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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Tuesday, November 4, 2003 - Vol. 5 No. 130
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In This Issue:
* COMMENT: The Big Lie
* OFFSHORE: Panama at 100! Yukos Oil's Havens. Gibraltar EU Vote. Aussies Blast Swiss. HK Woos Europe. Bahamas-US TIEA Questioned. Italy Drains Swiss Banks. Is Liechtenstein Legitimate?
* WEALTH: Tax Law Keeps $ Offshore. EU Taxes Kill Biz. Gold Sales? Offshore Bank Account Scam. Onshore Pressure Raises Costs.
* PRIVACY & RIGHTS: Pat Act Hurts Financial Freedom. UK Rules End Client Confidentiality. New Nigerian Frauds. U.S. Secret Trials.
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COMMENT: The Big Lie
Dear A-Letter Reader:
Last week I expressed resentment over the UN's Big Lie charging that tax haven nations are notorious repositories of criminal cash; veritable hot beds of money laundering, awash with drug money and tax evasion.
My friend Daniel Mitchell of the Heritage Foundation in Washington, DC wrote to remind me that of a study he did on this subject. It shows the US State Dept., the Central Intelligence Agency, and Internal Revenue Service each have independently assessed which countries are money laundering centers. All of these government agencies - as well as the OECD's Financial Action Task Force - conclude that tax havens do not attract a disproportionate share of the world's criminal loot. Indeed, the reports indicate that dirty money is far more likely to be laundered in high-tax nations such as the US and the UK.
And yet this myth of tax havens as criminal money centers lives on, perpetuated by welfare state tax collectors. Soon after the terror attacks of 9-11, US leftist politicians seized on a new excuse to bash tax havens - that they were being used to conceal terrorist cash transactions. Indeed most of the restrictive financial provisions of the Patriot Act were rammed through Congress based on this false premise. Subsequent investigation failed to support such charges.
High tax nations and their allies, such as the EU and the OECD, continue to use this Big Lie to promote their true goal; an end to world tax competition. They want to abolish tax havens and low taxes everywhere, to be replaced by uniform high taxes and an end to all financial privacy.
But the leftist anti-haven propaganda finally is beginning to fall apart. Tax havens that have in the past been timid and defensive under this barrage, are now speaking up, as they did at the OECD's Ottawa meeting two weeks ago.
We have long predicted that tax haven will survive, if only for the fact that millions of people worldwide save billions in taxes -- legally -- by using tax havens for asset protection and safety. These folks are not crooks -- they're smart people who know how to order their affairs and maximize their financial freedom.
If you want to know more about how you too can achieve this offshore freedom, the Sovereign Society stands ready to help.
That's way that it looks from here.
BOB BAUMAN, Editor
PS If you are not already a Sovereign Society Member and want to learn more about offshore tax havens and how you can use them, click here.
LINK: http://www.agora-inc.com/reports/SVS/WSVSCB14/
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COMMENT LINKS:
* Low-Tax Jurisdictions Are Not Money Laundering Havens. LINK:
http://www.freedomandprosperity.org/Papers/blacklist/blacklist.shtml
* Cato Report on "Threats to Financial Privacy and Tax Competition"
LINK:http://www.cato.org/pubs/pas/pa-491es.html
* OECD Ottawa conference admits; no level playing field. LINK:
http://www.freedomandprosperity.org/Articles/ottawa/ottawa.shtml
* Panama Insists on Level Playing Field
LINK:http://www.freedomandprosperity.org/panama-ottawa.pdf
* Sir Ronald Sanders of Antigua blasts OECD. LINK:
http://www.antigua-barbuda.com/busnss_politics/body_oecdglobalforum_ottawa.html
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* OFFSHORE *
HAPPY BIRTHDAY PANAMA AT 100
At 100, Panama still faces a national identity crisis. LINK:
http://www.miami.com/mld/miamiherald/news/world/americas/7168077.htm
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OFFSHORE HAVENS USED BY RUSSIA'S YUKOS OIL
MOSCOW: Arrest of Russian oil tycoon shows ownership held in
offshore tax havens of Gibraltar, Cyprus and the Isle of Man.
LINK:http://www.tax-news.com/asp/story/story.asp?storyname=13899
* Arrest scares foreign investors away from Russia. LINK:
http://www.businessweek.com/bwdaily/dnflash/oct2003/nf20031028_8820_db039.htm
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GIBRALTAR E.U. VOTE UPHELD
UK's plan to allow The Rock to vote for EU reps is OK.
LINK:http://www.tax-news.com/asp/story/story.asp?storyname=13898
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AUSTRALIAN TAX COLLECTORS AIM AT SWISS ACCOUNTS
Tax hunters down under chase alleged millions in Switzerland. LINK:
http://www.thesundaymail.news.com.au/common/story_page/0,5936,7722957%255E421,00.html
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HONG KONG PROMOTED IN EASTERN EUROPE
BUDAPEST: HK economic head woos East Europe business.
LINK:http://www.tax-news.com/asp/story/story.asp?storyname=13897
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BAHAMAS-U.S TAX TREATY QUESTIONED
NASSAU: Pending Tax Information Exchange Agreement with the US
offers little to The Bahamas, but will hurt offshore business.
LINK:http://www.thenassauguardian.com/editorial/279013762222569.php
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ITALIAN TAX AMNESTY HURTS SWISS BANKS
Millions of euros head south to Italy to avoid late tax penalties.
LINK:http://www.tax-news.com/asp/story/story.asp?storyname=13908
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IS LIECHTENSTEIN LEGITIMATE?
The Czech and Slovak Republics question the legitimacy of
Liechtenstein as a sovereign state; it could cost them big.
LINK:http://www.techcentralstation.be/110303E.html
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* WEALTH *
TAX LAW KEEPS U.S. COMPANY PROFITS OFFSHORE
A 35% US tax on repatriated profits should be repealed.
LINK:http://www.heritage.org/Press/Commentary/ed103103b.cfm
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E.U. HIGH TAXES CHASE COMPANIES AWAY
Low tax Switzerland, Ireland draw companies seeking lower taxes. LINK:
http://www.freedomandprosperity.org/Articles/wsje10-09-03/wsje10-09-03.shtml
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CENTRAL BANKERS THREATEN MORE GOLD SALES
Whenever gold prices rise, central banks make selling noises.
LINK:http://www.lewrockwell.com/north/north221.html
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OFFSHORE BANK ACCOUNT HOLDERS SCAM TARGET
Bogus requests for account information are fraud scheme.
LINK:http://www.tax-news.com/asp/story/story.asp?storyname=13896
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PRESSURES ON OFFSHORE FIRMS RAISE COSTS
Demands for transparency, reporting requirements cost money.
LINK:http://www.tax-news.com/asp/story/story.asp?storyname=13916
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* PRIVACY & RIGHTS *
U.S. FINANCIAL LIBERTY HURT BY PATRIOT ACT
Americans' financial liberty at risk under Patriot Act. LINK:
http://www.jimbovard.com/Patriot%20Act%20vs%20Financial%20Freedom%20article.htm
* U.S. bank account holder treated like suspect criminals.
LINK:http://www.bobbarr.org/default.asp?pt=newsdescr&RI=458
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NEW U.K. MONEY RULES END CONFIDENTIALITY
Tax advisors forced to rat on clients suspected of tax evasion.
LINK:http://www.tax-news.com/asp/story/story.asp?storyname=13885
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THE NIGERIAN FRAUD LIVES ON
A case study in those e-mail appeals that promise millions.
LINK:http://www.nytimes.com/2003/11/02/weekinreview/02WORD.html
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SECRET TRIALS - IN THE U.S.A.
MIAMI: A phantom case heads for the US Supreme Court.
LINK:http://www.csmonitor.com/2003/1030/p01s02-usju.html
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor * Daniel Aponte, Jr. Research Asst.
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