Global Nomads Campfire Blog

Catering to the Global Nomad - Offshore Finance, Asset Protection, Privacy Tools

Offshore Credit Card Merchant Facilities

Ever thought about e-commerce or a business where you would like to be paid by credit cards, but been put off by the complications involved? Lots of companies on the web now offer “offshore merchant accounts” but you will find they are limited to e-commerce sites where customers purchase directly online (the Global Nomads site is a perfect example of this.)

So we were very interested to find a company in Panama that offers merchant facilities to offshore companies using the old ‘click-clack’ paper based card imprinters. It’s ideal for businesses like seminars, and can also be used for manually processed remote transactions like mail and phone orders. Could be a very useful PT tool.

The company is Genericard Corp and the link is www.genericard.com

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Egyptian Government Blocks Anonymous Mobile Phone Accounts

The Egyptian government has requested mobile phone companies to block the access of several hundred thousand customers who did not register their names and addresses when they obtained mobile phone service, according to an article published here. The order was made as a “public security measure”  to suppress public frustration amid rising prices and low wages that have set off a series of strikes against the government. The strikes were planned and mobilized primarily through mobile phones and the Internet.

Egypt may not have a reputation as the freest country on earth - but in most western countries, it is simply impossible these days to obtain anonymous cellular service.

Unless, that is, you have read Astounding Mobile Phone Privacy and Moneysaving Techniques by Global Nomads!

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Offshore Banking - Some News on the Grapevine

Like so many things in life, the world of offshore banking is in a constant flux. Hence, you are well advised to keep up with what’s going on - and take care to review news and experts’ opinions that aren’t feeding the mainstream media alone all the time! Here, too, thinking outside the box is absolutely crucial unless you want to end up like all those other sheeple who will blithely follow their governments to just about any slaughter fest.

Here’s an overview of some recent third party postings in this field - your Global Nomads editors aren’t associated with any of these authors and their opinions are strictly their own - as is any responsibility for tips and advice given. Enjoy!

 

  • Panama Bank Secrecy Laws & Offshore Banking in Panama
  • - Panama is one of the most popular places for offshore banking. Numbered accounts no longer exist in Panama, instead Panama has what are known as bearer share corporations and those corporations own a bank account. …

  • Offshore Banking Information
  • - Offshore banking or Offshore banks refers to the many banking and investment institutions available in countries and jurisdictions other than the depositor’s home country. While technically any bank can be considered an Offshore bank …

  • Panama Offshore Banking Benefits
  • - In recent years Panama revised its laws against money laundering and has developed a banking system that is both extremely private and highly competitive. The system is carefully monitored by the international offshore banking community …

  • Offshore Banking
  • - For many offshore banking activities, a registered address in that offshore jurisdiction is necessary. Because these companies are establishing themselves as experts in offshore banking, they have offices in these offshore locations …

  • OffshoreLegal.org - Offshore Banking & Asset Protection Specialists
  • - Panama Offshore Legal Law Firm specializes in asset protection in Panama. Learn how to open an offshore bank account in Panama. Panama Offshore Leg 42 Vote(s)

  • Essential Offshore Banking Advice for Expats Today
  • - Some top offshore banking and overseas financial tips for expats and would-be expats planning on moving abroad.

  • Offshore Banking
  • - Ramblings, to be sure, but amusing nonetheless.

  • FEATURE / Swiss banks call for relaxed immigration, 10% hedge …
  • - Offshore banking centres, some of which are known as tax havens, are currently also home to many of the world’s hedge funds, but the two should not be confused: hedge funds are flexible collective investment strategies, a huge growth …

  • Buying Property Overseas: A Free Week in Montevideo, Uruguay
  • - From its pleasant weather with four seasons, to its low cost of living and enviable offshore banking policies, Uruguay has turned into one of the most popular destinations in South America today. Now is the time to take advantage of …

  • Offshore Banking Misconceptions
  • - There are many myths that are associated with offshore banking that can cause many people to shirk at the idea of investing. Many of these misconceptions can cause people to make bad decisions when deciding to invest as well. …

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When you’re one step ahead…

“When you’re one step ahead of the crowd you’re a genius.
When you’re two steps ahead, you’re a crackpot.”
– Rabbi Shlomo Riskin (Feb. 1998)

Your GN Editors loved this one!

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Major Banks Falsifying Reports? WSJ Article

A worrying but informative article by Carrick Mollenkamp (Wall Street Journal, April 16th) about how “one of the most important barometers of the world’s financial health could be sending false signals.”

LIBOR, the London Interbank Offered Rate, is becoming unreliable because, so the article speculates, banks are sending in false reports. In other words, banks are providing misleading information to Reuters about their financial situations.

For those readers not famililar with LIBOR, it’s a measure of the average interest rate at which banks make short-term loans to one another. Banks typically set their lending rates at a certain “spread” above Libor: A company with decent credit, for example, might pay an interest rate of Libor plus one-half percentage point. A risky “subprime” mortgage may carry an interest rate of Libor plus six or more points. If you check the small print on your loan agreement, most likely it makes reference to the LIBOR rate.

LIBOR is set every morning for ten different currencies. Although the actual rates at which banks borrow from each other are known only to the lenders and borrowers, every morning before eleven o’clock coffee,  London time, “panels”  of banks send data to Reuters, on what it would cost them to borrow a “reasonable amount” in a designated currency. The USD Libor panel, for example, consists of 16 banks, including Bank of America, J.P. Morgan Chase, HBOS and HSBC. Reuters uses the reported borrowing rates to calculate Libor “fixings.” As Reuters’ spokesman is quoted as saying, “It is their data alone we distribute. Reuters is purely the facilitator.”

LIBOR is trusted implicitly in the financial community… or should I say, it was been truisted implicitly until late last year.  The concern expressed in the WSJ article is that,  

“Some banks don’t want to report the high rates they’re paying for short-term loans because they don’t want to tip off the market that they’re desperate for cash. The Libor system depends on banks to tell the truth about their borrowing rates. Fibbing by banks could mean that millions of borrowers around the world are paying artificially low rates on their loans. That’s good for borrowers, but could be very bad for the banks and other financial institutions that lend to them.”

The article goes on to quote Chris Freemott, a Naperville, Illinois, mortgage banker who depends on Libor to tell him how much his firm, All America Mortgage Corp, owes First Tennessee bank for a credit line that he uses to make loans. As Mr Freemott says, concerns about LIBOR’s reliability are “actually kind of frightening if you really sit and think about it.”

Of course, if this info makes the public newspapers, that means the cat is out of the bag. We can be sure that the banking community no longer trust LIBOR. Fundamentally, this translates into what we already knew: banks can no longer trust each other.

We live in interesting times.Reproduced with kind permission of Peter Macfarlane.

http://www.petermacfarlane.net/2008/04/18/wsj-says-major-banks-may-be-falsifying-reports-to-hide-desperation/

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The end of the free market in USA

What a topsy-turvy world we are living in?!?! The US Dollar is hovering at or slightly below parity to the Swiss franc, gold’s breached the $1,000 per ounce mark, stock markets are crashing, and inflation is accelerating everywhere. Some central banks - the more responsible ones - have increased rates, while Ben Bernanke keeps cutting.

This is all happening more quickly than we can yell an emphatic “Achtung!”. President Bush continues to tell the world that “we have it all under control. We are taking solid measures and will come out of this crisis as strong as ever”. Obviously, this is absolute nonsense. First of all, the measures taken will not help - if anything, they will ultimately make things worse. Moreover, even if he and his helpers could control the situation, they shouldn’t! Controlling and manipulating the economy is not the government’s job and we would all be better off if they just kept their hands off.

In this context, we found the comments of Jim Rogers on CNBC a few weeks back right to the point. Click on the following link and have a listen:

http://www.cnbc.com/id/15840232?video=682734828

Mr. Rogers calls it like he sees it…nothing more need be said!

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Global Nomads’ Easter update

Greetings to Nomads near and far:

“May you live in exciting times”

As Bear Sterns is being rescued by a bankrupt fed, we’ve decided to take a break from mainstream news and hit the road over the Easter break - nomad style. Your editorial team will be back blogging next week.

Someone pointed out that our list of gold dealers did include some in the USA. Apologies for that. They are recommended too, but of course might be required to report gold holdings purchased by US persons - now or in the future.

Anyone interested in other offshore methods to hold gold anonymously, stay tuned. We are working on a mini-report on this subject. Gold is now over $1000 per punce but there’s no reason why it can’t go a LOT higher as the dollar (and to a lesser extent the Euro) keeps falling….

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Buying Offshore Gold for Privacy and Profit

Many of our readers are making a killing in the gold markets at the moment. We were asked for a list of reputable gold dealers OUTSIDE USA jurisdiction. Well, here it is!


Gold & Silver Investments Ltd.

63 Fitzwilliam Square

Dublin 2, Ireland

…and

Tower 42, Level 7

25 Old Broad St.

London, EC2N 1HN

United Kingdom

Local Call Ireland: 1-850-GOLD-IE

UK phone: +44 (0) 207-060-4653

International: +353 1-632-5010

Fax: +353-1-6619664

http://www.gold.ie/

GoldMoney

Net Transactions Ltd.

ASL House

12-14 David Place

St. Helier, Jersey JE2 4TD

Channel Islands, UK

International: +44-1534-760-133

GoldMoney.com

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Jaxville Gold and Silver Trading Co.

4901-48 St.

Parkland Square, Lower Mall

Red Deer, Alberta, Canada

http://www.jaxville.com/

Jack Fortin, Owner and Operator

403-346-5266

auric@telus.net

Kitco

178 West Service Road

Champlain, N.Y. 12919

Toll Free:1-877-775-4826

Fax: 518-298-3457

…and

620 Cathcart, Suite 900

Montreal, Quebec H3B 1M1

Canada

Toll-free:1-800-363-7053

Fax: 514-875-6484

http://www.kitco.com/

Lee Certified Coins

P.O. Box 1045

454 Daniel Webster Highway

Merrimack, New Hampshire 03054

http://www.certifiedcoins.com/

Ed Lee, Proprietor

1-800-835-6000

leecoins@aol.com

MRCS Canada

12303-118 Ave. NW

Edmonton, Alberta T5L 2K2

Canada

http://www.mrcscanada.com/

Michael Riedel, Proprietor

1-877-TRY-MRCS

1-877-879-6727

mrcscanada@shaw.ca

Update: Find some interesting news and op-ed items (not always consistent) here to follow up on this fascinating topic, whether you’re a regular gold-bug or a precious metal distractor -

Copper and Gold Stocks - So when we see extra-ordinary copper and gold drill assay results, we pay attention. The Chliean Copper and Gold Stocks You Need To Know About. About a year ago we began to closely follow the exploration efforts at Exeter Resource’s …

Monthly, Weekly and Daily Gold Charts - Gold Stock Prophet Blog: For this past week, the price of gold lost about $32.00 an ounce, and gold stocks, as measured by the XAU lost another 4% for the week. When gold goes through these normal corrections, …

Gold stocks take pounding in a bear hug - Leave aside rambling gold prices, and consider how very poorly listed gold stocks have been performing.

Gold and Silver Investing and Using Financial Stocks as a Hedge - A move by gold under $800 would likely mean seeing Yamana Gold (AUY: 12.34 -3.74%, vol: 7106898) shares under $10. Yamana is the primary gold stock I am watching at the moment. With the heavy volatility in gold equities, I’m going to …

The Battle for $900 Gold - So… given gold’s correction, you might go right ahead and sell your gold. I’m hanging on to mine. And if I’m hanging on to my gold, I’m hanging on to my gold stocks, because that’s where the real juice will be. …

Gold stocks should stay strong despite recent correction - Despite the recent correction in gold prices, including an 8.4% drop in the past two weeks alone, gold stocks should remain one of the best-performing groups in Canada this year, says Canaccord Adams portfolio strategist Nick Majendie. …

Gold Stocks- Time to Buy? - From a trading perspective, the charts are showing that it might be “buying time” in gold shares. Let’s look at three relationships: The relationship of the speculative $HUI to the less speculative $XAU The relationship of the $HUI …

 

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5 things you need to know about laptop searches at U.S. borders

 

Be prepared if a customs official seizes your PC at the airport

The following was sent in anonymously by a Global Nomads reader. We hope you find it useful.

A lawsuit filed last week over warrantless searches of laptops and other electronic devices at U.S. borders highlights an issue that all travelers, U.S. citizens and others, need to be aware of when entering the country, according to the executive director of the Association of Corporate Travel Executives (ACTE).

The suit was filed by the Electronic Frontier Foundation (EFF) and the Asian Law Caucus, two California-based civil rights groups. It asks the U.S. Department of Homeland Security (DHS) to disclose information on its policies for inspecting the contents of laptops and other electronic devices at the country’s ports of entry.

The lawsuit was prompted by what the two groups contended were the growing number of reports they were receiving from travelers who claimed to have been subjected to such searches. In most instances, the searches were conducted without apparent reason and with no details offered on what information might have been viewed or downloaded by customs officials, the suit alleged.

Susan Gurley, executive director of the Alexandria, Va.-based ACTE, said that international travelers need to be aware of and prepared for such border searches, even though they are relatively rare. This is especially true because so far little is known about the DHS’s policies relating to the practice and what it does with the information collected during searches of electronic devices, she said.

“This is by far not an epidemic of any sort,” Gurley said. “But we think people should know that they basically are leaving their right to privacy at the door when they cross the U.S. border. There is no assumption of privacy,” at a port of entry, she said. Here are five factors Gurley says travelers should know about:

1. No evidence needed to take your laptop

Border agents do not need any evidence or suspicion of illegal activity to examine a laptop or other electronic device.

Every time you cross the border, customs officials have the right to look at anything in your possession, including the content on your laptop, handheld device, cell phone, USB memory stick and digital cameras, Gurley said. They have the right to both view that information and to download or mirror it if they think it’s necessary, she said.

2. Anything can be searched

Everything on an electronic device is open to search. This includes personal photographs, personal banking, any business documents and stored or unopened e-mail, Gurley said.

3. Your PC might not be returned right away

Seized devices may be kept for an indefinite period of time. Carry only a laptop or electronic device you can afford to lose or hand over for an unspecified period of time.

Sensitive data should be sent by e-mail before crossing the border in case the data becomes unavailable if the device is seized, she said.

4. Don’t take anything you don’t want to share

Don’t carry anything on these devices that could potentially embarrass you or that you don’t want others to see, Gurley said.

If it’s information you don’t want to share, don’t carry it. That includes data such as personal banking information, photos, correspondence, health and password information. If the device is a company-owned computer, don’t carry proprietary business information or personnel records on it, the ACTE advised.

5. Be cooperative

Cooperate with customs officials. Ask for a receipt and a badge number if your computer is seized. Try and get whatever information you can on the reason why it was seized.

The goal is not to hide data from border officials or the U.S government, Gurley said. Rather, it is about being aware that your laptop and other electronic devices in your possession could be searched and to prepare for that eventuality, Gurley said. ACTE’s surveys in the past have shown that very few travelers are aware of the potential for such searches. “Our primary concern is to alert travelers that their laptops and other electronic devices can be seized at a border without explanation, provocation or even likely cause,” she said.

The lawsuit and the advice come at a time when U.S courts have sent mixed messages on the constitutionality of such searches. In one case, the Appeals Court for the Ninth Circuit ruled that at a minimum, customs officials needed to have reasonable cause for conducting such searches. In another case, an appeals court ruled that such searches can be conducted without a warrant or reasonable cause. Both cases involved child pornography.

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Global Nomads comment on German theft of data from Liechtenstein

Your Globalnomads editorial team have been reading with much interest the scandalous news from the Principality of Liechtenstein.

The German government have admitted paying “up to five million euros” for information stolen in 2002 from LGT Treuhand in Liechtenstein. LGT Treuhand is associated with LGT Bank, the chairman of which is Prince Philipp of Liechtenstein. LGT Bank have published their own side of the story here.

According to reports on CNN, Pierre Mirabaud, head of the Swiss Bankers’ Association, was forced to apologise for comparing methods of the German authorities to the Gestapo.  Your Globalnomads team makes no such apologies and we state for the record, in our freely expressed opinion , that we agree 100% with Mr Mirabaud. It’s just sad that he didn’t have the guts to stand by his word.

If somebody steals your car and then another person buys it knowing it was stolen, both parties belong in jail. Theft of data is no different.  We know governments have always dealt in secret with lowlifes and sometimes it is necessary, but when they have the gall to  boast in public about spending five million euros of taxpayers’ money on stolen goods, you have to wonder where society is going.

And let’s not let off the hook either the Brits, who according to the Financial Times also paid a hundred thousand pounds for a copy of the same list (maybe it was so much cheaper because they bought the pirated version?) Gestapo tactics in London too. Of course the information might be useless and out of date and not refer to any tax evaders at all, but the deterrent effect of the publicity was apparently worth the hundred grand: “HMRC would pay rewards ‘where sufficient information is received that deters a significant fraud.’ “

Probably right – a hundred thousand pounds spent on advertising or tax enforcement might have less deterrent effect than a hundred thousand pounds paid to a criminal. But whatever happened to ethical standards? What about all the people who actually think and will be outraged by this abomination?

 

Anyhow, how can we as Global Nomads turn this situation around to our benefit? For sure, the answer is expatriation. We certainly don’t support tax evasion, and we sincerely doubt the claims of the German authorities that most people on the list were involved in tax evasion. There are much better ways of avoiding taxes completely legally.

Undoubtedly included on that list were some smart Germans who had officially relinquished their residence in the fatherland and headed off for warmer climes. And the German taxmen will be fuming right now that there is sweet diddly-doo they can do against these smart Germans, because they did nothing illegal. Right now we are busy working on a residence report, explaining how expatriation to affordable places like Andorra, Dominican Republic and Paraguay can slash tax bills for the matter of a one-off payment of not too many thousands of euros.

Now is the time to ask yourself, if you still live in one of these Gestapo states, whether you really want to stay around there, and whether you feel it is morally right to pay taxes to governments which spend taxpayers’ money buying stolen goods. At the very least, you can keep your options open by doing some research and looking into other options. Enjoy the Global Nomads report series.

 

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