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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Friday, November 7, 2003 - Vol. 5 No. 131
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In This Issue:
* COMMENT: Avoid Taxes Legally
* OFFSHORE: Bermuda Panders to DC. BVI Bearer Shares, Cash Frozen. Cayman Hedge Funds. Isle of Man Tax Hunt. Swiss Economy Improves.
* WEALTH: Private Banks Merge. Brit Hypocrisy. EU Anti-US Sanctions. U.S. Fiscal Crisis. Canadian Fraud. Rethinking Milton Friedman.
* PRIVACY & RIGHTS: Bush Secrecy Challenged. Patriot Act Abuse. UK Privacy Complaints. UK ID Put Off. Digital Passports.
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COMMENT: How to Avoid Taxes - Legally
Dear A-Letter Reader:
Let's be honest right up front. US persons -- citizens or resident aliens -- must pay annual income tax (IRS Form 1040) on all income earned from any source anywhere in the world. That's the rule, no matter where you live, in or out of the USA. Unlike many other nations, a US person can't escape by moving offshore.
But there are ways that a US person can reduce or defer taxes legally.
* Estate Taxes: Although it's complex and requires expert tax and legal help to create, an offshore asset protection trust can produce significant estate tax savings for your heirs. And with the uncertainty surrounding US estate taxes, that can be a major savings.
* Life Insurance and Annuities: Although the IRS doesn't like the fact, it's still possible to achieve major deferral of current taxes using offshore life insurance and annuities as an investment vehicle. But this too is a technical area that demands expert help.
* Expatriation: The Ultimate Estate Plan. The most daring tax avoidance plan of all; acquire a second citizenship, move to a no-tax nation, re-order your assets and relinquish your US citizenship. If you're not a US citizen, you don't owe any US taxes. It's more complicated than that, but it is possible.
By the way, the two news items listed (below) have little to do with true expatriation; these appear to be illegal schemes based on rejection of the legality of the US tax laws, certainly not grounded in reality.
Of course there are other domestic tax saving moves you can make: incorporation to save business expenses; a family limited partnership to divide tax liabilities; and, domestic trusts to avoid probate. But the bulk of current tax savings and deferrals, plus strong asset protection can be achieved offshore.
That's the way that it looks from here.
Bob Bauman, Editor
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COMMENT LINKS:
* Vernon Jacobs Legal Tax Avoidance.
LINK: http://www.offshorepress.com/vkjcpa/
* 21 Ways to save taxes offshore.
LINK: http://www.offshorepress.com/vkjcpa/21legalways.htm
* US Court Bars Expatriation Tax Scheme. AP. LINK:
http://www.newsday.com/news/politics/wire/sns-ap-taxes-expatriation,0,3142806.story?coll=sns-ap-politics-headlines
* Federal Court Blocks Tax Protesters Scheme.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13942
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* OFFSHORE *
BERMUDA PANDERS TO WASHINGTON
HAMILTON: Premier courts DC with more restrictive financial laws. LINK:
http://www.theroyalgazette.com/apps/pbcs.dll/article?AID=/20031103/BUSINESS/111030033
* Are Bermuda's other two banks up for sale? LINK:
http://www.theroyalgazette.com/apps/pbcs.dll/article?AID=/20031105/BUSINESS/111050070
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BRITISH VIRGIN ISLANDS RESTRICTS BEARER SHARES
ROAD TOWN: BVI spells out new rules on limited share use.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13938
* UK government freezes £30m cash stashed in BVI, Guernsey. LINK:
http://www.guardian.co.uk/guardianpolitics/story/0,3605,1077761,00.html
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CAYMAN ISLANDS LEADS IN HEDGE FUNDS
GEORGE TOWN: Hedge funds based here hold 65% of world market.
LINK: http://www.mondaq.com/i_article.asp_Q_articleid_E_23147
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U.K. INLAND REVENUE SEEKS ISLE OF MAN FUNDS
DOUGLAS: British tax collectors think Man is home to tax evaders. LINK:
http://www.iomonline.co.im/ViewArticle2.aspx?SectionID=872&ArticleID=687207
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SWISS ECONOMY IMPROVES
US growth spurs Swiss economy. LINK:
http://www.swissinfo.org/sen/Swissinfo.html?siteSect=161&sid=4398668
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* WEALTH *
PRIVATE BANKS CONSOLIDATING
HSBC and Bank of Bermuda was the beginning. The offshore wealth
sector is undergoing a period of significant consolidation. LINK:
http://www.commentwire.com/commwire_story.asp?commentwire_ID=5000
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MORE BRITISH LABOUR HYPOCRISY
UK Chancellor who demands offshore tax havens harmonize
(raise) taxes, says no to EU tax harmonization for British.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13959
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E.U. CONTINUES TO THREATEN ANTI-U.S. SANCTIONS
EU warns of multi-billion sanctions against US due to tax shelters.
LINKS: http://www.truthnews.net/daily/2003110037.htm
http://www.voanews.com/article.cfm?objectID=ACC0E9C7-910C-4518-97067029F8673E35
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AMERICA IS IN FISCAL CRISIS
The US fiscal position has deteriorated under George Bush. LINK:
http://www.economist.com/world/na/displayStory.cfm?story_id=2189237
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CANADIAN OFFSHORE FRAUD
Four arrests for offshore fraud schemes. LINK:
http://www.thestar.com/NASApp/cs/ContentServer?pagename=thestar/Layout/Article_Type1&c=Article&cid=1068032898527&call_pageid=968256289824&col=968342212737
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RETHINKING MILTON FRIEDMAN
America's leading economist has much to teach us all.
LINK: http://www.nytimes.com/2003/11/06/business/06scene.html
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* PRIVACY & RIGHTS *
BUSH SECRET TRIALS CHALLENGED
US Supreme Court to review secret trials of 1200 detained Muslims.
http://www.washingtonpost.com/wp-dyn/articles/A494-2003Nov4.html
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CONCERN ABOUT PATRIOT ACT MISUSE
Use of Patriot Act in corruption case unprecedented. LINK:
http://reviewjournal.printthis.clickability.com/pt/cpt?action=cpt&expire=&urlID=8164533&fb=Y&partnerID=565
Editorial: Patriot Act knows no limits. LINK:
http://www.reviewjournal.com/lvrj_home/2003/Nov-05-Wed-2003/opinion/22518708.html
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U.K. PRIVACY COMPLAINTS GET NO RESPONSE
Data surveillance complaints have zero success rate.
LINK: http://news.zdnet.co.uk/0,39020330,39117640,00.htm
* UK Cabinet postpones national ID card decision. LINK:
http://www.guardian.co.uk/humanrights/story/0,7369,1079113,00.html
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor * Daniel Aponte, Jr. Research Asst.
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