Offshore News Digest for Week of May 27, 2002

BAHAMAS NEW DEAL?

NASSAU. The newly elected Progressive Liberal Party government aims to enact constitutional reforms, energize the offshore financial services sector and cut property taxes.

The Nassau Institute says many of the anti-offshore laws rammed through by the old government are unconstitutional.

BERMUDANS RUSH TO GET U.K. PASSPORTS

HAMILTON. Under fire from the US Congress for tax free corporation laws, colonials rush to obtain new rights to U.K. citizenship.

Meanwhile New York newspapers continue their anti-Bermuda smear.

But the offshore re-incorporation issue could lead to real reforms, even much higher US taxes for foreign corporations in the US.

U.K. PRAISES OBEDIENT LITTLE COLONIALS

LONDON. Having done as they were told to do by Tony Blair's Labour government, UK overseas territories get a pat on their heads.

JERSEY COURTS THE CITY OF LONDON

The Channel Island chooses not to fight the UK, but to join it and sell itself to the financial powers that be in the City.

MOST SPANISH DON'T WANT GIBRALTAR

Internal Spanish politics are stirred by the Gibraltar debate as a majority of Spaniards say they think the Rock should be independent.

WEALTHY GOING STRONG IN MONACO

For Formula One's annual encampment in Monaco, the millionaires' tax haven playground is awash in huge yachts.

ANOTHER E.U. POWER GRAB

Now Brussels wants to be a super foreign ministry for Europe.

REPEAL THE U.S.A. PATRIOT ACT

If there ever was any, it's supposed justification is long gone.

POST 9/11 BIG BROTHER WATCHES YOU.

Police surveillance at all levels has increased enormously.

FBI CAN SEARCH YOUR COMPUTER IN SECRET

Nat Hentoff explains how the FBI may be in your computer.

HOUSE APPROVES WARRANTLESS U.S. MAIL SEARCHES

US House overwhelmingly allows US Customs agents to open any mail at the border without a search warrant on mere suspicion it contains 'monetary instruments' (cash or checks).

POLICE CAMERAS MAY PREDICT CRIMES

Computers could soon alert police when an unmanned camera sees what it determines is 'suspicious activity.'

INGOT I TRUST!

Fears of war, mining shortages send gold to a 2-year high.

IN MYSELF I TRUST

Who can manage your wealth for you? Look in the mirror.

FORBE'S 2002 INVESTMENT GUIDE

Articles about the how, when, where and why of current investments.

INVEST IN LATIN AMERICA

Latin America holds both risks and rewards.

IS THE U.S. ANOTHER ARGENTINA IN WAITING?

All the factors that caused the Argentine crisis are present in the USA.

EU MEDDLES WITH U.S. TAX POLICY

Dan Mitchell of the Heritage Foundation explains the EU blueprint for higher taxes for everybody, everywhere.

E.U. WANTS CONTINENTAL TAXATION

Grasping for more power, EU leaders want to tax all Europeans directly.

HOW U.K. TAX LOOPHOLES WORK

A British accountant examines tax loopholes and how they work.

UK wealthy use offshore trusts to beat high Brit taxes.

GERMAN BANK PAYS SOUTH AFRICAN FINE

Deutsche Bank agrees to a US$100 million deal to compensate for its part in offshore currency manipulation that hurt the rand last year.

I.R.S. MANIPULATES WEB SITE VISITORS

The IRS web site is being tweaked so that surfers thought to be trying to avoid taxes will be sent to IRS fraud pages instead.

NEW U.S. ANTI-MONEY LAUNDERING RULES CAST WIDE NET

Title companies, travel agents, real estate agents all are now expected to be US government money spies.

And now you can get an official Certificate in anti-money laundering.

U.S. COUPLE PLEAD GUILTY TO OFFSHORE TAX EVASION

More Caymans Guardian Bank & Trust clients caught in IRS web.

IS IT TIME FOR EXPATRIATION?

David Lesperance explains how to reduce US tax liabilities by moving offshore.

EL PANAMA AMERICAN SAYS IT ALL

PANAMA CITY. A leading Panamanian newspaper editorially states the case against OECD blacklists and bullying of offshore tax havens.

MONACO IS THE PLACE TO BE

A legendary hot spot for playboys and gamblers, a tax haven for the world's wealthy, Monaco is also rich in history.

TORY LEADER GREETED AS HERO IN GIBRALTAR

Snubbed by the Spanish, Iain Duncan Smith MP is cheered in Gibraltar.

BAHAMAS HANGOVER

NASSAU. The new government discovers a $2 billion debt and must borrow $120 million in a hurry to keep operating.

Islanders opinion split on offshore laws review by new government.

NEW ZEALAND HIT FOR ANTI-OFFSHORE BIAS

Tax breaks for super yachtsmen, but not for foreign investment.

IS MARGARET THATCHER WINNING IN EUROPE?

The ideas of Britain's former PM gain new currency.

U. S. PHONY PASSPORT SCRUTINY

WASHINGTON. Try to enter the US with a stolen, forged or altered passport and here's what you may face, besides jail.

VOLUNTARY INCOME TAX ADVOCATE SUED

Irwin Schiff, who writes books claiming US income tax is optional, is sued for millions by a non-taxpayer who followed his advice.

AMERICA THE UNATTRACTIVE

Why foreign investors no longer find the USA the place to be.

GOLD HIGHEST SINCE 1997, DOLLAR SLUMPS

Gold goes up and the US$ down.

U.S. WIRETAPS UP LAST YEAR

All 2001 US federal and state wiretaps were up 25% over 2000, 68% on cell phones, 14% on residences. Only 1 in 5 of those arrested as a result of intercepts were convicted (732 of 3,683).

CARNIVORE SCREW UP CATCHES INNOCENT

The FBI e-mail surveillance system indiscriminately grabs e-mails.

E.U. LAW TURNS WEB SERVERS INTO SPIES

Civil liberties groups protest massive privacy intrusions.

SOFTWARE THWARTS GOVERNMENT WIRETAPS

Anti-snooping operating system close to launch.

LIBERTARIANISM LIVES

Political fashions come and go, but political principles endure.

U.S. SAYS NO TO WORLD CRIMINAL COURT

An ominous threat to Americans, military and civilian.

THE U.S.A. PATRIOT ACT

Often denounced, here is the full text. Read it and weep.