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| Advance
Fee Frauds: What’s the Problem Now? |
| - Another
version of advance fee fraud, and perhaps one of the most notorious, is
the Nigerian advance fee fraud, also named 419 fraud after the section
of the Nigerian Penal Code that prohibits such scams. Section 419
was signed into law on April 1, 1995 by then military leader Sani Abacha.
International observers say it is not mere coincidence that the legislation
came into force on April Fool's Day |
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| Dominica:
Encouraging Investment, But Not at Any Price |
| - Ms.
Lucilla Lewis of Dominica’s International Business Unit (IBU) reports that
by December 1998, 173 investors had successfully applied for economic citizenship
in Dominica through the Program and a total of 341 passports have been
issued, showing the popularity of Dominica’s special fee structure for
families; a one-time payment to the Government of US$50,000 qualifies the
investor, his or her spouse and their two children (under 18 years old)
for economic citizenship. Another option is purchasing US$75,000
in 15-year bonds and paying additional application fees. |
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| International
Expatriate Benefit Plans |
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- While working or living offshore, expatriates are exposed to the same
or greater health risks that occur in North America. However, they
do not have the benefit of their Canadian Government health care system
or U.S. private health care plan. Falling ill in some far off land
is distressing enough without the worry of who is going to pay your health
bills. Such medical bills can run into the hundreds of thousands
of dollars. Some medical facilities are often reluctant to provide
treatment without receiving cash or an ironclad promise to be paid. |
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| Offshore
Credit Cards: Convenience Comes with a Cost |
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Until a few years ago, the typical offshore investor did not have access
to the payment convenience and flexibility associated with a credit card–at
least not from the standpoint of accessing and spending the money he or
she had safely placed offshore. |
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| On
the Move in Barbados |
| - Immigrant
status is more flexible and may be acquired by any interested person who
satisfies the Minister that "by reason of his education, occupational qualifications,
personal history, employment record, training, skills or other special
qualifications has established himself successfully in Barbados in a profession,
trade, business or agricultural enterprise" or by virtue of which is not
only likely to excel in these areas but has sufficient means to maintain
himself and his dependants in Barbados in the interim. |
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| Protecting
Your Wealth When You Move Abroad |
| - You’ve
packed the suitcases, loaded the furniture into the van and handed over
your keys to the real estate company. Your employer made you an offer
you couldn’t refuse and so you’re moving to a new country. Just think,
for the next few years you will be able to experience a fresh way of living
and enjoy an exposure to a completely different culture. |
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| Wealth
Management Strategies: A Question of Generation |
| - Upon
the creation of wealth, it is often necessary to develop a strategy to
transfer that wealth to the next generation. In an offshore context,
this can be facilitated with a simple International Business Company (IBC).
It is, however, recommended that the IBC have an attached trust, to ease
the transfer of the IBC assets to the second generation. |
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| Who’s
Afraid of Bank Debentures? |
| - Hush
now! Confidentiality is an essential part of such schemes.
According to Cornez, the con-artists often introduce themselves as professionals
who have taken an oath of confidentiality, i.e. a lawyer, and explain that
no information can be disclosed. Investors are required to sign non-disclosure
agreements, which in certain cases (illegally) prevent the investor from
even verifying the registration of the trade. |
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| Asset
Protection Aspects of Offshore Investing |
| - The
offshore trust is implemented as a primary means of escaping the litigious
society in the U.S and the U.S. court system in general. However,
knowledgeable persons in the U.S. are learning that offshore trusts may
also be used as a means for investing in international markets without
restriction. |
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| Bank
Secrecy Waiver Agreements: The Confidentiality Exception |
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- Some financial institutions consider the waiver a preventive tool
and part of their due diligence procedures. If clients agree to waive
their rights in cases where law enforcement authorities are conducting
an investigation, it is an additional indication that the client has nothing
to hide. "It's a risk management issue for the banks," says Jones. |
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| Global
E-Commerce 101: The Nuts and Bolts of Going Offshore |
| -
Wilson says the British Virgin Islands may offer cheaper incorporations,
but because they are more risk averse, they have been "slow to the
mark" on the establishment of acquiring banks needed by possible Internet
merchants. Antigua, Dominica, Nevis and St. Kitts provide gaming
licenses not available in other jurisdictions, but these centers may also
be more susceptible to risk. Many centers are currently ironing out
relevant legislation to facilitate e-commerce transactions. "The
business must do its homework," says Wilson |
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| Choosing
an Offshore Trustee |
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- A successful trust plan requires the right trustee. The quality
of services available in any offshore jurisdiction can be quite varied.
Many persons or organizations offering trustee services have beautiful
brochures and impressive marketing materials. Reliance on a brochure,
however, is not due diligence. Of primary importance are references
from offshore professionals or clients who have actually used the services
and can confirm the particular trust company's reputation. |
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| Offshore
Life Insurance in Wealth Preservation Strategies |
| - A
certain cachet exists regarding offshore investing and planning that seems
to imply that it is only the purview of the super-wealthy, cloaked in practiced
secrecy, hushed whispers and knowing winks. For estate planning purposes,
suitability is determined more on citizenship and residency status of the
donor/grantor and heir/beneficiary than the size of the hypothetical offshore
bank account. This article addresses options for the U.S. domestic
and non-U.S. donor/insured to preserve wealth for the U.S. domestic and/or
non-U.S. heir/beneficiary. |
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| Offshore
Reporting: Moving Beyond a Wink and a Nod |
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Conflicts in offshore jurisdictions can arise between "know your customer"
and "code of conduct" rules and the confidentiality laws in place to protect
those same clients' financial privacy. In many offshore centers it
is a crime to divulge financial information unless there is suspected criminal
activity such as money laundering (for some, tax evasion is not a criminal
offense). International pressure is changing the scope of proactive
regulation offshore, and it is likely the onus of suspicious activity reporting
will extend well beyond banking to any number of client services. |
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| Offshore
Variable Insurance Contracts: A Powerful Planning Tool |
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- ...offshore insurance policies offer a level of security not available
domestically. In the Cayman Islands, for example, the underlying
insurance law provides that assets held in the segregated asset accounts
of an insurance company will not be subject to the claims of the insurance
company's creditors. Assets held in these segregated asset accounts
can only be paid to the policy owner in the event of the liquidation of
the insurance company. |
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| The
Risks of Offshore E-Commerce and How to Insure Them |
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If something goes wrong with the cash register at the corner store, it's
fairly easy for the parties involved to navigate around the problem and
make that transaction for a carton of milk. However, when that corner
store is an e-commerce company based in Singapore with a potential client
in Ireland and a crashed server, well, it's a little more complicated than
just digging in a pocket for exact change. |
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