OffshoreNet

In this new year of 2008 I'm planning to make an effort to be more diligent and consistent at posting articles and information on this Blog. I have lot's of useful ideas to share, related to setting-up and conducting business offshore. Plus, new and improved global banking products to tell you about and an exciting online Poker project that has been under development for most of 2007 and is soon ready to be announced.

Please bookmark this page and visit again soon.

I met Vern Jacobs by telephone a few years ago, through a referral to his company Offshore Press, then became an early subscriber of his Yahoo Group called the JacobsReport. Ever since I joined I've been impressed with the excellent advise he gives his readers. Although mostly pertaining to Americans he's built up a substantial archive of offshore business knowledge, both on Yahoo and his site Offshore Press.

For advice on International Financial Planning I recommend The Jacobs Report.

We received the following message today from Capital Conservator

Another indictment, handed down on October 30, 2007, charges E-Gold Ltd; Gold & Silver Reserve, Inc.; and their owners Dr. Douglas L. Jackson, of Satellite Beach, Fla.; Reid A. Jackson, of Melbourne, Fla.; and Barry K. Downey, of Woodbine, Md., each with one count of conspiracy to launder monetary instruments.

Subsequent to the indictment, the Department of Justice has seized all physical gold assets stored in Panama until future notice. The case is being investigated by the U.S. Secret Service with the assistance of the IRS and the FBI. The case is being prosecuted by the U.S. Attorney`s Office for the District of Columbia and the Computer Crime and Intellectual Property Section of the Criminal Division. An indictment is merely an accusation and the defendants are presumed innocent unless and until proven guilty.

*Please contact newsletter@capitalconservator.info for a forward of this email*

The Safe and Secure Internet Gambling Initiative promotes the principles of safe and secure Internet gambling through practices designed to protect consumers and ensure integrity of financial transactions.
 
Additionally, the Initiative is a resource for information about the Internet Gambling Regulation and Enforcement Act of 2007. The Initiative provides opportunities for individuals, organizations and companies to support the legislation and engage their elected officials. To learn more click here.

Some people really get the wrong idea about Uruguay, maybe it's the name, or maybe it's a Latin American stigma but most likely it's just that it's so far away and most people know so little about it. Having been there I can tell you that it's unlike any other place I've seen in South or Central America. It's actually so safe and civilized to be almost boring. Yes, even San Jose, Costa Rica feels more threatening and dangerous than Montevideo.

Know Your Customer (KYC) is the due diligence and bank regulation that financial institutions and other regulated companies must perform to identify their clients and ascertain relevant information pertinent to doing financial business with them. Typically, KYC is a policy implemented to conform to a customer identification program mandated under the Bank Secrecy Act and USA PATRIOT Act

My experience with offshore banking dates back to the early 80's while living as an Expat in Australia and requiring access to funds from Canada. However, it wasn't until early the next decade, while living in Florida and working in the Bahamas that I opened my first corporate bank account and began to learn the intricacies of Offshore Banking. Nowadays much has changed but one thing remains the same; you need a good adviser.

Having met dozens of people claiming to be offshore banking experts from many countries, I can say that there's one piece of advice that's consistent, each will tell you; "there's no one-size fit's all solution". 

Is it any wonder that Gibraltar is a preferred Tax Haven for On-line Gambling companies? Now here's a jurisdiction with a tradition for providing services to whomever rowed ashore. Legend has it that this was the first tax haven, as being a massive ship yard and major port to the British Naval fleet, it was customary for merchant ships returning from India via the Suez Canal laden with gold and gems made from selling opium to the Chinese, to off-load the assets with bankers in Gibraltar before returning to London for inspection by the King's tax man. Hence, the entire concept of "offshore banking" was born in Gibraltar.

In preparation for an article on the growth of Ghana as an African Tax Haven I've been filtering news about the dark continent. Never a shortage of intrigue on this topic, today I noticed an article in the BBC about the passing of French Mercenary Bob Denard. Now here was a man who believed that If you don't like the laws or the law makers of a jurisdiction then you should just take action and over-throw them.

In 1968 Denard and several hundred fighters tried to invade Katanga, in what is now the Democratic Republic of Congo, by bicycle.

His 1995 coup attempt in the Comoros involved arriving with 30 men in inflatable boats.

Source: BBC News

Which offshore jurisdiction is the best for setting up a company to conduct business in the burgeoning I-Gaming Industry? This was the topic of a conversation recently in Barcelona, amongst a group of foreign entrepreneurs attending conferences related to Internet Gambling.

At a glance the I-Gaming Industry is over $10 Billion USD per year in gross revenues, probably just in Poker and Casino because Sportsbetting is more difficult to properly quantify, as much of it happens over the telephone and is so globally pervasive as to be in a category all of it's own.

This special two-day conference will study the specialty area of skill games and where they fit in the world of I-Gaming. What's popular? What's not? Why add skill games to your suite of player offerings? What business models work best to attract and retain players? These are the questions posed and answered by experts who are working in this emerging area.

Two COMPLETE days of seminars - click here to learn more.

Take this opportunity to network with your peers in the beautiful seaside setting in St. Julians on Malta and discuss the issues that impact this special niche of the gaming and gambling industries.

If you are a US person lucky (or smart) enough to live in a country that either has territorial based income tax or does not tax foreign investment income, you still might be caught in a conundrum. This just happened here in Uruguay last month when Uruguay imposed a personal income tax, but excluded foreign investment income from the new tax.

At a hearing held on 3rd May entitled 'Offshore Tax Evasion; Stashing Cash Overseas' the United States Senate Finance Committee considered how it could overcome the problem of US taxpayers evading local tax by placing their assets 'offshore'. Information exchange was seen as one of the solutions suggested that could help the US treasury close that 'tax gap'.

In the course of the hearing, testimony submitted made particular reference to the use of 'tax havens'. As Guernsey has been included in a list of 'offshore secrecy jurisdictions' and as a 'tax haven country' in bills currently being promoted before the US Senate, it was considered important that the Committee should be made fully aware of Guernsey's status as a well-regulated, well-respected financial centre, and of the considerable steps it has taken, and continues to take, in cooperating in the fight against international financial crime.

International Regulatory & Judicial News Alert provided by Capital Conservator Treasury Services

TROUBLE COMING FOR CAYMAN TAX PARADISE?

In recent months, these "offshore" operations of U.S. companies have been under renewed scrutiny in Congress, where some lawmakers say the U.S. Treasury is losing millions of potential tax dollars. Many U.S. firms have subsidiaries registered in the Cayman Islands. Big energy players such as El Paso Corp., Transocean Inc. and GlobalSantaFe Corp. have local subsidiaries. So do hotelier Marriott International Inc., aerospace giant Boeing Co. and food producers Sara Lee Corp. and Coca-Cola Co.

http://www.latimes.com/business/la-fi-offshore15may15,1,5929350.story?coll=la-headlines-business