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08.03.01. Way Out West. A-Letter.
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Friday, August 3, 2001 - Vol. 3 No. 61
In This Issue:
* COMMENT: Way Out West
* OFFSHORE: OECD Hog Tied. Swiss Private Banks. EU's Bloated Bureaucracy. Dual Nationals. UK Dirty Money Fight Expands. Belize Economy. Bermuda Stock Exchange Tops.
* WEALTH: Dumb US Investors. Asian Resiliency. Barings Bank. Tax News: UK-US, Dutch, Australian. IRS Boosts Costs and Agents.
* PRIVACY: UK Eye Scans. US Police Snoops.
COMMENT: Way Out West.
by Bob Bauman, Editor
VANCOUVER, B.C. I am writing to today from one of western CANADA's most beautiful areas, as an impressed first time visitor. Almost 40 Canadians have gathered at a Sovereign Society wealth and asset protection conference here to find the latest legal ways to protect their wealth and reduce taxes.
Canadians, unlike we hapless US persons, can always vote on taxes with their feet. With some exceptions, they can leave home and live elsewhere, escaping income taxes on offshore income. The US IRS, on the other hand, pursues US persons to the ends of the earth. That may be why a certain number of US citizens each year decide to become Canadian citizens and in some cases can then live tax free in Canada for up to five years -- and even beyond.
If you would like to know more about such an arrangement, check with our Sovereign Society associates, Henley and Partner at
LINK: http://www.henley-partner.com/m-usa.html
See you next week.
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* OFFSHORE *
MIGHTY O.E.C.D. HOG TIED
The continuing dispute between Spain and the UK over GIBRALTAR continues to interfere with OECD plans on taxes and info exchange.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4744
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SWISS PRIVATE BANKS PRESSURED
In spite of record profits, traditional Swiss private banks are feeling the merger heat from major international banking firms.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4730
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E.U. BUREAUCRACY BLOATS
Possible EU enlargement could mean 400 more bureaucrats.
LINK: Click Here .
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DUAL NATIONALITY
Why is second citizenship increasingly popular? Find out here,
LINK (scroll down): http://migration.ucdavis.edu/mn/aug_2001-19.htm
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U.K. MONEY LAUNDERING HEATS UP
LONDON. The Financial Services Authority hones in on dirty money as the FSA expands new rules and cases rise to record highs.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=4739
http://news.independent.co.uk/business/news/story.jsp?story=86553
http://news.bbc.co.uk/hi/english/business/newsid_1467000/1467983.stm
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BELIZE ECONOMY GROWS, PROBLEMS REMAIN
A recent IMF study shows GDP growing, inflation low and net reserves up. But lots must be done.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4727
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BERMUDA EXCHANGE TOPS
Bermuda Stock Exchange (BSX) recorded a 52%t increase in its 2000 share index, the world's top performing market for the year.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4747
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* WEALTH *
DUH! DUMB U.S. INVESTORS
Most US investors are seriously uninformed about the risks they face in a sinking stock market.
LINK: Click Here.
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ASIA RESISTS ECONOMIC TURMOIL
Surviving the latest round of emerging market turbulence shows Asia's resistance to financial woes striking elsewhere.
LINK: Click Here.
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BARINGS BANK LINGERS ON
The long-awaited court case to decide who pays the bill for the demise of Barings Bank is postponed again.
LINK: Click Here.
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U.S.-U.K. TAX TREATY DISPUTE
Already the new treaty's supposed tax savings are in dispute.
LINK: Click Here.
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EU W/H TAX, INFO EXCHANGE
EU officials want to tax cross border interest payments and impose international information exchange, but the US, Liechtenstein, and Switzerland wont cooperate so far, thank you.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4724
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E.U. HITS DUTCH TAX BREAKS
The EU's Competition Commissioner charges the Netherlands gives disproportionate tax advantages to international companies.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4701
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AUSTRALIAN TAX SCHEMES
CANBERRA. The Australian Tax Office may slap financial penalties on promoters of shady tax schemes.
LINK: http://www.theage.com.au/breaking/2001/07/31/FFXL5WCKSPC.html
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U.S. TAX COMPLIANCE COSTS
Meeting IRS requirements cost billions of dollars and hours.
LINK: http://www.ncpa.org/pi/taxes/pd073101f.html
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600 MORE I.R.S. AGENTS
The US IRS wants to hire 600 more special agents nationwide to investigate criminal fraud and money laundering.
LINK: http://www.amarillonet.com/stories/073101/tex_agentsfor.shtml
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* PRIVACY *
GOVERNMENT EYES HAVE IT (AND YOU)
LONDON. A revolutionary eye-scanning technique for clearing customs and immigration control goes on trial at Heathrow this fall.
LINK: Click Here.
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JUDGE SAYS EXPLAIN D.O.J. SNOOPING METHODS
US government surveillance techniques may violate privacy rights.
LINK: http://www.wired.com/news/politics/0,1283,45684,00.html
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. E-mail to: info@sovereignsociety.com. * SUBSCRIBE FREE or send to a friend at LINK: http://www.sovereignsociety.com
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THE SOVEREIGN SOCIETY Ltd., 5 Catherine St., Waterford, Ireland. TEL: 353-51 844 068 FAX: 353-51 304 561. Copyright (C) 2001. All domestic & international rights reserved.
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