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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Tuesday, October 28, 2003 - Vol. 5 No. 127
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In This Issue:
* COMMENT: Real Financial Privacy -- Offshore
* OFFSHORE: Swiss Firm on Bank Secrecy. Zug Attracts the Very Rich. UK Fraudster Abuses Andorra. Winter Work Permits. Portuguese Prejudice. Guernsey Defends. Low Tax Ireland. OECD Taxes Down.
* WEALTH: Tax Revision Struggle. Freedom from Lawsuits. Gold is a Political Metal. Taxing Corporate Questions.
* PRIVACY & RIGHTS: Patriot Act = Unfair. Property. Pipe Dream?
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COMMENT: Real Financial Privacy -- Offshore
Dear A-Letter Reader:
There was a time in the US and other major nations when financial privacy was taken for granted. Your business was your own and nobody else's. In those long gone days your banker was a person of discretion who would never discuss your financial affairs with anyone, certainly not government agents without a court order.
Today your US banker is an official government spy, obliged to report daily on any "suspicious activities" to the federal money police. Under the terms of the USA Patriot Act, government agents can secretly nose through your finances and even freeze your assets without even charging you with any crime. And if your banker tells you that you're under investigation, he could be jailed.
You may not realize it, but there are many foreign nations that not only preserve financial privacy, but do so as a matter of law, punishing those who violate that privacy with fines and jail terms.
Switzerland has had just such a law since 1934. In Austria, firm privacy guarantees are a part of the country's constitution and can be repealed only by national referendum. Similar privacy protections are written into the laws of tax havens such as Panama, Nevis, Andorra and Monaco. In most of these privacy havens only a court order can pry open your financial records. And in many offshore jurisdictions, a US civil judgment will not be honored unless and until an entire new trial is conducted under local law.
Thus it only makes good sense to reorder your wealth and assets so that a reasonable portion is located in a jurisdiction where privacy is guaranteed by law. That's where you should have an offshore bank account, possibly an asset protection trust, even make that nation a base for your business or profession.
Until you do, you're at the mercy of both government and private snoops.
That's way that it looks from here.
BOB BAUMAN, Editor
PS: Let me suggest a great way to protect your financial privacy.
To find out how; click here:
LINK: http://www.agora-inc.com/reports/SVS/WSVSD634/
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COMMENT LINKS:
* How the Bank Secrecy Act destroys financial privacy. LINK:
http://www.privacilla.org/releases/BSAAG_remarks_10-22-03.html
* U.S medical privacy takes a back seat to profits. LINK:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2003/10/24/BUG6U2I81K1.DTL
* New US air passenger security regulations raise privacy concerns.
LINK: http://www.helsinki-hs.net/news.asp?id=20031027IE7
* Depths of data mining; government watching everyone. LINK:
http://www.wired.com/news/politics/0,1283,60934,00.html?tw=wn_tophead_1
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* OFFSHORE *
SWISS PLEDGE BANK SECRECY NOT NEGOTIABLE
ZURICH: Swiss exclude bank secrecy from EU bilateral talks. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=113&sid=4365998
* Swiss cantons compete for wealthiest foreign residents. Zug way ahead.
LINK: http://nzz.ch/2003/10/26/english/page-synd4339798.html
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ANDORRA USED BY U.K. FRAUDSTER
Family goes to jail for £2 million worth of fraud promising
8% a week return on investments in the tax idyll of ANDORRA.
LINK: http://www.news.scotsman.com/latest.cfm?id=2092148
* Want to work this winter in Andorra? All about work permits.
LINK: http://www.natives.co.uk/news/2003/10/08avor.htm
* Andorra - Mountain Paradise. Internet LINKS.
LINK: http://www.medinnus.com/andorra/
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PORTUGUESE LAW HITS OFFSHORE OWNERSHIP
New real estate taxes aim at offshore owners.
LINK: http://www.mondaq.com/i_article.asp_Q_articleid_E_23067
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GUERNSEY HIT FOR E.U. SAVINGS TAX RESPONSE
Island defends its agreement to tax but not share information.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13814
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IRELAND IS E.U. LOWEST TAX NATION
DUBLIN: The lowest tax burden in all Europe attracts business.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13820
* Taxes fell a little in OECD member nations last year.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13805
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* WEALTH *
OFFSHORE ISSUES CLOUD U.S TAX LAW REVISION
U.S. facing EU sanctions over $4bn tax breaks for exporters. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1066565384448
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FREEDOM FROM LITIGATION
Another reason to go offshore; ending lawsuit abuse in
America is about more than just trial lawyers and big business.
LINK: http://www.cse.org/informed/issues_template.php/1598.htm
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GOLD IS A POLITICAL METAL
So says Gary North.
LINK: http://www.lewrockwell.com/north/north219.html
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OFFSHORE OR NOT OFFSHORE; THAT'S THE TAXING QUESTION
U.S. offshore corporate tax system is 'loony, bizarre'. LINK:
http://www.theledger.com/apps/pbcs.dll/article?AID=/20031026/NEWS/310260473/1036
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* PRIVACY & RIGHTS *
PATRIOT ACT NOW SHORTHAND FOR 'UNFAIRNESS'
But Pres. Bush wants still more police power under Patriot II. LINK:
http://www.sptimes.com/2003/10/26/Columns/No_pause_in_Patriot_A.shtml
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AT THE BASIS OF ALL LIBERTY
The right to private property and order.
LINK: http://www.lewrockwell.com/shaffer/shaffer54.html
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A LIBERTARIAN PIPE DREAM?
Libertarians Pursue New Goal: State of Their Own
LINK: http://www.nytimes.com/2003/10/27/national/27LIBE.html
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BLAIR'S U.K. POLICE STATE GROWS
Britain tests using cell towers for tracking individuals. LINK:
http://www.thisislondon.com/news/articles/7321553?source=Evening Standard
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor * Daniel Aponte, Jr. Research Asst.
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