================================================= Expat Worlds Monthly Digest ================================================= September, 2002 Vol. 4, Issue 6 .....IN THIS DIGEST..... ==== THE STORY =================== (Compliment from the Expat World Newsletter) -=Eliminate or Reduce Drastically Your Tax Liability=- ==== EW SPECIAL ================== -=Panama Private Interest Foundations=- ==== HUMOR, TRIVIA, NEWS AND MORE... == -=Did You Know?=- -=News Story=- -=Traveller's Tales=- -=Jokes=- ==== THE RESOURCE TIP ============= -=WebWasher=- ==== INSIDE THIS MONTH EXPAT WORLD == -=Table of Content=- ==== THE STORY ================================== ELIMINATE OR REDUCE DRASTICALLY YOUR TAX LIABILITY By Using The ONLY Offshore Structure Not Addressed By The IRS EXPAT WORLD recently was on a fact finding mission in the Republic of Panama and had the good fortune of meeting Mr. Offshore who Expat World, arguably, believes is one of the best offshore provider of structures to protect your hard earned money from the hands of the tax men, ex-wives, tax sucking bureaucracies, ambulance chasing lawyers and other bottom dwellers. Mr. Offshore's operation uses completely legal "structures" offered in only one other jurisdiction in the world and using a legal offshore structure that isn't even addressed by the IRS or most tax collectors of the world. The IRS has made no comment or rulings on this "structure" probably because it has been the haven for the super riches' money for decades. You don't have to be super rich to effectively reduce your taxes to nil or next to nil to use the services of Mr. Offshore's company, but neither can you be a pauper. If you have at least US $100,000 of liquid assets you need protected and moved offshore legally, Mr Offshore is your man. Because of his anal obsession with privacy concerns (He protects your right to privacy and confidentiality to the fullest extent of international law and the great financial privacy laws of Panama) he has made arrangements with Expat World to be his pre-screener for individuals who want to know more about how he can protect with utmost secrecy, privacy, cost effectiveness and efficiently your liquid assets. If you are serious about getting your money out of the country before your country gets the money out of you and have at minimum $100,000 liquid assets to move, contact via email Expat World at: office@expatworld.net with the word STRUCTURES in the subject heading. We'll get you in contact with Mr. Offshore and his asset protection company. Now that EW has your attention, you're probably wondering what the magic bullet is that can provide the you with asset and tax protection. It is the Private Interest Foundation. Only two jurisdiction in the world provide such an offshore structure. Liechtenstein and Panama. Liechtenstein had the original and it was only for the SUPER rich and at yearly fees that were very high. Panama in it's goal, which it is discreetly achieving, to become the premier offshore money servicing center in the world, basically took the Liechtenstein law, translated it into Spanish and had their legislature put it into law. They lowered the threshold at which people could effectively select a foundation as their strategy for effective asset /tax protection. The administrative and formation fees for setting up the foundation were lowered to trivial amounts. The Panama government got it right in turning the well-off, not just the few super rich, of the world to use their country for asset/tax protection. FOUNDATION - The History "Foundations" were born at the end of the Roman Empire which by then was under the influence of Christianity. The church itself was considered to be a divine entity and its diverse organizations required a proprietary equity and juridical capability to administer it. The Cannonic Law of the Middle Ages constructed the same juridical theory of the "Foundation," on which religious congregations and convents are built. Today, the "Foundation" is seen as a juridical person (similar to a corporation but without a commercial license) which can be used to place assets in its name, the principal purpose being to facilitate the administration of wealth and evade complicated fiscal and hereditary proceedings. The characteristics of this institution are very similar to those of the typical corporation (also known as a company, or international company or international business company, or privileged corporation). The "Foundation" is an instrument which should be drawn up by a real "professional" located in Panama and his "foundation" lawyer on staff. The profession should be someone familiar with the tax, corporate and legal particulars of the client's domicile, following the simple parameters offered by Panama law. Whoever forms a "Foundation" must transfer some of his assets in the name of same, which in turn cease to form part of the patrimony of the interested party (the "founder", that is to say, the "client") to be converted into assets of the Foundation. The client may, at any time, return the assets to his name. The Foundation can be created to administer assets during the life of the client or after his death. It is created with the objective of administering, conserving and investing assets to protect the beneficiary members of the immediate family of the founder. It's also ideal for maintaining the confidentiality in connection with proprietorship of the founder's assets in order to obtain international fiscal advantages. Foundations are utilized in practice for a diversity of interesting objectives. Any person, notwithstanding his nationality, can approach a competent Panama lawyer with the purpose of transferring materially and legally part of his patrimony to a "Foundation" created specifically for this purpose. These assets (cash money, shares, bonds or real estate) would be under the administration of "Foundation Council", integrated by the persons which the client agrees upon, which might be natural or juridical with the ability of managing said assets, investing them and distributing the profits which they generate to the benefit of the persons or organization which the client designates as "Beneficiaries" (which could be himself, his children, his wife, a company or a benefice association). The "Foundation" can be revoked at any time, at the request of the client, and the latter may designate "protectors" to serve in the capacity as inspectors of the action of the "Council of Foundation." Despite the fact that, in accordance with Law 25 of 1995, Foundations cannot pursue lucrative aims, they have the legal authority to carry out mercantile activities in a non-habitual manner, for the obtainment of utilities which benefit the "beneficiaries." These activities, such as placing money in time deposits, the receipt and granting of loans, the acquirement and operation of companies, the purchase of real estate properties and other activities for which it is not necessary to obtain a commercial license could be executed by specialists, chosen as part of the "Foundation Council." The transactions of the "Foundation" which are carried out outside of the Republic of Panama are not subject to any tax in Panama. Get this! Just as with Panama Company formations, the sole obligatory annual payment to the Government of Panama for the existence of the "Foundation " is only US $150. As established by the law in relation to the Foundation of Private Interest, the assets of the Foundation constitute a separate patrimony from the personal assets of the founder, for all legal effects. For the same reason, they cannot be sequestered, embargoed nor the object of an action or precautionary measure, except due to obligations incurred or damages caused on the occasion of the execution of the aims or objectives of the Foundation, or for legitimate rights of the beneficiaries of the Foundation. In no case will it respond for personal obligations of the founder or of the beneficiaries. Besides, the creditors of the founder shall have the right to challenge the contributions or the transfers of assets in favor of a Foundation when it has been proved that said contributions were in response to legitimate debts, but the right and actions of said creditors could only be applied during the first three (3) years, from the date of the transfer of the assets to the Foundation. The Law of Foundations takes into account minimum formalities of constitution and, in hereditary successions, introduces revolutionary norms such as that of arranging, in an express manner, that the legislation in hereditary successions of the domicile of the founder or of the beneficiaries will not be opposed to the Foundation, nor will it affect its validity or impede the realization of its objectives. Now that was pretty heavy reading for all EW readers except those maybe of the legal persuasion. Let's lighten up a bit and just make a list of the benefits of a "Foundation" formed in Panama by Mr. Offshore and his Panama company. * As a substitute for a will, for which the "Council of Foundation" will be in charge of the distribution of the heredity assets. * A substitute for matrimonial capitulations or marriage contracts. * As a holder of shares or other assets of private companies. * As a proprietor of real estate, or assets or great value, such as works of art. * To serve as an administrator of funds for charity or donation. * To insure assets confronted by diverse situations, such as excessive taxes for the residents of the place where the assets are located. * To pay determined sums of money to members of one or more families or the support, education and other types of assistance. * To operate banking accounts, insofar as they can serve as a safe and discreet vehicle for number accounts. At a glance, the Foundation is envisioned to be an ideal alternative for the safety of the portfolio of investments of a client, the protection of the beneficiaries and intimate friends of the founder. The Foundation shall be constituted as perhaps the best international option for those who wish to take advantage of the favorable characteristic of the Republic of Panama as an offshore center. ==== EW SPECIAL ================================= PANAMA PRIVATE INTEREST FOUNDATIONS So you're now up to snuff on Panama Private Interest Foundations, but where to go from here??? In EW's opinion, you can't find a better provider of a Private Interest Foundations than Rick Griffin, "Mr. Offshore," Through his offshore management company he can explain the foundation and it's umbrella structure to you in terms that any layman can understand and then provide the set-up and operation and maintenance and the most reasonable cost we've ever seen. All this with "Yankee" efficiency and complete privacy and confidentiality. If you want Rick, Mr. Offshore to contact you, initially by email or fax, to get things rolling, contact EXPAT WORLD via email fax with "STRUCTURES" in the subject heading. Our email address is: office@expatworld.net. We'll get you in contact with Mr. Offshore and his asset protection company. (Please remember that for the sake of not wasting anyone time, you need to have a minimum of US $100,000 in liquid assets to effectively use a foundation as a money/tax protection strategy). Contact EW today! ==== HUMOR, TRIVIA, NEWS AND MORE... ================ DID YOU KNOW...? The relative penis size of a human male is bigger than that of any other primate. So after all, it is Man who is the King of the Swingers. Despite all the monkeys boasts in song. The best way to determine the size of a man's penis is to get him to show it to you and then measure it with a ruler? (make sure you get his permission) According to Freud women envied his penis and that's why none of them wanted to go out with him, cos they were jealous of him and his amazing cock. ----- NEWS STORY 'Yeti' Hairs Found In Indonesia A world-renowned hair expert is on the verge of proving the existence of a "Yeti-like" creature on an Indonesian island. The tale of the orang pendek - or Little Man of the Forest - could become reality if studies into hair samples discovered in Western Sumatra continue to defy scientific analysis. Hans Brunner, an associate of Deakin University in Melbourne, Australia, has been analysing two hairs which were found by a team of British explorers who followed the trail of a primate which has long lived in the folklore of tribespeople on the island. ----- TRAVELLER'S TALES BEASTLY TALE: The children had an important message for the teacher. "Please, sir, there's a big black monster in the playground." Yeah, right. It sounded far-fetched--but the youngsters were correct. A black panther, which had escaped from a zoo in Johor Baru, Malaysia, had strolled over to the playing fields of a school six kilometres away. Park officials managed to trap the beast before it chose a victim for its lunch, the Bernama news agency reported. Teachers are taking far-fetched stories from the children very seriously these days--with the possible exception of the classic "a dog ate my homework." ----- Life is really simple, but we insist on making it complicated. - Confucius ----- An intelligent man is sometimes forced to be drunk to spend time with fools' - Ernest Hemingway ----- "Michael Jackson looks great for 44. Between you and me, I think he's had some work done..." - Host Jimmy Fallon at the MTV Video Music Awards ==== THE RESOURCE TIP ============================ WEBWASHER - Unwanted advertising banners, pop-up windows, animated images, Java scripts, Java Applets are filtered from Web pages. - Additional objects/contents can be added to the filter list at any time. - Privacy Protection: filters cookies, referers and Web bugs. - Cuts down loading times for Web pages. WebWasher® is available for home and educational use FREE OF CHARGE. More details about WebWasher and FREE download are found at: http://www.webwasher.com ==== INSIDE THIS MONTH EXPAT WORLD =============== EXPAT WORLD NEWSLETTER (VOL.14 ISSUE 6) Table of Content: - Eliminate or Reduce Drastically Your Tax Liability - Bits and Pieces - Social Security Benefits - Show Me - September 11th "Greetings" - Out of America - America's Real Debt - Around the World - Taxing Matters - Offshore Alert - The Isle of Man - Cayman Tax Sham - Luxembourg - Living Tax-Free at the Top - When Will the Cover-Up End? - Portable Trades and Occupations - Snips and clips - PT's Are Under Fire in Cost Rica - Crapper Rapper - Shit-Kicking Google Tricks YOU MISSING SO MUCH Each week the EXPAT WORLD DIGEST gives you just a smattering of what you can find in the EXPAT WORLD newsletter that we produce once a month. Why not get the whole story and subscribe now to our electronic version for just US $30 per year. Go to our website: www.expatworld.net to sign up. ********************************************************************* EXPAT WORLD - the newsletter of international living FREE Trial Subscription at http://www.expatworld.net/ URL - http://www.expatworld.net Email - office@expatworld.net ---------- End of Expat World Digest -------------------------------- To unsubscribe, write to unsubscribe-digest@expatworld.net