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor. * SUBSCRIBE FREE or send to a friend at
LINK: Home
Please DO NOT respond DIRECTLY to THE A-LETTER.
Send E-mail to: INFO@THESOVEREIGNSOCIETY.COM
============================================
The A-Letter provides accurate information on the subject matter covered and advertisements displayed, so far as we can ascertain. We cannot certify the absolute accuracy of referenced articles nor do we necessarily endorse products advertised herein.
============================================
THE SOVEREIGN SOCIETY Ltd., 5 Catherine St., Waterford, Ireland
TEL: 353-51 844 068 FAX: 353-51 304 561
Copyright (C) 2003. All domestic & international rights reserved.