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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Tuesday, December 2, 2003 - Vol. 5 No. 142
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In This Issue:
* COMMENT: What & Where Is Offshore?
* OFFSHORE: Cayman's Ultimatum. Anti-Tax Haven Drive Failing. Gibraltar Chief Re-elected. Jersey Returns Cash. Scottish Land Secrets. Hong Kong Comeback. More Russian Tycoons Under Swiss Probes.
* WEALTH: Bush Spending. ?1 = US$1.20. Tax Shelter Lawsuits. UK Paperwork. Canadian Tax Charity Abuse. Ireland's Boom. PR Banks.
* PRIVACY & RIGHTS: RFIDs Threat. Pat Act Concerns. British Tyranny.
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COMMENT: What and Where Is Offshore?
Dear A-Letter Reader:
One common question I often hear from folks new to offshore finance is: "What exactly do you mean by offshore"? The answer is both simple and complex.
Simply put, for you any nation or jurisdiction is "offshore" other than the one where you reside. If you're a US resident, other countries are "offshore." If you live in the UK, the US is "offshore." But this word is more often used in describing financial, banking or investment activity in another nation where taxes are low or none existent for foreigners. Charles Cain, editor of Offshore Investment points out that "offshore simply means a different jurisdiction which permits somebody from outside that jurisdiction to obtain some special financial benefit."
Indeed for anyone except Americans, the US can be an offshore haven of great value. Billions of dollars of tax-free, interest bearing bank deposits are held in US banks by nonresident aliens and foreign corporations. Money held by foreigners effectively has been exempt from US income tax by law since 1921. This major tax break keeps billions in capital investments flowing into the US where it's put to good use in the form of real estate ownership, and the purchase of government bonds and corporate securities.
Certain nations have chosen to create a unique legal and tax climate that rates them as "offshore finance" centers. They cater to foreign businesses and investors, giving low tax or no tax advantages. According to the World Bank, more than half the world's wealth, over $6 trillion, resides in asset havens.
Offshore havens really do protect financial privacy, keep regulation to a minimum and guarantee a stabile, predictable legal climate where enforcement of foreign judgments is difficult. Thus they can be called "asset havens."
For those who seek lower taxes and financial privacy offshore, recall the words of William Lloyd Garrison, in a much different context, in the cause of the abolition of slavery: "My country is the world; my countrymen are mankind."
Going offshore means escape from the new slavery; government controls and bureaucrats running amok.
That's way that it looks from here.
BOB BAUMAN, Editor
PS I have just completed a new, 4th edition of "Forbidden Knowledge" a compendium of everything you need to know about "offshore." Click here:
https://www.agora-inc.com/secure/FORM1.CFM?PUBCODE=190SFORD&PCODE=W190D920&ALIAS=all
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COMMENT LINKS:
* Offshore provides refuge from tax oppression.
LINK: http://www.free-market.net/spotlight/taxhavens/
* 21 Legal Ways to Save Taxes, Protect Your Assets Offshore
LINK: http://www.offshorepress.com/vkjcpa/21legalways.htm
* Why go offshore?
LINK: http://www.offshorepress.com/whyoffshore.htm
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* OFFSHORE *
CAYMANS FACES U.K. ULTIMATUM
LONDON: Do as we say or we will force you to, say UK Labour.
Issue is the EU savings tax directive and harm to CI economy. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1069493598070
* Global crackdown on tax havens begins to stall. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1069493596916
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GIBRALTAR CHIEF MINISTER WINS THIRD TERM
THE ROCK: Peter Caruana, has won a 3rd consecutive term in office.
LINKS: http://news.bbc.co.uk/2/hi/europe/3245908.stm
http://thestar.com.my/news/story.asp?file=/2003/11/28/latest/15080Gibraltar&sec=latest
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JERSEY RETURNS ABACHA MONEY
Jersey returns $149 million of Nigerian dictator's cash. Swiss hold out.
LINK: http://allafrica.com/stories/200311270006.html
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SCOTTISH LAND OWNED BY SECRET OFFSHORE ENTITIES
GLASGOW: Complex deals permit estates to avoid taxes.
LINK: http://ww1.sundayherald.com/38354
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HONG KONG EMERGES FROM RECESSION
Exports, tourists, make for a good third quarter. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1069493566155
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RUSSIANS ASK MORE SWISS INVESTIGATIONS
MOSCOW: More business tycoons accused of wrongdoing. LINK:
http://www.russiajournal.com/news/cnews-article.shtml?nd=41519
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* WEALTH *
BUSH "SPENDING LIKE A DRUNKEN SAILOR"
US Sen. McCain raps Bush, Congress on huge deficit spending. LINK:
http://story.news.yahoo.com/news?tmpl=story&u=/ap/20031201/ap_on_go_co/mccain_spending_4
* The Bush Betrayal on Spending. Cato Institute. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A20247-2003Nov28.html
* Foreign central banks snap up more of huge U.S. debt. LINK:
http://www.forbes.com/markets/newswire/2003/11/28/rtr1163531.html
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EURO vs. DOLLAR = ?1 = US$1.20
I'd buy that for a dollar (and two dimes). LINK:
http://www.economist.com/agenda/displayStory.cfm?story_id=2259413
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GETTING READY FOR TAX SHELTERS LAWSUITS
Accounting firms are the target of angry clients. LINK:
http://www.boston.com/business/articles/2003/11/30/lawyers_gear_up_for_suits_on_tax_shelters/
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U.K. FLOODED WITH MONEY LAUNDERING PAPERWORK
LONDON: Logjam hampers assault on money laundering. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1069493561196
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CANADIAN CHARITABLE TAX SHELTER ABUSE
OTTAWA: Lawyers says charitable donations being abused. LINK:
http://www.globeandmail.com/servlet/ArticleNews/TPStory/LAC/20031201/RTAX01/TPBusiness/TopStories
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WHY IRELAND'S ECONOMY HAS BOOMED
A major move from protectionist to free market and low taxes.
LINK: http://www.business.scotsman.com/index.cfm?id=1320032003
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PUERTO RICO'S BANKS ARE IN GREAT SHAPE
SAN JUAN: Banking industry looks stronger than ever, up 65%. LINK:
http://www.puertorico-herald.org/issues/2003/vol7n48/CBTrip2Bounty-en.shtml
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* PRIVACY & RIGHTS *
RFID A MAJOR THREAT TO HUMAN PRIVACY
Radio frequency identification (RFID) technology is growing; now
a proposal to embed RFID chips in humans under our skin. LINKS:
http://www.washingtontimes.com/national/20031126-113641-3955r.htm
http://www.newscientist.com/news/news.jsp?id=ns99994429
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EVEN PATRIOT ACT AUTHOR NOW IS CONCERNED
Ex-DoJ lawyer fears holding citizens without charges or trial. LINKS:
http://seattletimes.nwsource.com/html/politics/2001804469_patriot01.html
http://www.boston.com/news/nation/articles/2003/11/30/new_surveillance_guidelines_fuel_debate_in_california?mode=PF
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BRITISH LABOUR DESTROYS CIVIL RIGHTS
Blair's government has its own version of the USA Patriot Act.
LINK: http://www.guerrillanews.com/civil_liberties/doc3462.html
Lords again reject jury trial restrictions.
LINK: http://news.bbc.co.uk/1/hi/uk_politics/3281409.stm
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RESTRICTIVE U.S VISA POLICIES HURT AMERICA
Visa backlog costs U.S. business deals, tourists, students. LINKS:
http://famulus.msnbc.com/famuluscom/bizjournal11-29-010303.asp?bizj=SOU
http://www.fcw.com/fcw/articles/2003/1201/web-davis-12-01-03.asp
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor * Daniel Aponte, Jr. Research Asst.
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