June 2004 Archives

By David Evans

On a January afternoon in George Town, the capital of the Cayman Islands, the sun beats down on three cruise ships anchored at Hog Sty Bay. Along the waterfront on Church Street stands a five-story office building called Ugland House.

From the outside, there's no way to see it's the official address of 12,748 companies. Ugland and other office buildings in George Town are home to subsidiaries of more than 150 U.S. corporations, including Coca-Cola Co., Intel Corp. and 10 more of the 30 companies in the Dow Jones Industrial Average.

By Blair Speedy

AUSTRALIAN Federal Police are investigating a US-based website purporting to represent Macquarie Bank in order to defraud investors.

The website, for a company calling itself Macquarie Securities (USA) Inc, carries the Macquarie Bank logo and claims to assist offshore citizens wishing to invest in US securities.

Macquarie said yesterday the site had no connection with the Macquarie Group. A spokesman would not say how many people had been duped, but confirmed the fraudsters had been contacting investors in an attempt to get them to trade in shares under a "like kind exchange" program.

July 16, 2004 - San José Palacio Hotel, San José, Costa Rica

You are invited to a Private Seminar

- Comprehensive Wealth Preservation Offshore

- Offshore Asset Protection

- Liability Exposure Strategies

- Non-Insurance Methods of Risk Management

By Peter Apps

LONDON (Reuters) - Sub-Saharan African debt markets remain the preserve of local players and a small number of foreign investors, but greater offshore interest is stirring among funds and houses seeking diversity.

International bond investors have long been involved in the South African government debt markets but war, corruption, default and currency risk have discouraged all but a few from investing elsewhere on the continent.

"There are a maximum of maybe 20 offshore players -- probably more like 10," says economist Gergory Kronsten at WestLB. "It's money from some high-net-worth individuals, and some banks will probably tip a bit of money into them. But there are restrictions on where some pension funds can put their money."

DUBLIN, Ireland - About 11,000 residents of Ireland who were caught hiding huge sums overseas have paid $600 million in overdue tax and penalties under threat of legal action, Ireland's tax collection agency said Tuesday.

The Revenue Commissioners said the tax-dodgers voluntarily paid that amount in overdue taxes and penalties rather than face larger fines, seizure of assets and potential criminal prosecution.

The agency, which has probed account records of tax-haven banks from the Isle of Man to the Cayman Islands, last year wrote to more than 100,000 suspected tax evaders in Ireland and offered them the chance to admit their evasion voluntarily and pay up. The deadline for voluntary compliance was Thursday.

By Zhong Jing

According to a research report completed recently by a research group with the Chinese Academy of International Trade and Economic Cooperation (CAITEC) of China's Ministry of Commerce (MOC), a number of offshore financial centers like the British Virgin Islands, Cayman Islands, Western Samoa and Bermuda have become important sources of foreign investment for China, and the fast-growing investment from these regions have become quite prominent in the capital inflow that China has experienced in recent years. By actual investment amount, in 2002 and 2003, the British Virgin Islands ranked the second largest source of foreign investment for Mainland China. And now there are "tens of thousands" of Chinese offshore companies registered at offshore financial centers.

By Elizabeth Hume

A Citrus Heights couple lose retirement money to an offshore bank scam.
The investment couldn't miss. Put $80,000 in an offshore bank and watch the money grow.

At first, it seemed as if Jim and Phyllis Miller were smart to follow a friend's financial advice. Five months after making the plunge, the Citrus Heights couple received an interest check for $5,000, far more than their old IRA would have returned.

Then the checks stopped. The retirement money disappeared. The Millers, authorities say, were victims of a multimillion-dollar scam.

Recent changes in the regulatory structure of the e-gaming sector in the Isle of Man have been successful in attracting some big name players to the jurisdiction, the government has announced.
“The recent reduction in our licensing fee together with revisions that allow peer-to-peer gaming and pooled jackpots have removed significant barriers to e-gaming business,” observed Trade and Industry Minister Alex Downie, according to IoM Online, who added:

“These changes, based on feedback from the industry, will allow the Island to offer a much more attractive proposition for those e-gaming enterprises looking for an offshore location for their business and headquarters.”