By
Gary Scott
Three true stories share sacred
knowledge that can gain privacy reduce tax.
Lifestyles Gain Privacy Reduce
Tax
A great benefit of our world
travel and isolation at our farms in North Carolina and Ecuador is that we are
mostly out of touch with the day to day world. When in the jungle or high mountains
we do not have T.V., radio or printed news.
Regretfully when we come into
town, once in awhile we make the mistake of picking up a newspaper and are reminded
of the urgent need to find credibility and truth.
Almost every story shows leaders
in religion, government, military, sports, accounting, finance and media showing
such a lack of morality that we have to ask, who can we trust? Where can we find
the truth!
This is why Merri and I garner
knowledge from many sectors of life to search for common threads of truth that
survive the lies, dogma and hidden agenda so often promoted by the establishment.
Our goal is to gain a fulfilling lifestyle that also allows us to contact business
in a way to gain privacy and reduce tax.
Gain Privacy Reduce Tax Truth
One truth we found in this search
is that doing what you love is the most important key to success. The three true
stories shared here and in the next two days shows why.
First True Gain Privacy Reduce
Tax Story
A dying sun-majestic orange-drops
slowly, in its ancient rite, beneath the sea. The road darkens and an inky dusk
shades this winding ribbon as it leads higher and higher, rising from the gloom
of lush jungle into a chilled desert air.
Lome, Togo, in the dying heat
of the day, on the rugged National Highway. Leading inland from the jungles of
this African port, the road struggles a thousand miles upwards over five mountain
chains through Togo and into the landlocked nations of Mali and Niger. Truck after
truck struggles along the path, rusting, dented hulks, worn and well past their
prime, but still hauling, overloaded, pushed by wearied, blurry eyed drivers.
This mainstream of transportation is pushed past its limits, the trucks caked
in dirt, running on cheap gas and worn out tires. They groan and grind slowly
out of the jungle, up 500 miles of mountain into Dapong, Togo, half way through
their journey.
This story shows how blending
one's passion and lifestyle with the desire to serve can increase opportunity
while helping gain privacy, reduce tax and add asset protection at the same time.
This story is about a couple who in the process of selling used tires and worn
out shoes in Africa learned the ultimate form of financial privacy, wealth protection
and tax efficiency, one of the seven keys to "everlasting wealth.
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Enjoy Pursuit of Passion Plus
Gain Privacy Reduce Tax
Because they matched their passions
in life with their business, they were able to attain business success. Plus their
African business matched their lifestyle so they created permanent wealth with
increased privacy and enhanced protection of wealth.
Gain Privacy Reduce Tax Problem
in Today's World
Let me first be frank about the
problems of confidentiality. The avenues for maintaining financial privacy have
been enormously thinned. There has been a terrible onslaught against privacy in
the western world. Tax authorities and other government agencies, led by the USA,
have steadily and inexorably chipped at the very concept of keeping one's assets
in unobtrusive ways. There is a growing attitude that financial privacy itself
is something wrong.
This attitude shift creates a
witch-hunt atmosphere and plays into the hands of government officials. Even worse
new technology has improved the ability of these officials to make enormous invasions
on our privacy.
Gain Privacy Reduce Tax Lawsuit
Problem
Today regular use of lawsuits
and aggressive abuse by tax collectors have made most businessmen and professionals
(especially in the U.S.) feel that Big Brother really is watching. This fear has
also steadily risen in other Anglo Saxon countries such as Canada, Australia and
the UK. Continental Europeans (after the devastating intrusions of two Germanic
invasions) have been a little less keen on exposing their wealth, but even there
the tax authorities have slowly been tightening the privacy wrench.
Fortunately the same technology
employed to strip our rights can also be used to gain enormous opportunity, privacy
and asset protection as well. The same telephones, airplanes, computers and modern
forms of communication that are being used by attorneys and government employees
against you can also bring global opportunity to your doorstep.
Let's Get Our Gain Privacy Reduce
Tax Facts Straight
To begin, separate the concepts
of privacy, asset protection and tax savings. In the past thirty-three years of
working with thousands of investors, I have learned that many confuse the three.
Understanding the differences are important. There are many powerful tools that
can be used to reduce tax and add asset protection that are not private. For example
offshore trusts can delay income tax, reduce estate tax and dramatically enhance
the safety of wealth. However under current laws these trusts are not private
at all in many countries. In the U.S. for example it is entirely legal and effective
to use overseas trusts for the above mentioned purposes, but reporting requirements
are extensive. Trusts when properly used give tax and asset protection but do
not necessarily provide privacy.
Gain Privacy Reduce Tax Decisions
Decide. What do you want? Is
it privacy or is it really tax and asset protection?
Incredibly Urgent Gain Privacy
Reduce Tax Warning
Only after you have made a decision
about what you really want, can you really figure out how to attain your wants,
needs and desires in a legal way.
It is urgent that you do not
try to attain tax savings illegally by just relying on privacy in any bank, institution
or country. This is not a safe or reliable approach. Recent legal history suggests
that even the most private financial centers are being uprooted and those that
remain can (and probably will) be at any time. In fact recent events suggest that
the more private a financial center has been, the riskier it is for your privacy.
The most private centers are the most likely to be attacked and using these centers
create risk.
I have been in the international
banking, insurance, investing and economic business for over thirty-three years
and have watched an incredible erosion of privacy. When I first left the U.S.
in 1968 to run an overseas investment company in Hong Kong, there were numerous
ways to legally attain privacy. Plus there was not much interest by taxing authorities
around the world in international investors (those who hold assets outside their
own country).
Two Gain Privacy Reduce Tax Facts
Create Dramatic Change
The first sad fact is that tax
authorities are now very interested in where and when citizens place their money
abroad. In the past such authorities did not feel there was much they could do.
Second, they did not feel that much of the population used overseas devices.
Technology has made it easier
and easier for investors to hold assets globally and consequently tax collectors
worldwide have become much more concerned about keeping track of where investors
hold their wealth.
The second fact is that as the
global community has grown, banks all over the world have become more dependant
on their ability to operate via, New York, London, Frankfurt and Tokyo. This has
made all banks (even if they have no branch in any of these countries) vulnerable
to authorities in each center.
Swiss bankers for example had
their privacy laws totally whittled away by the simple fact that they must keep
deposits in the U.S. Every time U.S. authorities have wanted information they
have pressed on Swiss assets that are held in the U.S. Now this fact has been
used in the new Anti Terrorism Laws to destroy the last of the bank privacy centers.
Many readers do not want to believe
this fact, but it is a fool's paradise to rely on privacy to avoid tax any longer.
The attack on privacy continues
in many ways. For example the IRS has subpoenaed records of overseas banks gaining
access to information about customers that are U.S. residents who hold overseas
credit cards, so that spending records can be matched with tax returns.
Today's Gain Privacy Reduce Tax
Atmosphere
In today's atmosphere, seeking
privacy seems almost criminal. In other words trying to attain privacy may put
you into a position where you not only lose privacy but actually gain great attention.
These facts mean that any investor
today must obtain his or her privacy in a way that does not create an unusual
profile. In short you need to create a lifestyle that allows you to pursue your
passions in life in a profitable (and private and tax efficient way).
The couple selling the used tires
and shoes gives us an example because an international business with 50% or more
non resident shareholders is usually one of the most private (low profile) ways
to gain asset protection and reduce tax.
In this story the couple were
missionaries in Africa, looking for ways to finance their mission. They formed
an overseas company and gave over half of the shares to charities outside the
country where they were taxed. They benefited from the fact that usually companies
not doing business in the country of its owner's residence that are owned 50%
or more by non residents are not only tax free but are not even required to report
information. (Check with your attorney to verify the specifics in your tax jurisdiction.)
In short the tire and shoe business
was tax deferred, totally private and yet 100% legal and above board. More important
if looked at, it appeared logical and made sense in light of the owners' lifestyle
and activity.
The profile of this couple's
business was totally in tune with their life's work. Should some government investigator
stumble across this business for whatever reason, the pictures all fit. They were
missionaries, giving to Africa, working in Africa with an interest in a company
owned by African charities.
Gain Privacy Reduce Tax Through
Reality
They did not make the profile
up. They were pursuing their passion. This is the moral of this story. Decide
what you love and want to do in life. Then look for ways to do this in as many
countries as you can.
Gain Privacy Reduce Tax Rules
You gain enormous privacy, asset
and sometimes tax benefits, if:
1. You keep assets out of the
country where you live.
2. Even better if you do business out of the country where you live.
3. Even better if you live out of the country where you are a citizen.
4. Even better if you have a company outside the country where you are a citizen,
resident and doing business.
5. Even better if you have genuine partners who are not citizens or residents
of the country where you are citizen and or live.
Yet the success of their business
was based on something more important, which I'll describe in the second true
story tomorrow.
Until then, good overseas business
and protection for your wealth!
Gary
P.S. Learn more about offshore
trust tax tips in the correspondence course International Business Made EZ
Real international business is
fun and can bring tax advantages and asset protection. Gary and Merri Scott gain
tax advantages as they enjoy developing their healing center in Ecuador
