The Cayman Islands banking recently abdicated their regulations keeping bank accounts private. Look here to see who is next.
Dear International Friend,
After 25 years of utilizing and helping others create and use overseasstructures, I quit this business nearly a decade ago as laws continued toreduce the benefits of overseas companies and trusts. The handwriting wason the wall then and events have supported this guess. A huge blow camerecently when the Cayman Islands gave up bankprivacy – see http://www.garyascott.com/privacy/433/ and the message below passed on by tax attorney and eClub advisor Leslie Share LAS@pnrlaw.com shows that the loss of privacy continues.
DEPARTMENT OF THE TREASURY TREASURY NEWS
OFFICE OF PUBLIC AFFAIRS l 1500 PENNSYLVANIA AVENUE, N.W. l WASHINGTON, D.C. l 20220 FOR IMMEDIATE RELEASE December 5, 2001
Contact: Public Affairs
MEDIA ADVISORY: UNITED STATES AND ANTIGUA AND BARBUDA WILL SIGN TAX INFORMATION EXCHANGE AGREEMENT ON THURSDAY
Treasury Secretary Paul H. O'Neill will hold the United States-Antigua and Barbuda tax information exchange agreement signing ceremony at 4:30 p.m. EST on Thursday, December 6, 2001 in the Treasury Department's Diplomatic Reception Room (Room 3311), 1500 Pennsylvania Avenue, NW. Treasury
Secretary O'Neill and Antiguan Prime Minister Lester Bird will be signing the tax information exchange agreement.
Though our privacy is eroding, there are still ways to legally reduce taxliabilities (so privacy is not so important). The most powerful taxreducing structure for small investors today is an active overseas businessjointly owned by a non citizen of the country where you live. Becauseevery country needs to sell abroad this is a loophole that will not endwhich is why I am stressing the concepts of International Business Made EZ at my courses in Ecuador this winter.
I hope to meet you there in the sun!