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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Tuesday, November 18, 2003 - Vol. 5 No. 136
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In This Issue:
* COMMENT: Panama vs. Miami
* OFFSHORE: Havens Stop Yukos Probe. Isle of Man Sellout? Terrorists Haven? British Virgin Island's Growth, Scandal. Bahrain Thinks Big.
* WEALTH: UK Bank Chase. Canadian PM Offshore. Investing Offshore. Aussie Real Estate. Gold Dust. Why No Fiscal Outrage? Tax Shelters.
* PRIVACY & RIGHTS: FBI DNA. US Visa Hassles Cost Cash. UK ID Cards Cause Irish, Scots Problems. Black Boxes. Is Liberty Increasing?
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COMMENT: Panama vs. Miami
Dear A-Letter Reader:
Yesterday ministers from every western hemisphere country except Cuba descended on South Florida for crucial final negotiations on creating a Free Trade Area of the Americas (FTAA), possibly by early 2005. Also in town were thousands of anarchists and anti-capitalist, anti-free trade protesters bent on causing as much chaos and disruption as possible.
While the Latin American free trade agreement is highly important for the US and the region, there is an underlying contest going on this week between Miami and Panama -- which will be chosen as the head- quarters for the future FTAA?
One of the world's last true tax havens, Panama seems to be in the lead. Panama, an isthmus of 2.9 million people -- and home to the famous US built canal -- has extensive air and shipping links; its banking and tele- communications systems are highly advanced.
When the contenders announced their bids, advocates for both Miami and Panama claimed to be the true gateway of the Americas and the best site to house the bureaucratic center of a 34 nation free trade area. Miami and Panama are similar; both have a bilingual, multi-cultural populace and strong Latin cultural ties. But some FTAA leaders who may decide the selection say Panama offers something special: It is not Miami.
Panama is the largest financial center in South America south of Miami, but Miami lately has been losing banks and millions in assets. Some of this is due to the overall global economic situation, but no doubt much of the cash exodus from Miami and the US is caused by the police state anti-money laundering rules that have shredded financial privacy.
The Sovereign Society has continuously recommended Panama as an offshore tax and asset protection haven. In October we held what has become our semi-annual conference there, with a host of speakers who explained asset protection trusts, international business corporations, family foundations -- all available in the tax-free Panama context of strict financial privacy.
The downloadable audio tapes from the October conference in Panama are now posted on our Sovereign Society web site. They're a gold mine of valuable information. (See below).
Whatever the outcome of the Miami meetings this week, we think Panama is an excellent choice to host the FTAA staff; and if it is chosen that will confirm what we have known for a long time -- Panama is and will continue to be an offshore financial leader.
That's way that it looks from here.
BOB BAUMAN, Editor
PS: If you want access to our Panama conference remarks, or those of any of our many expert speakers, go to:
https://www.agora-inc.com/secure/FORM1.CFM?PUBCODE=190SOPS3&PCODE=W190DB24&ALIAS=all
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COMMENT LINKS:
* Panama ahead of Miami for FTAA headquarters. LINK:
http://www.nytimes.com/2003/11/11/international/americas/11PANA.html
* Miami Looks to FTAA Group to Revive Bank Industry. LINK:
http://www.nytimes.com/2003/11/17/business/worldbusiness/17miami.html
* Miami vying with at least eight cities for FTAA headquarters.
LINK: http://www.miami.com/mld/miamiherald/business/7277564.htm
* Expectations, stakes run high during free trade summit. LINK:
http://www.sun-sentinel.com/news/local/southflorida/sfl-zftaa16nov16,0,6379264.story
* Free Trade Area of the Americas official site:
LINK: http://www.ftaa-alca.org
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* OFFSHORE *
HAVENS MAY STOP RUSSIAN INVESTIGATION
MOSCOW: Isle of Man, Cyprus lawyers may block Yukos affair hunt. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1066565914500
* Who Lost Russia? Washington Post editorial. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A46530-2003Nov15.html
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HAS THE ISLE OF MAN SOLD OUT?
DOUGLAS: UK compliments IOM on its response to EU and OECD.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=14081
* Isle of Man accused of harboring terrorist funds; charge denied.
LINK: http://www.ajc.com/news/content/news/1103/16terrorweb.html
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BRITISH VIRGIN ISLANDS GROWTH, SCANDAL
ROAD TOWN: Financial services sector poised for growth. LINK:
http://www.islandsun.com/2003-November/14112003/local1-v12i05.html
* Legislator investigated for money laundering. LINK:
http://www.islandsun.com/2003-November/14112003/local3-v12i05.html
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BAHRAIN THINKS BIG
Tiny emirate plans to become major Middle East financial center.
LINK: http://www.menafn.com/qn_news_story_s.asp?StoryId=34337
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* WEALTH *
BRITISH PRIVATE BANKS CHASE RICH
LONDON: Old UK money chases new money clients. LINK:
http://www.thisislondon.co.uk/news/business/articles/timid70521
* UK real estate investment extra: the REIT move. LINK:
http://www.thisislondon.co.uk/news/business/articles/timid70637?source=
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NEW CANADIAN PRIME MINISTER USES OFFSHORE
OTTAWA: Paul Martin's many offshore tax haven investments. LINK:
http://www.canada.com/edmonton/story.asp?id=3EE38B07-0514-47DB-A799-5906BD9F8A09
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WEALTHY EXPATS BUY AUSSIE REAL ESTATE
SYDNEY: Wealthy expats gobble up premium properties.
LINK: http://afr.com/articles/2003/11/12/1068329626827.html
* 10 Things You Should Know About Foreign Investment
LINK: http://allafrica.com/stories/200311140847.html
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IS THERE STILL A PLACE FOR GOLD?
Gold's Dust vs. Dusty Gold.
LINK: http://www.lewrockwell.com/north/north225.html
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WHERE IS THE FISCAL OUTAGE?
Bush pushes America into a major fiscal crisis and no one cares.
LINK: http://www.cato.org/dailys/11-16-03.html
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US Senate Panel Finds Abuses in Tax Shelter Sales. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A49787-2003Nov16.html
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* PRIVACY & RIGHTS *
F.B.I. PLANS MAJOR D.N.A. HARVESTING
DNA of millions will be kept by government police. LINK:
http://www.usatoday.com/news/washington/2003-11-16-fbi-juvenile-dna_x.htm
* Databases Ripe for Abuse. Cato Institute.
LINK: http://www.cato.org/research/articles/lynch-000821.html
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U.S. VISA HASSLES COSTING AMERICA MILLIONS
Foreign businessmen, students blocked by stupid anti-terror rules. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A50127-2003Nov16.html
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U.K. IDENTITY CARD CAUSES MAJOR PROBLEMS
Irish unhappy with Labour's ID card schemes.
LINK: http://www.belfasttelegraph.co.uk/news/story.jsp?story=463603
* ID cards in doubt as Scots opt out. LINK:
http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2003/11/14/nscot14.xml&sSheet=/portal/2003/11/14/ixportal.html
* New Hong Kong ID card: burden or blessing?
http://www.channelnewsasia.com/stories/afp_asiapacific/view/57486/1/.html
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EVERY MOVE YOU MAKE! THEY'RE REPORTING!
Black boxes will report your every movement. LINK:
http://www.thefeature.com/article?articleid=100214&threshold=-1
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IS LIBERTY REALLY INCREASING?
Fanning the flames of liberty. LINK:
http://www.economist.com/agenda/displayStory.cfm?story_id=2208196
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor * Daniel Aponte, Jr. Research Asst.
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