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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Wednesday, September 3, 2003 - Vol. 5 No. 104
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In This Issue:
* COMMENT: Tax Advantaged Residence
* OFFSHORE: Switzerland Still Under EU Threat. Portugal Helps. UK Crown Dependencies Plot EU Strategy. Gibraltar/UK EU Vote. UK Passports.
* WEALTH: China News; Currency, US Relations, HK Real Estate. Dubai.
* PRIVACY & RIGHTS: EU Flight Privacy. Expat Prep. Expat Life.
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Guest Comment today 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.
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COMMENT: Tax Advantaged Residence
Dear A-Letter Reader:
Personal income tax rates in many first world countries are now 50% or higher. This tax burden, combined with social security taxes, capital gains taxes, net worth taxes and inheritance taxes has led many to seek out low or zero tax havens where they can live tax free or nearly tax free.
Dozens of countries provide at least limited tax incentives to qualified new residents. It's easiest to qualify if you're healthy and have sufficient income and assets so that you won't need to find a job in the local market.
However, it isn't easy to find a haven offering both low taxes and high quality of life including a wide range of amenities, excellent medical facilities, easy residence requirements and a warm climate, all within easy reach of major cities. But a few countries come fairly close to this ideal.
For instance, in ITALY, if you receive a fixed income from foreign bonds, you pay a flat 12.5% tax, and inheritance taxes have been abolished altogether. Unfortunately, for most other types of income, taxes in Italy are quite high.
MALTA is one of the most attractive locations for foreigners looking for a warm climate as well as low taxes. Permanent residents enjoy a privileged tax status as only 15% tax is charged on income remitted to Malta, subject to a minimum tax liability of about US$5,000 per year. To obtain permanent residence, you must show proof of an annual income of about US$25,000 or capital of about US$375,000. Although a residence permit entitles you to live in Malta, you don't actually have to spend a minimum length of time there. This is particularly useful if you are often away for lengthy periods.
Although generally a high-tax jurisdiction, CROATIA offers interesting advantages if you receive income from a foreign pension, bank interest or capital gains. It also offers important tax advantages to yacht owners. These fiscal privileges as well as the natural beauty of the country and its rich culture and history make Croatia one of the most attractive locations for residence and retirement in Europe. As with Malta, there is no minimum stay requirement.
PANAMA offers one of the most attractive locations for tax-advantaged residence in the Americas. Residents pay no tax on income earned outside Panama that is not brought into the country. You may acquire residence as a financially independent person/retiree or as an investor.
Other popular havens for tax advantaged residence include BELIZE, SINGAPORE and (if you don't mind cooler weather) even SWITZERLAND. Indeed, it's fair to say that there are havens for tax advantaged residence in almost every corner of the world.
Christian H. Kälin
Zürich, Switzerland
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COMMENT LINKS:
* Tax advantaged residence options.
LINK: http://www.henleyglobal.com/migration.html.
* Panama: guide to residence and citizenship.
LINK: http://www.henleyglobal.com/panama-residence.htm
* Henley Global re residency in Malta.
LINK: http://www.henleyglobal.com/malta1.htm
* Croatia: a European choice for residence and yacht registry.
LINK: http://www.henleyglobal.com/croatia1.html
* Passport Report. Guide to second passports, tax free residency.
LINK: http://www.agora-inc.com/reports/190SGOPS/W190CB47/
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100% Accuracy. With Average Gains of 100%!
Steve Sarnoff Has Given His Readers A Chance to turn $5,000 Into $1 Million With the
Hot Streak of the Decade
If you were one of Steve's loyal readers in 2006, you would have had a chance to make money on every single one of his recommendations. And not just small gains, either - the average return was 100%. Catch this streak while it's still hot - and learn how quickly you could turn $5,000 into $1 million.
LINK: http://www.isecureonline.com/Reports/OHL/WOHLH600/
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* OFFSHORE *
SWITZERLAND UNDER THREAT
Are Swiss defenses helpless against the European Union assault?
LINK: http://www.canoe.ca/Columnists/margolis_aug31.html
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SWISS GET PORTUGUESE SUPPORT
European Union tops agenda in Couchepin's Portugal visit. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=4194563
* EL SALVADOR's foreign minister is a dual Swiss citizen. LINK:
http://www.swissinfo.org/sen/Swissinfo.html?siteSect=111&sid=4181372
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CHANNEL ISLANDS, MAN IN E.U. TALKS
JERSEY, GUERNSEY, ISLE OF MAN meet to draft a common
response to the European Savings Tax Directive.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13175
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GIBRALTAR GETS E.U. VOTE IN U.K.
Residents of Gibraltar will vote as part of England's
South West region in the next Euro elections.
LINK: http://news.bbc.co.uk/1/hi/england/devon/3192161.stm
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U.K. WARNS ABOUT OCTOBER PASSPORT DEADLINE
They must be machine-readable by Oct. 1st to get into the US.
LINK: http://www.number-10.gov.uk/output/Page4402.asp
* No smile if you're a Canadian having a passport photo taken. LINK:
http://cnews.canoe.ca/CNEWS/Canada/2003/09/01/173970-cp.html
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* World Bank-IMF meetings a feather in DUBAI's cap
LINK: http://www.ameinfo.com/news/Detailed/27740.html
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* WEALTH *
CHINA NEWS:
* Don't meddle with the yuan, says Chinese newspaper
http://www.forbes.com/home_europe/newswire/2003/09/01/rtr1070508.html
* China Seen Ready to Conciliate U.S. on Trade and Jobs
LINK: http://www.nytimes.com/2003/09/02/business/02CHIN.html
* IMF backs Snow's call for renminbi float. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479474420
* Hong Kong property lures mainland Chinese. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479483737
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A NEW KIND OF OFFSHORE MOVEMENT
"Offshoring" now means loss of jobs in some places, gains elsewhere.
LINK: http://www.theage.com.au/articles/2003/09/01/1062383510156.html
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* PRIVACY & RIGHTS *
* European Union says US anti-terror flight rules breach privacy rights.
LINK: http://www.forbes.com/newswire/2003/09/02/rtr1071024.html
* Expat living; the alien has landed. LINK:
http://www.telegraph.co.uk/global/main.jhtml?xml=/global/2003/08/26/exalien26.xml&sSheet=/global/2003/09/02/home.html
* How to prepare for offshore life and work. LINK:
http://www.telegraph.co.uk/global/main.jhtml?view=DETAILS&grid=&targetRule=10&xml=/global/2003/09/01/eljens01.xml
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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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