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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Tuesday, September 2, 2003 - Vol. 5 No. 103
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In This Issue:
* COMMENT: Panama at 100
* OFFSHORE: Yuan vs. US$. Swiss Expats Debate. US-Austria Pact. Channel Islands Migration Back Door. Barbados Is Safe.
* WEALTH: Gold Demand Up. Man Who Cracked DeBeers. Dirty Car Cash. Get a Bentley. MidEast Cash Flows. NFDs for Hedgers. Dead Death Tax.
* PRIVACY & RIGHTS: E.U. Opposition Grows. Self-Epats. Biometric Rush.
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COMMENT: Panama at 100
Dear A-Letter Reader:
As I travel around the United States and the world I am struck by the sheer number of people who greet me as an old friend. This friendly approach is salted with comments such as: "I really do enjoy your editorials. I agree with what you say." Or: "Your comment is the first thing I read every time." Or: "Where do you find all those news articles from around the world."
Often my encounters will turn into a lengthy discussion of the person's financial planning needs, as they seek my opinion on the best offshore haven, or what legal structure may be most suitable.
I mention these pleasant encounters because in a very few weeks I will be attending and speaking at a gathering in one of the best offshore havens nations now available anywhere -- the Republic of Panama.
On October 8-12, 2003, the Sovereign Society will hold its "Offshore Opportunities 2003 Conference" in Panama at the Caesar Park Hotel. This will be an intensive 3 days of educational sessions, subject- specific workshops, and panels of leading legal, financial, tax, asset protection, and real estate experts who will give you an up-to-the- minute picture of how offshore structures can work safely to your advantage.
I would be pleased if you can join us, and meet with me and the many offshore experts who will attend.
But there's another reason to visit Panama right now; Panama will be celebrating its 100th anniversary in November with many related festivities planned. Seeing the Panama Canal alone is worth the trip to this nation that Teddy Roosevelt created (with lots of local Panamanian help at the time, way back in 1903).
I know that some Americans have a somewhat doubtful view of Panama, based on past contentions between the US and Panama. Also troubling is reported corruption in this, the major Latin American financial center south of Miami.
Derek Sambrook, a member of the Sovereign Society Council of Experts, head of Trust Services Panama, puts the nation in the proper perspective in the September issue of the Offshore Pilot Quarterly. (See LINK below). He notes corruption in Panama pales in comparison with that of the U.S. and the U.K. And he suggests an open minded view when judging small nations by big nations' somewhat suspect standards. (You'll meet Derek as well, if you join is in October).
Come on down and join us, and let's have that heart-to-heart talk that you've always wanted about your offshore future -- be it banking, business, investment or asset protection.
I (and we) hope to see you in Panama.
That's the way that it looks from here.
BOB BAUMAN, Editor
PS For more information about how you can meet us at the Panama Conference and expand your offshore horizons, click here:
LINK: http://www.sovereignsociety.com/vmembers.php?nid=645
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COMMENT LINKS:
* Panama Celebrates 100 Years. Comment by Derek Sambrook, LINK:
http://www.trustservices.net/Offshore Pilot - Current Issue.htm
* Trust Services of Panama. LINK: http://www.trustserv.com/
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* OFFSHORE *
CHINA YUAN vs. HONG KONG DOLLAR
Shanghai official blasts yuan offshore center plan as dangerous. LINK:
http://www.thestandard.com.hk/thestandard/news_detail_frame.cfm?articleid=41462&intcatid=2
* That question again; will Hong Kong end its US dollar peg?
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13145
* MAURITIUS, INDIA still at odds over use of island tax haven. LINK:
http://www.financialexpress.com/fe_full_story.php?content_id=41052
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SWISS EXPATS DISCUSS NATION'S FINANCIAL ROLE
Often questioned when abroad about Switzerland's world role.
LINK: http://nzz.ch/2003/08/30/english/page-synd4172139.html
* Over 600,000 Swiss live away from their native land.
LINK: http://nzz.ch/2003/08/31/english/page-synd1892012.html
* ZURICHERS are the best paid people in the world. LINK:
http://www.economist.com/cities/briefing.cfm?city_id=ZUR#hey_big_spender
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* U.S. - AUSTRIA agree on deferred income taxes.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13157
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* U.K. CHANNEL ISLANDS an illegal immigration loophole? LINK:
http://www.people.co.uk/homepage/news/page.cfm?objectid=13352385&method=thepeople_full&siteid=79490
* JERSEY warns about unauthorized bank using Island's name.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13166
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BARBADOS safe for foreign investors. LINK:
http://www.nationnews.com/StoryView.cfm?Record=41702&Section=LO
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* WEALTH *
GLOBAL GOLD DEMAND UP 5.2%
World Gold Council reports fast rising second quarter. LINK:
http://www.timesofoman.com/newsdetails.asp?newsid=39906&pn=business
* What Alan Greenspan said about gold in 1966.
LINK: http://www.lewrockwell.com/north/north204.html
* AUSTRALIA accuses e-gold of money laundering, wants curbs. LINK:
http://australianit.news.com.au/articles/0,7204,7134699^15319^^nbv^15306,00.html
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THE MAN WHO CRACKED DeBEERS DIAMOND MONOPOLY
Lev Leviev took on the most successful cartel in the world.
LINK: http://www.forbes.com/forbes/2003/0915/108.html
* All about diamonds:
LINK: http://www.forbes.com/forbes/2003/0915/110.html
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U.S. IRS PROBES AUTO DEALERS FOR MONEY LAUNDERING
IRS criminal investigators target automotive industry.
LINK: http://accounting.smartpros.com/x40360.xml
* Status symbol for the wealthy; a Bentley in the driveway. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479438747
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CASH FLOWS TO MIDEAST
BAHRAIN banks' assets up by $25.3 billion to $98.2 billion.
LINK: http://www.menafn.com/qn_news_story_s.asp?StoryId=27713
* HUNGARY, East Europe fear money laundering. LINK:
http://www.taipeitimes.com/News/edit/archives/2003/09/01/2003066101
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NON-DELIVERABLE FORWARD CONTRACTS
NFDs blossom as a tool for currency speculators, hedgers. LINK:
http://www.dailytimes.com.pk/default.asp?page=story_29-8-2003_pg5_19
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AMERICANS BACK DEATH OF DEATH TAX
Two new polls show support for repeal of estate tax.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13160
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* PRIVACY & RIGHTS *
15 E.U. STATES OPPOSES NEW CONSTITUTION
PRAGUE: Meeting to discuss needed changes in document.
LINK: http://www.eubusiness.com/afp/030901150252.gnh2pijm
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SELF-INITIATED EXPATRIATES
Many move offshore for better jobs, adventure, choice. LINK:
http://www.expatica.com/belgium.asp?pad=102,335,&item_id=33824
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U.S. RUSHES BIOMETRIC PASSPORTS
Looming deadline causes panic, disruption, costly race to comply. LINK:
http://www.dailyherald.com/business/business_story.asp?intid=3786591
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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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