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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Friday, December 12, 2003 - Vol. 5 No. 148
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In This Issue:
* COMMENT: Switzerland Turns Right!
* OFFSHORE: British Labour Imposes Harsh Colonial Control. Bermuda Says 'No.' Bahamas an American Colony? Spain Backs Down on Gibraltar Vote. Cyprus Curbs Financial Privacy. Hong Kong, Isle of Man Growth.
* WEALTH: Abbey National Hit with Record Dirty Cash Fine. UK Police Forfeiture. IRS Sues to Stop Corporation Sole Scam.
* PRIVACY & RIGHTS: Gold Dealer Government Spies. Terror Legal Errors.
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COMMENT: Switzerland Turns Right!
Dear A-Letter Reader:
The Swiss parliament has done it again. Last Friday we praised the Swiss parliament for their vote to guarantee strict bank secrecy as a part of the Swiss national constitution. Last Wednesday they voted to place the conservative Swiss Peoples Party head Christoph Blocher in the Swiss cabinet. As a member of Switzerland's government this gives the staunch conservative a platform from which to influence national policies.
The vote reflects the huge gain for the conservative Swiss Peoples' Party (SVP) that polled 26.6% of votes in October's general election. That signalled a major move to the right for the Swiss. Blocher has made his view clear: "Swiss bank secrecy is not negotiable." Blocher's election to the cabinet rattled the Swiss establishment and is likely to complicate relations with the European Union. He and his party are strongly opposed to Swiss EU membership and very supportive of the Swiss banking and financial sector.
A member of parliament for almost 25 years, 63-year-old Blocher is used to being very un-Swiss in that he takes strong stands and fights for them. His bid for a cabinet seat has dominated the headlines since the SVP's strong election showing.
Our readers know that we view Switzerland as one of the very best offshore banking and asset protection haven in the world. In spite of enormous outside pressures, the Swiss have resisted demands to abandon financial privacy, a hallmark of their history.
The Swiss move to the right comes at an opportune time. As the EU has begun to destroy traditional UK and European tax havens, the Swiss will benefit as a stalwart defender of financial privacy. A new Merrill Lynch study estimates there will be an US$8.0 trillion market for high net worth individual wealth by 2007, against $4.8 trillion in 2000. Much cash is now flowing to Asia where a 67% growth will outstrip the 39% growth to $10.4 trillion seen for North America and the 46% rise to $12.3 trillion seen for Europe over the same period, the report says.
With a newly conservative Swiss government dedicated to bank secrecy, Switzerland and the Swiss stand to benefit in a major way. That cash flow to Asia may very well decide to take a Swiss detour.
That's the way that it looks from here.
BOB BAUMAN, Editor
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COMMENT LINKS:
* Blocher elected to Swiss Cabinet. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=4533340
* Switzerland braced for Blocher shock wave. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=4534943
* Swiss media sees a national "conservative revolution." LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=111&sid=4536346
* Reaffirmation of Switzerland's historic neutrality.
LINK: http://www.iht.com/articles/120924.html
* Swiss Parliament mounts defence of banking secrecy. LINKS:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=4515092
* Asian private banks benefit from European cash outflow. LINK:
http://money.iwon.com/jsp/nw/nwdt_rt.jsp?section=news&news_id=reu-sin78242&feed=reu&date=20031208&cat=INDUSTRY
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* OFFSHORE *
BRITISH LABOUR WILL IMPOSE TOUGH COLONIAL RULE
LONDON: UK Foreign Secretary Jack Straw says the UK government will
rule overseas territories according to the UK's needs and demands,
including dictating internal affairs and policies, using appointed
royal governors as London's enforcers. LINK:
http://www.theroyalgazette.com/apps/pbcs.dll/article?AID=/20031211/NEWS/112110078
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BERMUDA TELLS LONDON TO STUFF IT
LONDON: Bermuda PM wants a native, not a non-Bermuda chief
justice. Yet another argument for island independence. LINK:
http://www.theroyalgazette.com/apps/pbcs.dll/article?AID=/20031211/NEWS/112110077
* New Zealand corporation moves to Bermuda to save taxes. LINK:
http://www.nzherald.co.nz/business/businessstorydisplay.cfm?storyID=3538775
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BAHAMAS GOVERNMENT BETRAYS PROMISE
NASSAU: FNM government elected in opposition to destruction of the
offshore financial community goes ahead with Tax Information Exchange
Treaty with the US as millions in cash have flown elsewhere. LINK:
http://www.thenassauguardian.com/business/377187935495657.php
* US$600 million of Italian food company's cash missing in Caymans.
LINK: http://www.caribbeannetnews.com/2003/12/11/fund.htm
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SPAIN BACKS DOWN ON E.U. GIBRALTAR VOTE
No further legal challenge to the Rock's UK EU rep vote.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=14400
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CYPRUS COMPLETES TRANSFORMATION TO NON HAVEN
Offshore tax breaks already ended; now financial privacy is going.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=14379
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HONG KONG GROWTH STEADY
Projected growth of 5% in 2004.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=14382
* ISLE OF MAN growth of 5.3% in 2001/2002 despite downturn.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=14378
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* WEALTH *
ABBEY NATIONAL HIT WITH RECORD FINE
LONDON: Abbey National fined record £2 million (US$3.5m)
for lacking anti-money laundering controls. LINKS:
http://money.guardian.co.uk/saving/banks/story/0,12410,1104255,00.html
http://www.business.scotsman.com/index.cfm?id=1355712003
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U.K. POLICE GRAB HALF MILLION
Man loses £500,000 confiscated cash; no proof of any crime. LINK:
http://news.bbc.co.uk/2/hi/uk_news/england/beds/bucks/herts/3306753.stm
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I.R.S. SUES TO STOP ALLEGED TAX FRAUD SCHEME
The "corporation sole" scam used to hoodwink the gullible. LINKS:
http://www.accountingweb.com/cgi-bin/item.cgi?id=98460&d=659&h=660&f=661
http://www.assetprotectiontheory.com/corporation_sole_scam.htm
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* PRIVACY & RIGHTS *
U.S. GOVERNMENT FORCES GOLD DEALERS TO SPY
Gold dealers conscripted to spy on you? LINK:
http://www.321gold.com/editorials/wallenwein/wallenwein120903.html
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Fed anti-terror case may be tossed out due to withholding evidence.
LINK: http://www.detnews.com/2003/metro/0312/11/a01-5120.htm
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CANADIAN Lawyers ask overturn of law on secret terrorist hearings.
LINK: http://cnews.canoe.ca/CNEWS/Law/2003/12/10/283207-cp.html
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor * Daniel Aponte, Jr. Research Asst.
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