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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER Your Link to Freedom, Privacy & Prosperity in the Offshore World Tuesday, September 16, 2003 - Vol. 5 No. 109
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In This Issue:
* COMMENT: Caymans Crossroads.
* OFFSHORE: Estonia Joins EU. Sweden Rejects Euro. Liechtenstein Eyed. Austrian Nostalgia. Gibraltar Firm. Jersey Down. Swiss Corps Reform. Bahamas Decline? Beijing Ducks. Labuan Bank Law. Lee and Singapore.
* WEALTH: Bankers Oppose IRS. Patriot Act Costs Millions. Taxes: Info Treaties, Expats Impact, UK Estate Taxes. California Outlaws Offshore Deals. Portugal's Missing Millions. What's Your Net Worth?
* PRIVACY & RIGHTS: US Passports, Visas. Visiting Canadians. US Oath. Value of Privacy. UK ID Plan Dead? Search Warrant for GPS Tracking.
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COMMENT: Caymans Crossroads.
Dear A-Letter Reader:
So, it has come to this; either the Cayman Islands government bows down to British Labour government and EU demands, or London will impose those demands in law on this hapless Caribbean colony. UK Chancellor Gordon Brown made this threat against the Cayman Islands, the world's 5th largest financial center; comply with the European Union savings tax directive or else.
That means either full tax information exchange with other governments, or the imposition of a 35% withholding tax on Caymans investors and account holders to be sent back to home country tax collectors. In either case this will end the major attractions that brought billions of dollars to the Islands; strict financial privacy and no taxes on foreigners. The Caymans have been home to the 5th largest hoard of cash and assets (2001 est. $800 billion) in the world. Indeed, that ranking (after NYC, London, Tokyo and Hong Kong) will now dwindle even more rapidly.
You can almost hear the billions in cash swooshing away, headed for safer, non-EU jurisdictions in Asia and elsewhere. Billions have already fled as the Caymans compromised their strict financial privacy laws and signed a tax information exchange agreement with the US. The Leader of Government, McKeeva Bush, in the past has said London's brutal treatment of the Caymans has "shaken the very foundation of our partnership" with the United Kingdom.
As we have said before, there's a way out if Bush has the courage to pursue it. The Westminster constitution permits voluntary independence from Britain. That would end colonial control. But that takes guts and courage. Don't bet on it.
That's the way that it looks from here.
BOB BAUMAN, Editor
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COMMENT LINKS: * British Labour to force Cayman Islands to adopt EU directive. LINK: http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479822064 * UK foreign residents face huge taxes under Labour plan. LINK: http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479816424 * MI6 role in Cayman exposed as Austin Powers farce. UK Guardian. LINK: http://www.guardian.co.uk/uk_news/story/0,3604,877133,00.html =======================================
* OFFSHORE * ESTONIA VOTES TO JOIN EUROPEAN UNION TALLINN: 67% vote "yes" on EU membership. LINK: http://www.cnn.com/2003/WORLD/europe/09/14/eu.estonia.reut/ * SWEDEN votes to reject the euro as its currency. LINK: http://www.washingtonpost.com/wp-dyn/articles/A9820-2003Sep14.html * Looks like the UK wont vote on the euro issue anytime soon. LINK: http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479820283
----- MONITORING LIECHTENSTEIN Council of Europe concerned about Prince's powers. LINK (scroll down) http://www.nytimes.com/2003/09/12/international/europe/12BRIE3.html
----- VIENNA - A FORMER EMPIRE LOST IN TIME Musings on Austria and it's imperial past. LINK: http://www.lewrockwell.com/spectator/spec142.html ----- GIBRALTAR STANDS FIRM Chief Minister says Rock wont give an inch on sovereignty issue. LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13299
----- JERSEY BUSINESS CONFIDENCE DOWN Most firms pessimistic about island financial future. LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13320 ----- SWISS CORPORATE REFORM No longer need majority Swiss control to register corporations. LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13318
----- BAHAMAS INVESTMENT DECLINE PREDICTED Other offshore centers projected to do better than Bahamas. LINK: http://www.thenassauguardian.com/business/286278772905422.php
* Expatriate Canadian in Bahamas gets 6 months for fraud. LINK: http://www.thenassauguardian.com/national_local/293925145940646.php
* Bahamas and the VAT; it this the best tax? LINK: http://www.thenassauguardian.com/editorial/293925146294890.php
----- HONG KONG: BEIJING DUCKS Has China been taught to put pragmatism before pride? LINK: http://www.economist.com/world/asia/displayStory.cfm?story_id=2058005
* MALAYSIA'S offshore center, LABUAN gets banking law. LINK: http://straitstimes.asia1.com.sg/asia/story/0,4386,209909,00.html
* SINGAPORE's Lee Kuan Yu to remain in government. LINKS: http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479807886 http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479834162
----- I.M.F. ASSESSES GRENADA AS FINANCE CENTER ST. GEORGE'S: Weak banking regulation, dirty cash are at issue. LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13295 =======================================
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LINK: http://www.isecureonline.com/Reports/OHL/WOHLH600/
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* WEALTH * AMERICAN BANKERS OPPOSE I.R.S. PROPOSAL Three leading US banking groups oppose US banks reporting of foreign investors interest income to home nation governments. LINK: http://www.acbankers.org/government/scripts/government_view.asp?ID=916 ---- PATRIOT ACT COSTS BUSINESS, CONSUMERS MILLIONS Patriot Act extends its reach; new rules target money laundering. LINK: http://www.azcentral.com/arizonarepublic/business/articles/0914patriot14.html ----- TAX INFORMATION EXCHANGE INCREASING? Tax treaties said to be closing in on tax evaders. LINK: http://allafrica.com/stories/200309120180.html * Expats who move offshore must learn about taxes. LINK: http://www.heraldsun.news.com.au/footy/common/story_page/0,8033,7267100^19742,00.html * How to minimize paying U.K. estate taxes. LINK: http://www.guardian.co.uk/guardian_jobs_and_money/story/0,3605,1040591,00.html ----- CALIFORNIA OUTLAWS CONTRACTS WITH OFFSHORE FIRMS No business with companies that reincorpoate offshore. LINK: http://reuters.com/newsArticle.jhtml?type=politicsNews&storyID=3437132 ----- MILLIONS MISSING FROM BANK MIAMI: Portuguese Bank says $130 million is missing. LINK: http://www.miami.com/mld/miamiherald/business/6703740.htm * Florida men to repay $1.9 million taken in currency scheme. LINK: http://www.sun-sentinel.com/business/local/sfl-zcftc12sep12,0,2771052.story?coll=sfla-business- ----- WHAT'S YOUR NET WORTH? There's value in calculating where your net worth stands. LINK: http://www.sptimes.com/2003/09/14/Columns/There_s_value_in_calc.shtml * Click here for our Net Worth Calculator. LINK: http://sptimes.com/networth/ ----- * HSBC creates new offshore fund and life insurance operation. LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13319 ======================================= * PRIVACY & RIGHTS * HOW TO GET A U.S. PASSPORT How to renew or apply for a US passport. LINK: http://www.washingtonpost.com/wp-dyn/articles/A1397-2003Sep12.html * Before You Go: a toolbox full of useful travel tips. LINK: http://www.washingtonpost.com/wp-dyn/articles/A1399-2003Sep12.html * Worldwide relief over delay on new US passport, visa rules. LINK: http://www.iht.com/articles/109886.htm * CANADIANS soon may need biometric passports to visit US. LINKS: http://www.canada.com/national/story.asp?id=CF006C15-298C-49D9-90C2-60C3B8B97B5B http://www.thestar.com/NASApp/cs/ContentServer?pagename=thestar/Layout/Article_Type1&c=Article&cid=1063537329413&call_pageid=968332188492&col=968705899037 ----- * Rewritten US citizenship oath will get another revision. LINK: http://www.nytimes.com/2003/09/14/national/14OATH.html ----- * US Supreme Court to hear value of privacy case. LINK: http://www.dmnews.com/cgi-bin/artprevbot.cgi?article_id=24936&dest=article ----- * British national ID card idea may be dead or dying. LINK: http://politics.guardian.co.uk/homeaffairs/story/0,11026,1040497,00.html ----- * Court rules satellite tracking of suspects requires search warrant. LINK: http://www.nytimes.com/2003/09/12/national/12GPS.html =======================================
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. * Bob Bauman, Editor. * SUBSCRIBE FREE or send to a friend at LINK: HOMEPlease DO NOT respond DIRECTLY to THE A-LETTER. Send E-mail to: INFO@THESOVEREIGNSOCIETY.COM
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