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08.21.01. Evil Empire. A-Letter
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Tuesday, August 21, 2001 - Vol. 3 No. 66
In This Issue:
* COMMENT: Ronald Reagan Called It the 'Evil Empire'
* OFFSHORE: US Tax Refugees. IRS QI Rules Attacked. Brits Blackmail Belize. Panama Banks Slip. St. Vincent Crackdown. Cyprus Taxes Up. Nauru Roars. Guide to Havens. Labuan Clean. Singapore Still Unfree. Rhodesia Redux. Leftist Smear CFP. WTO Ruling & Tax Reform.
* WEALTH: US Economy Gloom? US Tax Shelters. ADRs. Canadian Law Hurts Investment. Euro Anxiety. South African Profiling. Inside Hedge Funds. How Ireland Became a Tax Haven. Dirty Money: Internet Casinos, U.A.E. Tax Free Zones, Russia's First ML Court Case.
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COMMENT: Reagan Called It The 'Evil Empire'
by Bob Bauman, Editor
The Cold War ended 10 years ago this week, with a whimper.
That was when the "red barons" of the Soviet Communist party, the KGB and the Red Army tried to oust Mikhail GORBACHEV. The effort died in drunken disarray after 3 days, only to be replaced by the alcoholic Boris YELTSIN atop his signature tank in Red Square. LINK: http://www.suntimes.com/output/news/cst-nws-russia20.html
In one of my past lives (back in the 1960's), I was national chairman of the militant conservative youth group, Young Americans for Freedom (YAF). We helped boost Goldwater for president, but our major thrust was a strong anti-communism coupled with uncompromising free market economics. You can read about the history of YAF at, LINK: http://www.reason.com/9802/bk.nick.html
I once had the privilege of talking with then Gov. Ronald Reagan for more than an hour when he came to my Maryland district to campaign for my re-election to Congress. We discussed the eventual demise of Communism in detail. Then and now I shared his unflinching belief that freedom would triumph.
I still believe that.
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A reader from Texas USA says he tries to read every word I write, (poor fellow!). But I gave him a moment of panic when I wrote "Austria" instead of the correct "Australia," as in "the OECD wants AUSTRIA (sic) to crack down on trusts and other tax savings devices."
Since I regularly boost Austria as one of a highly recommended offshore banking and asset protection haven nations, imagine how mortified I was at my mistake. As I told him, "I apologize but I can't really explain. I have gotten so used to the OECD and the EU trying to tell Austria what to do, I guess my brain's subliminal memory blocked my better judgment."
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JOIN US IN MIAMI ON AUGUST 30!
The Sovereign Society holds our Miami Freedom Forum, August 30, 2001, at the Sheraton Biscayne Bay Hotel! Speakers include: Peter Zipper of Anglo Irish Bank; Eric Naimer Roseman of ENR Asset Management, Inc.; Bob Bauman, Editor, The Sovereign Offshore A-Letter. It's your chance to get expert answers to your offshore, privacy & investment questions. To register or learn more, contact The Sovereign Society at +1.888.358.8125 (toll free) or +1.410.895.7921. Hope to see you there!
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* OFFSHORE *
TAX REFUGEES ABANDON U.S. CITIZENSHIP
The US is one of only four countries that taxes its citizens when they choose to live abroad. Read why expatriates are renouncing US citizenship to avoid paying huge taxes to the IRS. LINK: http://www.wnd.com/news/article.asp?ARTICLE_ID=24084
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IRS Q.I. RULES IN COURT CHALLENGE
NASSAU. The Bahamas based Institute For Economic Freedom, (http://www.iefbahamas.org/) backed by US free market leaders, plans legal action against the IRS "qualified intermediary" rules. LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4979
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BRITISH BLACKMAIL. BELIZE BANK FOR SALE?
LONDON. Lord Michael ASHCROFT reportedly plans to sell his offshore financial services operation in BELIZE, including the Bank of Belize. The Belize government is threatened by the UK Foreign Office with major financial harm unless Ashcroft's Belize tax breaks end. LINKS: Click Here and http://www.tax-news.com/asp/story/story.asp?storyname=5005
Ashcroft has been the central figure in making Belize a major tax and asset protection haven. For an Ashcroft-Belize news history see, LINK: http://www.guardian.co.uk/ashcroft/
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PANAMA BANKING SECTOR SLIPS
Globalization, OECD and FATF attacks have cut into Panama's $38 billion offshore banking activity. LINK:
Click Here and here
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ST. VINCENT CRACKDOWN CONTINUES
The government of this faltering tax haven continues to suck up to the OECD and FATF toadies with new laws and bank closings.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=4986 and http://www.sovereignsociety.com/haven_countries(p4).html#31
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CYPRUS OFFSHORE TAXES TRIPLED
NICOSIA. As ordered by the European Union, Cyprus continues killing its tax haven status with a huge boost in offshore corporate taxes. LINK: http://www.xak.com/site/main/marketnewsCN.asp?id=8865
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THE ISLAND THAT ROARED
NAURU. A Pacific nations forum hears Nauru (pop 12,000) president Rene HARRIS vehemently defend nationhood and sovereignty against the OECD, as his nations sinks into recession. LINKS: Click Here and here and here and finally here.
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GUIDE TO WORLD TAX HAVENS
A Manchester Guardian reporter gives a flippant guide to offshore tax havens, from Andorra to the Turks & Caicos. LINK: http://www.guardian.co.uk/Archive/Article/0,4273,4221445,00.html
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LABUAN KEEPS TRYING
Labuan, the wannabe tax haven in MALAYSIA has failed to attract big money, but claims it's clean. LINK: Click Here
And they're starting a global Islamic money market. LINK: Click Here
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SINGAPORE: FREE MARKET BUT NO FREEDOM
Singapore's prime minister says his city-state is loosening up in cultural matters but political freedom must wait. LINK: http://www2.startribune.com/stOnLine/cgi-bin/article?thisStory=84758161
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RHODESIA REDUX
21 years after independence, a bloody civil war, and liberation from white minority rule, ZIMBABWE is back where it started. LINK: Click Here
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LEFTIST ATTACK PRO-OFFSHORE C.F.P.
WASHINGTON. The Center for Freedom & Prosperity has been a leader in the defense of offshore financial freedom, with some success. The leftist at the New Republic can't stand it, so they smear. LINKS: http://www.freedomandprosperity.org/ltr/tnr-mitchell/tnr-mitchell.shtml
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W.T.O. RULING OFFERS CHANCE FOR U.S TAX REFORM
The WTO claims US export rules give unfair export subsidies. LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT341IJIMQC&liv
Daniel MITCHELL says this could help US tax reforms. LINK: http://www.freedomandprosperity.org/Articles/twt07-31-01/twt07-31-01.shtml
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* WEALTH *
SPECIAL REPORT ON THE U.S. ECONOMY
Business Week looks at America's future: the Boom, the Bust. LINK: http://www.businessweek.com/magazine/toc/01_35/B3746americas_future.htm
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U.S. TAX SHELTERS EXPLAINED
Here's Tax-News.com new special report on US venture capital tax laws and tax shelters. Informative read at LINK: http://www.tax-news.com/html/newswire/venturecapital/venturecapital_us.html
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NOT AS GOOD AS OFFSHORE BUT...
Foreign investment opportunities abound at the Nasdaq, the New York & American Stock Exchanges. They're called ADRs. LINK: http://www.nypost.com/business/31511.htm
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CANADIAN LAW HINDERS INVESTMENTS
Limits on foreign investment are hurting Canadian investors. LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4973
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ANXIOUS COUNTDOWN TO THE EURO
Evidence mounts that E-day on Jan. 1 may be a mega-mess. LINK: http://www.washingtonpost.com/wp-dyn/articles/A33647-2001Aug19.html
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SOUTH AFRICAN WEALTH PROFILING
JOHANNESBURG. Justice Minister Penuell MADUNA says the arrest of an alleged tax evader is part of government's efforts to "criminalize unexplained wealth". LINK: http://iafrica.com/news/sa/726132.htm
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INSIDE HEDGE FUNDS
Financial Times examines current hedge fund philosophy. LINK: Click Here.
The Guardian suggests hedge fund investors better hedge their bets. LINK: http://www.guardian.co.uk/Archive/Article/0,4273,4241630,00.html
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IRELAND AS BUSINESS TAX HAVEN
How free market economics and lower taxes made IRELAND Europe's leading business tax haven. LINK: Click Here.
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MONEY LAUNDERING NEWS
Online casino gambling is now a big time washer of dirty money. LINK: http://www.tornado-insider.com/news/Article.asp?id=11388
Are UNITED ARAB EMIRATES tax-free business haven zones being used as a cover for massive money laundering? LINK: Click Here.
MOSCOW. Get an inside look at Russian corruption as the first major money laundering case is prosecuted in court. LINK: http://www.themoscowtimes.com/stories/2001/08/20/043.html
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. E-mail to: info@sovereignsociety.com. * SUBSCRIBE FREE or send to a friend at LINK: http://www.sovereignsociety.com
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THE SOVEREIGN SOCIETY Ltd., 5 Catherine St., Waterford, Ireland. TEL: 353-51 844 068 FAX: 353-51 304 561. Copyright (C) 2001. All domestic & international rights reserved.
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