A reply to my recent message about the death of privacy can help us adjust to new legal and economic conditions as they unfold.
Dear International Friend,
Here is what a reader wrote regarding my last message on privacy.
“Dear Gary:Taxes were never the reason I like privacy. Frivolous lawsuits,begging charities, and people who are jealous were always the real reasonprivacy is needed. Governments cannot keep secrets well so what they know leaks to the wrong people. Many of my friends have had family members kidnapped for ransombecause of “public” information which never needed to be public. Kidnapping is a reality in much of the world. Even in the USA it occurs but is relatively minimal. As for taxes I have always assumed that it should be irrelevant whether the government “discovers” something an hour after it happens or waits to the end of the accounting period as it should. Best Regards, W. B.”
The important point in this message is the recognition that there are numerous reasons for wanting privacy.
Though some anti privacy regulation are aimed at stopping drugs and terrorism most of us are not drug dealers or terrorists. Our main concern in losing privacy is losing control of our wealth. If one sets the tax concern aside it is still very possible to separate one's self from one's wealth and yet maintain effective and efficient control.
Corporate (especially international) structures, trusts and partnerships can dramatically reduce one's wealth profile, disconnect you r appearance from control, though you do remain in charge. Overseas life insurance policies can make money seem invisible (though it only defers not eliminates tax).
Another effective way to reduce one's profile is by using multiple passports. My children, who are dual nationals, have helped me learn many totally legal ways to work through the maze of red tape that exists in our world today.
We'll look more at concepts of freedom and identity tomorrow, but I'll end here with a message from Erika Nolan, director of the Sovereign Society, who offers a valuable report about how to have two passports.
Until tomorrow's message, good global business and investing!