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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Wednesday, December 10, 2003 - Vol. 5 No. 146
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In This Issue:
* COMMENT: Internationalize Your Retirement Plan
* OFFSHORE: Caymans UK-Forced. Anguilla Protests. Bermuda Debate. Hong Kong Amnesty. E-Manx. Malta Model. Russia Votes. Swiss Choose.
* WEALTH: Dollar Keeps Sliding. Ron Paul Comments. IRS Immunity.
* PRIVACY & RIGHTS: Unlikely Allies. States Rights. Guilty Until.
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Our Guest Commentator is Larry GROSSMAN, certified financial planner, managing director of Sovereign International Asset Management Inc. and a member of the Sovereign Society Council fo Experts.
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COMMENT: Internationalize Your Retirement Plan
Dear A-Letter Reader:
Who needs non-US investments in their retirement plan? You do! If you are a US citizen or US resident, you're the victim of a vast campaign of misinformation concerning how you can invest your retirement plan.
Your broker or custodian doesn't want you to know that many of the world's best investments are only available outside of the US. And that's because it doesn't put any money in their pockets when you invest offshore. Instead, it puts more money in your pocket.
The financial scandals rocking Wall Street make it clear the system is set up to benefit brokers and their employees, not you. But you can break that trend by finding the truth and acting accordingly.
Imagine owning an exotic beach front retirement home on a lush tropical island, purchased with the tax deferred dollars you've saved. Add to that the salary your retirement plan will pay you to manage the property. The icing on the cake is the freedom from worries that plague most Americans who worry about their dwindling retirement plan assets.
Your IRA or pension plan can own raw or improved land, condos, office buildings, single or multi-family homes and apartment buildings in any country, so long as the real estate is not for your current personal use. The only investments a retirement plan can't make, domestically or offshore, is in collectibles and some insurance. Indeed, most investment restrictions are imposed not by law, but by custodians or retirement plan administrators.
Another "off limits" investment to most US investors are offshore funds. Of 80,000 funds trading world-wide, only about 10,000 are registered in the US. Offshore funds are much more profitable, due to the falling dollar, the superior performance of emerging markets and the ability of offshore fund managers to use risk hedging techniques that are impossible to use in domestic US funds. For example, the Morley Absolute Growth Fund returned 536% over the last year; and the Investment Trust Fund has a one-year return of 323%!
Unfortunately, due to US securities laws, most offshore funds won't sell directly to US investors. Even if they did, the US tax consequences of direct ownership of most offshore funds can be punitive; unless you purchase them through your IRA or pension plan.
Placing a portion of your retirement offshore can also offer protection against the long-term decline of the US dollar. And we learned the need to have assets outside the US when investment markets were shut down after the terrorist attacks of 9-11, 2001. Despite closed US markets, those with offshore accounts were able to trade on foreign exchanges.
Asset protection is another reason for placing your retirement plan offshore. In the US pension assets are at risk. Some retirement plans are protected, but many are not. If a creditor gets a judgement against your unprotected plan, forget all hopes of a comfortable retirement. But if your retirement plan is invested in a suitable nation, Switzerland for instance, it can be made essentially judgment-proof.
Many want a shield against the prying eyes of business partners, estranged family members or identity thieves. Financial privacy can be the best protection against frivolous lawsuits. If you don't appear to have assets to justify a lawsuit's time and expense, you won't be a target. Assets you invest offshore are far more private, off the domestic asset tracking radar screen.
For many investors a retirement plan is their major asset. Clearly, it is vitally important to have that asset placed for profitable access to global markets, the world's best investments and added asset protection.
Larry Grossman
E-mail: lgrossman@worldwideplanning.com
Web site: http://www.worldwideplanning.com
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COMMENT LINKS:
* Retire Overseas!
LINK: http://www.agora-inc.com/reports/IL/WILVDC34/
* Corporate scandals cut average value of retirement plan by 10%.
LINK: http://www.smartpros.com/x40166.xml
* IRS says no restrictions on offshore retirement plan investments.
LINK: http://www.irs.gov/retirement/article/0,,id=111413,00.html#19
* US tax and regulatory restrictions on offshore fund investing.
LINK: http://www.cm-p.com/pdf/offshore_funds.pdf
* Is your retirement plan protected from creditors?
LINK: http://www.finance.cch.com/text/c40s15d140.asp
============================================* OFFSHORE *
U.K. STILL PLANS TO FORCE CAYMANS SURRENDER
LONDON: No "drastic measures" from British Labour; just do as you're
told on the EU tax directive and destroy your offshore business.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=14361
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ANGUILLA QUESTIONS U.K. COLONIALISM
LONDON: Overseas territories meeting hears complaints. LINK:
http://www.theroyalgazette.com/apps/pbcs.dll/article?AID=/20031209/NEWS/112090043
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BANK OF BERMUDA SALE STILL DEBATED
HAMILTON: Investment banker may earn $10.8m from HSBC buy. LINK:
http://www.theroyalgazette.com/apps/pbcs.dll/article?AID=/20031209/BUSINESS/112090038
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HONG KONG CONSIDERS TAX AMNESTY
Tax amnesty scheme could 'boost revenue.' LINK:
http://www.thestandard.com.hk/thestandard/news_detail_frame.cfm?articleid=43858&intcatid=1
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ISLE OF MAN E-BUSINESS WAY AHEAD OF U.K.
Manx firms have more sophisticated E-business strategies than the Brits.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=14367
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MALTA TOLD TO COPY IRISH MODEL
VALETTA: Lower corporate taxes, direct investment suggested.
LINK: http://www.maltabusinessweekly.com/newsview.asp?id=5885
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RUSSIAN ELECTIONS: VLAD THE VICTORIOUS
MOSCOW: Putin's party wins big; West and Reds lose. Is this
the death of Russia's experiment with democracy? LINKS:
http://www.economist.com/agenda/displayStory.cfm?story_id=2280344
http://www.antiwar.com/bock/b120903.html
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SWISS CONSERVATIVES DEMAND MORE POWER
ZURICH: Election win supports added seat on governing cabinet. LINKS:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=4530033
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=4492789
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* WEALTH *
U.S. DOLLAR KEEPS ON SLIDING DOWN
China and oil producing nations getting out of dollar investments. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1069493817579
* US Rep. Ron Paul (R-Tex) speaks about "the disappearing dollar."
LINK: http://www.lewrockwell.com/paul/paul146.html
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I.R.S. WANTS IMMUNITY FROM CITIZEN COMPLAINTS
Court asked to block false complaints against I.R.S.
LINK: http://www.nytimes.com/2003/12/09/business/09tax.html
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* PRIVACY & RIGHTS *
UNLIKELY ALLIES IN HEARTLAND AMERICA
Wyoming groups left and right unite in opposition to Patriot Act. LINK:
http://www.casperstartribune.net/articles/2003/12/08/news/wyoming/737579e2255a0f7487256df4000ff93e.txt
* A new meaning for "States' Rights" in America. LINK:
http://story.news.yahoo.com/news?tmpl=story&cid=676&ncid=676&e=6&u=/usatoday/20031209/ts_usatoday/12062119
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GUILTY UNTIL PROVEN INNOCENT
Sovereign Society Council of Experts member, Harry Browne,
details the government's assault on rights using the Patriot Act.
LINK: http://www.harrybrowne.org/InnocenceNoProtection.htm
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GLOBAL ANTI-CORRUPTION TREATY SIGNED
UN Convention Against Corruption latest attempt to curb crime.LINK:
http://www.sfgate.com/cgi-bin/article.cgi?f=/news/archive/2003/12/09/international1227EST6608.DTL
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor * Daniel Aponte, Jr. Research Asst.
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