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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Friday, October 10, 2003 - Vol. 5 No. 120
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In This Issue:
* COMMENT: Panama Again!
* OFFSHORE: OECD Tax Plans Bomb. Guernsey Rumors. Monaco's Wayward Princess. Israel Clean. Barbados Reputation. Vanuatu OK.
* WEALTH: Offshore Brits Ignore Banking Needs.
* PRIVACY & RIGHTS: Patriot Act Curbs Financial Freedom. Corrupt Nations. UK, Canadian Lawyers Must Report Clients to Police.
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COMMENT: PANAMA AGAIN!
Dear A-Letter Reader:
I am writing today from the banks of the Panama Canal, looking out on the Pacific Ocean from my hotel room. I am attending the Sovereign Society's Offshore Opportunities Conference with over 100 attendees and speakers from the US and many other nations.
If this seems familiar, it's because you have read it from me before. Regular readers know that we recommend Panama as one of the world's leading asset protection and tax havens. It's inviting menu for offshore investors features trusts, IBCs, world class banking and even family foundations to manage wealth. Unlike far too many other jurisdictions, Panama stands by its iron clad financial privacy laws, waiving them only for probable cause of criminal activity. And it does not tax foreigners who live here or base their businesses here.
But when I recite this impressive litany, invariable I am asked: "How do you know that all this won't change? What if Panama sells out?" Of course nothing in life is certain, except eventual death. Not even taxes.
But the peculiar history of this tiny nation, (with asset protections laws dating back to the 1920's), makes it a wary friend of the US. America created Panama for its own convenience, but its colonial control left behind a healthy skepticism on the part of Panamanians towards Uncle Sam, the Colossus of the North. (See Foreign Minister Aleman's remarks below).
Both that closeness and distance works to maintain Panama as an ideal tax haven that's not under the thumb of any other nation. Unlike the hapless British overseas territories who are now being stripped of their offshore financial attractions, one by one.
Life is making do with what is best and at hand. For those who want legal tax savings, asset protection and privacy, history has made Panama an ideal 21st century offshore haven in a world where few remain.
That's the way that it looks from here in Panama.
Bob Bauman, Editor
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COMMENT LINKS:
* Panama
* Panama Foreign Minister Attacks OECD Imperialism
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=9882
http://www.freedomandprosperity.org/Papers/aleman/aleman.shtml
* Trust Services Explains Panama Laws. LINK:
http://www.trustserv.com/Panama%20-%20Pathway%20to%20Offshore%20Protection.htm
* Why Panama? Pensinados for retirees. LINK:
http://www.internationalliving.com/contadora/whypanama.html
* The Panama Canal. LINK: http://www.pancanal.com/
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* OFFSHORE *
O.E.C.D. TAX PLANS COLLAPSE
OTTOWA: The OECD high tax "tax harmonization" plan is falling apart. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059480479214
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GUERNSEY DISTURBED BY TAX RUMORS
Channel Island upset by rumors of UK crackdown on offshore trusts & bank ccounts.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13590
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MONACO NO HAVEN FOR WAYWARD PRINCESS
It may be a tax haven for the rich, but it's not a haven for Princess Stephanie.
LINK: http://www.theage.com.au/articles/2003/10/07/1065292586875.html
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ISRAEL GETS CLEAN MONEY APPROVAL
F.A.T.F. says anti-dirty cash laws are good enough now. LINK:
http://www.globes.co.il/serveen/globes/docview.asp?did=730301&fid=942
* Philippines, still on blacklist, under FATF review. LINK:
http://money.inq7.net/breakingnews/view_breakingnews.php?yyyy=2003&mon=10&dd=07&file=18
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BARBADOS REPUTATION MAY HURT
Caribbean offshore haven costs high, service slow. LINK:
http://www.barbadosadvocate.com/NewViewNewsleft.cfm?Record=15155
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VANUATU PRAISED BY U.S.
New US ambassador has good words for Pacific island tax haven.
LINKS: http://www.abc.net.au/ra/newstories/RANewsStories_962538.htm
http://www.news.vu/en/news/diplomacy/806.shtm
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* WEALTH *
OFFSHORE BRITS IGNORE BANKING NEEDS
A quarter millions Brits go offshore annually, but few think banking.
LINK: http://www.findaproperty.com/cgi-bin/story.pl?storyid=5255
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* PRIVACY & RIGHTS *
FINANCIAL FREEDOMS KILLED BY PATRIOT ACT
Americans' Financial Liberty Placed at Risk by Patriot Act. LINK:
http://www.jimbovard.com/Patriot%20Act%20vs%20Financial%20Freedom%20article.htm
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MOST CORRUPT NATIONS LIST
US is 18th on annual Transparency International corruption list. LINKS:
http://www.azcentral.com/business/articles/1007Britain-Global-Corruption-ON.html
http://www.transparency.org/index.html
http://www.ipsnews.net/interna.asp?idnews=20514
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BRITISH LAWYERS MUST REPORT TAX CLIENTS TO POLICE
LONDON: UK lawyers must report suspected tax evasion. LINKS:
http://washingtontimes.com/upi-breaking/20031009-113203-8108r.htm
http://www.thisislondon.co.uk/news/articles/7100598?source=Evening%20Standard
* Canadian lawyers also may be forced to report clients to police. LINK:
http://www.globeandmail.com/servlet/story/RTGAM.20031007.r-money-laundering07/BNStory/Business/
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor * Daniel Aponte, Jr. Research Asst.
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