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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Friday, August 29, 2003 - Vol. 5 No. 102
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In This Issue:
* COMMENT: Cash Flow.
* OFFSHORE: Bahamas Unreality. Belize/Taiwan Sign. Red China Soft Sell.
Swiss Improvements. Swiss-US Tax Treaty. Swiss 600,000 Abroad Vote.
* WEALTH: Dollar Down. CEO Pay. UK Real Estate Tax Target.
Wealthy Canadians. South African Banks. Russians Likes Rocks.
* PRIVACY & RIGHTS: Surveillance Costs. Japanese Resist ID.
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COMMENT: Cash Flow.
Dear A-Letter Reader:
Not many people in the offshore world have considered the massive cash flows pending in European financial circles, but the shifting numbers are already beginning to appear.
By 2005 the EU savings tax directive will impose an obligation on EU bankers to disclose details of foreign bank accounts to other EU tax authorities (but not necessarily to the US IRS). This may mean internal EU capital flight will abate somewhat, although billions of euros already are shifting to Asian banking centers in Hong Kong and Singapore, far from EU tax collectors.
The EU agreement allows Switzerland, Austria, Luxembourg and Belgium to maintain bank secrecy for at least the next 7 years in exchange for imposing a withholding tax on the savings income of non-residents.That should insulate funds in these nations to some degree, but as taxes grow, funds will flow -- elsewhere. And within the EU traditional tax havens are being tempered and snuffed out, one by one.
Before the cash shift deluge, Italy has already gleaned ?8 billion as a result of a general tax amnesty, largely at the expense of nervous Swiss bankers. Belgium and Germany are now planning similar tax amnesties, seeking alleged billions stash out of the grasp of their tax collectors (?160 billion and ?100 billion respectively).
There's a reason all those billions have left home over the years,heading straight to tax havens across Europe and around the world.
High taxes! Taxes so high that any sane person would seek a haven toreduce or remove this state-run confiscation of wealth and profits.
Or as the Times of London commented this week: "The solution is for the state to reduce its tithe and offer no incentive to cheats. Low taxes mean never having to say you're sorry."
That's the way that it looks from here.
BOB BAUMAN, Editor
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COMMENT LINKS:
* Will the EU's tax-dodging dentists fill Europe's growth gap?
An interesting assessment of what's coming in Europe.
LINK: http://www.timesonline.co.uk/article/0,,630-793402,00.html
* Dusting off international tax treaties for savings. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479361629
* The wealthy are making a wary return to stocks.
LINK: http://www.edinburghnews.com/business.cfm?id=936632003
* Statistics on European offshore investments.
LINKS :http://www.researchandmarkets.com/reports/29334
http://www.tax-news.com/asp/story/story.asp?storyname=13133
* MALTA announces offshore tax amnesty.
LINKS: http://www.independent.com.mt/daily/newsview.asp?id=20415
http://www.tax-news.com/asp/story/story.asp?storyname=13143
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* OFFSHORE *
SOME IN THE BAHAMAS IGNORE REALITY
NASSAU: Having committed offshore suicide, denial rules. LINK:
http://www.thenassauguardian.com/business/279918675598056.php
* American jailed for Bahamas bank and investment schemes.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13142
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* BELIZE and Taiwan sign new aid agreement. LINK:
http://www.belize.gov.bz/pressoffice/press_releases/25-08-2003-2778.shtml
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RED CHINA TRIES HONG KONG SOFT SELL
Beijing hopes economic moves will quiet pro-democracy protests. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A56090-2003Aug27.html
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SWISS ECONOMY FINALLY IMPROVING
Slow but sure recover, but not any time soon. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=4167322
* Swiss-US Tax treaty terms clarified by IRS.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13130
* 600,000 Swiss abroad seek parliamentary voice in coming election.
LINK: http://nzz.ch/2003/08/27/english/page-synd4164107.html
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* WEALTH *
I.M.F. SEES MORE U.S. DOLLAR DEPRECIATION
Huge current account deficit is the problem.
LINK: http://biz.yahoo.com/rf/030827/imf_draft_dollar_1.html
* Pension funds seek hedge funds as alternative investments. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479332910
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TOP C.E.O. PAY TO OFFSHORE HAVEN CORPORATIONS
In 24 companies with most offshore subsidiaries in tax havens,CEOs earned 87% more than the median pay for the last 3 years. LINK:
http://www.sun-sentinel.com/business/local/bal-execpay0826,0,179448.story?coll=sfla-business-front
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U.K. ATTACKS OFFSHORE REAL ESTATE OWNERSHIP
LONDON: Owning through an offshore IBC is tax target. LINK:
http://www.money.telegraph.co.uk/money/main.jhtml?xml=/money/2003/08/27/cmsun27.xml&menuId=244&sSheet=/money/2003/08/27/ixfrontperson.html
* Financial LINKS of interest to U.K. residents, expats.
LINK: http://www.agh.cc.kcl.ac.uk/finance/
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* Wealthy Canadians' managed assets decline 11.7% in 2002
LINK: http://www.consultant-news.com/Article_Display.asp?ID=857
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* SOUTH AFRICA's banking system is sound, says SARB.
LINK: http://www.mg.co.za/Content/l3.asp?ao=19635
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DIAMONDS ARE A RUSSIAN'S BEST FRIEND
MOSCOW: Small, portable and very valuable; convenient! LINK:
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2003/08/26/ccgem26.xml&sSheet=/money/2003/08/26/ixcoms.html
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* PRIVACY & RIGHTS *
COSTS OF THE SURVEILLANCE STATE
It's getting very costly, in dollars and in freedom.
LINK: http://www.mises.org/fullstory.asp?control=1300
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JAPANESE RESIST NEW I.D.
TOKYO: National computerized system unpopular. LINK:
http://washingtontimes.com/business/20030825-091752-5669r.htm
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor. * SUBSCRIBE FREE or send to a friend at
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