September 23, 2003
============================================
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Tuesday, September 23, 2003 - Vol. 5 No. 112
============================================
In This Issue:
* COMMENT: I.R.S. Still Fishing
* OFFSHORE: Germany Helps Switzerland as Berlin Backs Bern EU Issues. Malta, Poland Tax Breaks in Peril. Cayman Islands Citizenship Row. Bahamas Taxes. Hong Kong Optimism. India Bans IBCs. Nauru. Dubai. Latvia Votes to Join EU.
* WEALTH: Dollar Headed Down. Gold Is More. Mutual Fund Investors Unfazed by Scandal. Deficit Spending Threatens U.S. Security.
* PRIVACY & RIGHTS: G-7 Wants to Kill Bank Privacy. Ashcroft & the Librarians; He Did or He Didn't. Ashcroft Doesn't Inspire Trust. U.K. ID Plan Down, Not Out. Airline Passenger Privacy at Issue.
============================================
COMMENT: I.R.S. Fishing Expedition
Dear A-Letter Reader:
I receive a lot of e-mails from our 80,000 readers worldwide, and often they contain nuggets of useful information. Yesterday a reader in the American midwest sent me proof of relentless IRS fishing expeditions that violate financial privacy while bully professionals worldwide.
Unfortunately many financial firms don't have the sense or the guts to stand up to these illegal search and seizures, done under the spurious excuse of checking treaty fulfillment, in this case.
Here's my e-mail correspondent's factual account (with some changes to protect his identity) of what a UK investment firm and the IRS did to him: "I am a US person who follows these issues out of my interest in national sovereignty. The following bit of news gives some insight into the unbridled snooping of the US IRS (shades of their recent Caribbean credit card adventure).
"I live off my investments and have a small stock account with the UK stockbroker, X Ltd. I have faithfully and properly reported my account and its income as required. Last week I got a letter stating that it was a matter of "urgency" that I complete and return a IRS W9 form. I called the person in the Dividend Dept. to get their fax number and, as is my custom, engaged him in a friendly chat about this letter. It turns out that the IRS is auditing X Ltd. for compliance with the US-UK tax treaty. They will sample several hundred accounts from US persons to see if paperwork is correct, and he added, to see if the accountholder has been reporting proceeds from account profits and dividends.
"I told him that as a US person I was sorry that my government did not know the meaning of the word 'sovereign'. Then again, it appears that all too many other nationals don't either. I suggested that too many people in management are 'compliance oriented' rather than 'principle oriented'. If a few large firms would firmly say no to what clearly is a backdoor expedition to fish for US tax cheats, then maybe the IRS would start to learn that proper boundaries do exist for its jurisdiction. Alas, everyone is all too happy to comply."
We say again; if the IRS or any other government agency wants to investigate a US person, they should name the individual and obtain judicial approval to obtain any records they want. This unbridled use of illegal, unconstitutional police state muscle must end.
That's the way that it looks from here.
BOB BAUMAN, Editor
PS: To find out the very latest information I have compiled about how to invest offshore with maximum legal privacy, click here: LINK:
http://www.agora-inc.com/reports/190SFORD/W190D920/
============================================
COMMENT LINKS:
* That Income Tax Issue; Is It Legal?
LINK: http://www.americandaily.com/item/2567
* IRS Forms Get More Complex.
LINK: http://news.tbo.com/news/MGARR7J6UKD.html
* US Tax Treaties and related materials.
LINK: http://www.intltaxlaw.com/income.htm
* United Nations to freeze offshore asset of terrorists? LINK (subs):
http://online.wsj.com/article/0,,SB106391536833997200-search,00.html
* Soak the rich with high taxes. But which ones? LINK:
http://www.forbes.com/home_asia/free_forbes/2003/1006/018.html
* The 400 top US taxpayers.
LINK: http://www.forbes.com/forbes/2003/1006/060.html
* South African tax collectors search for evasion.
LINK: http://business.iafrica.com/news/272281.htm
============================================
October 8-12, 2003 - Offshore Opportunities 2003 Conference - Panama
This year Panama ranked # 1 on the Sovereign Society Asset Haven
Index and International Living ranked it as a top world destination for
offshore living. Join us there for 3 intensive 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. You'll come away with a plan of action
personalized for your own situation. For more, click here:
LINK: http://www.sovereignsociety.com/vmembers.php?nid=645
============================================
* OFFSHORE *
GERMANY BACKS SWITZERLAND ON E.U. ISSUES
Bern and Berlin find common ground on EU negotiations. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=4258986
* EU high tax policies may kill existing tax breaks in Malta, Poland.
LINK: http://www.euobserver.com/index.phtml?sid=9&aid=12721
-----
CAYMAN ISLANDS CITIZENSHIP ROW
Granting of citizenship to many long time expats becomes an issue. LINK:
http://www.thenassauguardian.com/national_local/298467811144041.php
* THE BAHAMAS may be forced to raise new taxes by WTO rules.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13392
-----
OPTIMISM IN HONG KONG
HK Chief Sec. Donald Tang paints rosy future picture.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13402
* INDIA bans offshore corporations, strips their tax privileges.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13377
* NAURU cracks down on visitors' visas.
LINK: http://www.abc.net.au/ra/newstories/RANewsStories_949742.htm
-----
DUBAI SEES FUTURE AS MID-EAST FINANCIAL HUB
A need seen for a regional financial center in Dubai.
LINK: http://www.menafn.com/qn_news_story_s.asp?StoryId=29436
-----
* Celebrations as LATVIA votes to join European Union.
LINK: http://www.abc.net.au/news/newsitems/s950315.htm
============================================
* ADVERTISEMENT *
A CASE FOR GOLD
For all of recorded human history, a single substance -- number 79 in
the Periodic Table -- has fascinated man above all. Prized above all
others, in ancient times it was synonymous with power and wealth.
But there's a struggle of epochal proportions raging today. Forces are
lined up in opposing camps. Never before has the struggle been so
big -- or for such high stakes.
Now, publishing history has been made as well. For lovers of the
printed word, here's an investment secret from which you can profit
for generations. Own it. Enjoy it. Learn from it. Use it as your
personal guide to secure great wealth. For a free special report,
click here...
LINK: http://www.agora-inc.com/reports/905STCFG/W905D900
============================================
* WEALTH *
DOLLAR HEADED WAY DOWN
Dollar could plumb new lows, say traders. LINK;
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479998726
* Gold: Is it just another commodity?
LINK: http://www.lewrockwell.com/north/north209.html
* Gold rallies on G-7 meeting. LINK:
http://www.forbes.com/home_europe/newswire/2003/09/19/rtr1086947.html
-----
BUSINESS SCANDALS DON'T FAZE INVESTORS
Scandal doesn't deter mutual fund investors. LINK:
http://www.ajc.com/business/content/business/0903/21mutfunds.html
-----
U.S. SPENDING THREATENS U.S. SECURITY
Massive deficits, unchecked spending imperils US future.
LINK: http://www.fff.org/comment/com0309j.asp
* Growing economies, gaping deficits worldwide. LINK:
http://www.economist.com/agenda/displayStory.cfm?story_id=2073379
============================================
* PRIVACY & RIGHTS *
G-7 FINANCE MINISTERS OPPOSE FINANCIAL PRIVACY
DUBAI: G-7, including US, endorse banks tax info exchange. LINK:
http://reuters.com/financeNewsArticle.jhtml?storyID=3478853&type=bondsNews
-----
ASHCROFT & THE LIBRARIANS
Did they or did they not spy?
* No tracking of bookstore or library activity, Ashcroft says. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A31777-2003Sep18.html
* Ashcroft's PATRIOT Act use claim disputed by librarians.
LINK: http://washtimes.com/national/20030918-103507-3583r.htm
* The ever expanding PATRIOT Act. LINK:
http://www.reviewjournal.com/lvrj_home/2003/Sep-21-Sun-2003/opinion/22167264.html
* Will PATRIOT Act money laundering curbs fail? LINK:
http://www.azcentral.com/arizonarepublic/business/articles/0921Wiles21.html
-----
* Ashcroft Justice Dept. does not inspire trust.
LINK: http://www.reason.com/sullum/091903.shtml
-----
U.K. I.D. PLAN OPPOSED, BUT WILL NOT DIE
British secretary pushes forward with ID plan.
LINKS: http://news.bbc.co.uk/2/hi/uk_news/politics/3127784.stm
http://news.bbc.co.uk/2/hi/uk_news/politics/3127622.stm
-----
Europe Opposes US Over Airline Passenger Data. LINK:
http://www.nytimes.com/2003/09/22/business/worldbusiness/22FLY.html
============================================
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor * Daniel Aponte, Jr. Research Assistant.
SUBSCRIBE to The A-Letter FREE or send to a friend at
LINK: HOME
Please DO NOT respond DIRECTLY to THE A-LETTER.
Send E-mail to: INFO@THESOVEREIGNSOCIETY.COM
============================================
We cannot certify the absolute accuracy of articles referenced nor do
we necessarily endorse products advertised herein. LINKS to sources
are active as of this date; however, not all sources maintain LINKS to
stories indefinitely. Some LINKS may require free registration or paid
subscriptions for access.
============================================
THE SOVEREIGN SOCIETY Ltd., 5 Catherine St., Waterford, Ireland
TEL: 353-51 844 068 FAX: 353-51 304 561
Copyright (C) 2003. All domestic & international rights reserved.