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Conference touts offshore opportunities, while government vows clampdown

May 12, 2009 by  

Conference touts offshore opportunities, while government vows clampdownBermuda has held a conference on wealth and asset protection, in particular in offshore jurisdictions. However, the event coincided with a new U.S. government warning against banks assisting tax evasion.

According to SovereignSociety.com, the meeting of wealth management and protection experts aimed to "demystify" offshore banking and present the benefits of a well-crafted asset protection plans.

One of the speakers, representing Jyske Global Asset Management, suggested currency diversification away from the dollar and careful risk management were critical in today’s economic environment.

Another participant suggested considering life insurance policies.

"[A]n insurance policy is merely a tax-deferred investment vehicle," said Colin Bowen from Isle of Man Assurance Group, quoted by the website.

"They can help you protect your capital, make estate preparations, maximize tax efficiency and diversify your holdings," he added.

An insider with offices in Western Samoa, Anguilla and Belize talked about "smart" approaches to offshore investments that include contacting regulators and licensing agencies in the jurisdiction where the investor hopes to set up the trust.

However, those who would like to transfer their assets offshore would be well advised to consider the U.S. government’s pledge to go after undeclared profits shielded in tax havens.

According to the New York Times, the IRS is preparing to pursue foreign banks suspected of facilitating tax evasion by wealthy Americans.

The Swiss bank UBS has already been forced to pay U.S. authorities $780 million in fines and promised to identify some of its American clients.
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  • Connie

    US companies ought to pay taxes to this country where they enjoy the rights & freedoms of democracy. It is not fair to make the US citizen make up the difference. Maybe that’s the only way we can afford the sky-rocketing debt this administration is laying on us & our kids.

    • FlaJim

      US corporations pay the second highest tax rates in the world – up to 45%. Is that ‘fair’ enough for you? And why should they pay US taxes on earnings from foreign nations where they assume additional risks? Taxes are far too high in this country and money, like people, will inevitably move to where it is safest.

    • http://michaelscorner.wordpress.com Michael N. Kashouty

      I direct this to ‘Connie’ who wrote US companies should be required to pay more taxes. First and foremost, this country was NOT structured as a democracy which historically has a lifespan of between 200 and 250 years. The United States was structured as a ‘Republic’ and there is a major, major, difference between the two.

      Secondly, there is NO law that requires ANYONE to file and pay a tax on their labor (Income Tax). The tax system in this country is ‘VOLUNTARY’. See Supreme Court ruling, “Flora v US, 362 US, 145” where the court ruled; “Our system of taxation is based on voluntary assessment and payment not upon distrait”.

      You may do well two remember also, that there are ‘TWO’ separate United States. The Federal Government (Corporation) with a Constitutional limitation that extends no more than 10 square miles (Washington DC) and US territories like Guam, etc., and then there is the Continental United States which comprises the 50 States, each with it’s own Constitution. You are subject to the Constitution and laws of the state you reside. Also if born on United States soil, you are not a ‘US citizen, you are a ‘National’ that declares yourself a US citizen when outside the boundaries of United States soil.

      I am often amazed at the ignorance of my fellow Americans who seem so ready to surrender their sovereignty. Most Americans do not even know what the term means, much less understand the Constitution, Bill of Rights, or even their own countries history.

      When I was on the lecture tour, I began each of my lectures with a supposedly simple question; “By a show of hands how many here can tell me who the FIRST President of the United States was? To this day not one person has offered the correct answer. That is right, they all returned the answer George Washington. Technically George Washington was NOT the first President of the United States. He was in fact the ninth. John Hanson was the first appointed by Congress and though controversial, many historians will tell you he was black.

      The purpose of the question was not intended to embarrass or demean the intelligence of my audience, rather to expose what most Americans do not know about their own country. The Colonies won the revolution in 1776, however the Constitution was not ratified until 1789, George Washington was the first President appointed by congress to the office after the ratification of the Constitution.

      Again, there is no law that requires any person to file or pay a tax on their labor and before you rush to say, ‘Yeah well why are so many thrown into jail for not paying their taxes then’? Do a little research and you may be very surprised at what you discover. For one thing, you will discover that over 90% of those incarcerated for tax violations, are tax-payers, not non-filers. According to the IRS’s own records there are over 63 million non-filers in the United States (I project a much higher figure). The only charge that can be applied against a non-filer is the very rarely applied, ’Willful Failure to File” which is a misdemeanor that carries a maximum sentence of a fine and possible jail sentence of up to 1 year. It’s counterpart would be Income Tax Evasion which is a felony which carries a fine and up to 5 years imprisonment. Which of the two would you rater be charged with?

      And finally, when it comes to the debt you made reference to, take a moment and seriously take into consideration what is actually taking place today. Open your mind to the possible inherent consequences that may well follow the governments actions. Then ask yourself this very important question; If the government and the Fed REALLY wanted to help the American middle-class and solve the economic collapse that is currently taking place, would it have not been much wiser and far more productive to provide the American middle-class and small business with a one to two year moratorium on the Federal Income tax, rather than create trillions in new collateralized currency that the taxpayers are required to pay compound interest on while also further depreciating purchasing value of that currency at the same time?

      And if the government and the Fed really found it necessary to provide bailouts and jobs for the American people, would it not have been much wiser to provide that bail-out money to small business and small start-up businesses that statistically employ 80% of the work force, rather than hand it over to the very thieves that stole Americans wealth in the first place, and employ less than 10% of the work force. I think if you take the time to think these things out then you can in all probability figure out the rest of the puzzle when it comes to assessing just what the government is really trying to accomplish. It is not to help you, the economy, the job shortage, or your fellow Americans, of that I can assure you.

      With That, God Bless and Good Luck,

      MNK

      • Tritonal

        Excellent work MNK!!! Blows ‘em away!

        I have had a massive awakening in the past 2 years…there is much to learn and understand of how we are truly blessed to be a part of this Providence. Many want nothing more than to rip this away from us as fast as possible before the rest wake up. I can only hope that the sleeping giant is rallying for the 4th of July, 2009.

        My thanks to you for your contribution and succinct words of truth.

        –Molon Labe

        • http://michaelscorner.wordpress.com Michael N. Kashouty

          Thank you Molon, it was very nice of you to take the time to reply and it is always rewarding to realize someone is really paying attention and actually cares.

          MNK

  • William Sowles

    In the 1930′s Adolph Hitler did the same thing, only he called it an “Exit Tax!”

  • http://www.libertywealthclub.com Daniel

    Money flows where it gets the best returns.

    When America wants to wake up and return to its roots of laissez faire Capitalism, the money and jobs will flow back into this country again.

    In the meantime, offshore jurisdictions are the best plan to avoid taxation and better secure any assets one has.

    Bureaucracy restricts, whereas the free market place creates freedom!

    Say it with me now, “no, no, no BO”

    • HP

      “Yes we can” Dan.BO is going to “re-distribute” the wealth so we all will experience “the good life”.There are many who cannot find a job, or for other reasons do not want one, but still are “entitled” to the wealth,yes even the “illegal immigrants”, come on, it is not their fault they were not born in this land of milk & honey for everyone.It is just not fair for a few “rich white men” to own all that wealth. Robin Hood did it, OB is our modern day Robin Hood, he’s going to take from the rich & give it to the poor.Can you think of a better plan?

  • Tritonal

    When and if the “feral” gov’t could ever think fairly about, and it is not happening under the socialist/marxist currently driving the bus, giving the power to the Citizens–whom the Constitution grants these powers to, the personal and public wealth of this Federal Republic would flourish. But, because the power of the individual Citizen is the polar opposite of the liberal mindset that wants absolute power, this may not ever return without watering the tree of Liberty with the blood of Patriots. Zerobama has no intention of rational, individual Freedom and personal wealth that allows anyone unencumbered life, liberty and the pursuit of happiness.

  • http://WriteATrust.com Jim Stiner

    Hi Connie,

    All taxes and tarriffs and duties is paid by the buyer.

    If you taxed Corp 80%, they would just ad it to the price, otherwise they would not make a profit. Profit is what is left over after the costs and taxes is just one componet of the cost.

    As for your comment Michael that usa is a republic. I do not believe it.

    I think China is a republic, Cuba is, North Korea is.

    The constitutiion set up a government that is republican in form.

    The difference being, you cannot vote out the bad leader in a repubic, but you can is a government that is republiacan in form only.

    So usa is republican form of governemt.

    If you think otherwise, what proof do you have that I am not right?

    I agree with you Dan that offshore jusisdiction may be the place to avoid taxation, but not so for most people when it come to asset shielding.

    For years people like you and me have clamored for people to wake up get educated and throw the rascals out and nothing has worked.

    I say it is time to find a solution to many of our financial problems that appeals to the masses.

    Anyone have any ideas?

    Jim

    .

    • http://michaelscorner.wordpress.com Michael N. Kashouty

      You ask for proof Jim! I try to refrain from responding to those that seem to derive pleasure by playing on semantics, but as this is a public forum and the subject one of importance, I will make this one exception. Proof? Perhaps the following will suffice:

      “I pledge allegiance to my Flag and the REPUBLIC for which it stands, one nation, indivisible, with liberty and justice for all for all”.

      God Bless,

      MNK

  • http://www.libertywealthclub.com Dan

    Do you know what BO stands for?

    Body Odor.

    Its all we’re getting with this guy.

    First of all, he circumvented the Constitution when he avoided being detected in that he’s NOT a natural born citizen as the Constitution requires.

    Much like the commandments, if you break one, you break them all.

    So we have someone in office that should not be there. He is NOT the president, but was chosen by those in control. The ballot boxes have been rigged with electronic voting, which have been proven to show inaccuracies, and so WE the people believe he won the election. He did not, he was placed in power.

    All this being true and not frivolous, he cannot be trusted with our rights to property, liberty, or our pursuit of happiness. Are you being deceived?

    In the courts, all that matters is jurisdiction. Thankfully, there are other jurisdictions in other parts of the world that do not apply to U.S. jurisdiction, so far. Once a global order is in place, then it will be a different matter. As long as the politician and rich person has a place to hide their assets, there will be a place for us to hide them too.

    My suggestion is that you educate yourself on the truth of jurisdictions, sovereign trusts, international business corporations, currencies, and plain old laissez faire Capitalism. (which simply means “let it be” Capitalism)

    All other systems including Democracies have been shown to implode on themselves.

    Remember, anti means “against” and the imposter in office is probably anti. It looks like the real thing, but in the end it is your worst nightmare.

    Only the one chosen to save can really save you and thats not BO, but many will be deceived.

  • http://webgazine.com Prophet

    To MNK, your points are very good and well taken. I have declared from the beginning of this bailout ruse, that bailing out from the bottom up is where the success will come from. Relieving of the income tax as you mention would have worked wonders. Or, a sizeable “stimulus” to all families would have been multiple times more effective, and less costly than the enormous bailouts paid and wasted.

  • randy

    [7/12/2011 10:32:44 PM] randywolbert: OBAMA’S COLLEGE CLASSMATE SPEAKS OUT

    By Wayne Allyn Root , June 6th, 2010
    Barack Hussien Obama is no fool. He is not incompetent.
    To the contrary, he is brilliant. He knows exactly what he’s doing.
    …He is purposely overwhelming the U.S. economy to create systemic failure,
    economic crisis and social chaos — thereby destroying capitalism and
    our country from within.

    Barack Hussien Obama was my college classmate

    ( Columbia University , class of ’83).
    He is a devout Muslim do not be fooled.
    Look at his Czars…anti-business..ant​i- american.
    As Glenn Beck correctly predicted from day one, Barack Hussien Obama is
    following the plan of Cloward & Piven, two professors at Columbia University .
    They outlined a plan to socialize America by overwhelming the system
    with government spending and entitlement demands.

    Add up the clues below. Taken individually they’re alarming.
    Taken as a whole, it is a brilliant, Machiavellian game plan to turn
    the United States into a socialist/Marxist state with a permanent majority
    that desperately needs government for survival … and can be counted
    on to always vote for bigger government.

    Why not? They have no responsibility to pay for it.

    Universal health care . The health care bill had very little to do with health
    care. It had everything to do with unionizing millions of hospital and
    health care workers, as well as adding 15,000 to 20,000 new IRS agents (who will join government employee unions).
    Obama doesn’t care that giving free health care to 30 million Americans
    will add trillions to the national debt.
    What he does care about is that it cements the dependence of those 30 million voters to Democrats and big government .
    Who but a socialist revolutionary would pass this reckless spending bill
    in the middle of a depression?

    Cap and trade. Like health care legislation having nothing to do with
    health care, cap and trade has nothing to do with global warming.
    It has everything to do with redistribution of income, government control
    of the economy and a criminal payoff to Obama’s biggest contributors.
    Those powerful and wealthy unions and contributors (like GE, which owns
    NBC, MSNBC and CNBC) can then be counted on to support everything Obama wants.
    They will kick-back hundreds of millions of dollars in contributions to
    Obama and the Democratic Party to keep them in power.
    The bonus is that all the new taxes on Americans with bigger cars,
    bigger homes and businesses helps Obama “spread the wealth around.”

    Make Puerto Rico a state. Why? Who’s asking for a 51st state?
    Who’s asking for millions of new welfare recipients and government
    entitlement addicts in the middle of a depression?
    Certainly not American taxpayers.
    But this has been Barack Hussien Obama’s plan all along.
    His goal is to add two new Democrat senators, five Democrat congressman and a million loyal Democratic voters who are dependent on big government.

    Legalize 12 million illegal Mexican immigrants.
    Just giving these 12 million potential new citizens free health care alone could overwhelm the system and bankrupt America .
    But it adds 12 million reliable new Democrat voters who can be counted
    on to support big government.
    Add another few trillion dollars in welfare, aid to dependent children,
    food stamps, free medical, education, tax credits for the poor, and
    eventually Social Security .

    Stimulus and bailouts. Where did all that money go?
    It went to Democrat contributors, organizations (ACORN), and unions — including billions of dollars to save or create jobs of government employees across the country.
    It went to save GM and Chrysler so that their employees could
    keep paying union dues.
    It went to AIG so that Goldman Sachs could be bailed out
    (after giving Obama almost $1 million in contributions).
    A staggering $125 billion went to teachers (thereby protecting their union dues).

    All those public employees will vote loyally Democrat to protect their
    bloated salaries and pensions that are bankrupting America .
    The country goes broke, future generations face a bleak future, but Obama, the Democrat Party, government, and the unions grow more powerful.
    The ends justify the means.

    Raise taxes on small business owners, high-income earners, and job
    creators. Put the entire burden on only the top 20 percent of taxpayers,
    redistribute the income, punish success, and reward those who did
    nothing to deserve it (except vote for Obama).
    Reagan wanted to dramatically cut taxes in order to starve the government. Barack Obama wants to dramatically raise taxes to starve his political opposition. With the acts outlined above, Barack Hussien Obama and his regime have created a vast and rapidly expanding constituency of voters dependent on big government; a vast privileged class of public employees who work for big government; and a government dedicated to destroying capitalism and installing themselves as socialist rulers by overwhelming the
    system.

    Add it up and you’ve got the perfect Marxist scheme — all devised by
    my Columbia University college classmate Barack Hussien Obama
    using the Cloward and Piven Plan .

    “Correctly attributed” says snopes!

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