How To Get A Passport and other useful information from Dominican Republic

Why A Dominican Republic Passport?

2012-01-28T13:34:00.000-05:00

We've analyzed many countries and programs, and concluded the Dominican Republic is the best option for most people. Here's why:

1. Of all countries, the Dominican Republic passport is the quickest, leastexpensive QUALITY passport.

2. The DominicanRepublic has the simplest application process of any of the other programs.

3. The DominicanRepublic passport allows VISA-FREE travel to over 40 nations around the world.(The defining characteristic of a"quality" passport is how much visa-free travel it allows.) Visas that haveto be applied for, and approved, before the trip begins, as opposed to thoseissued at the border. Avoiding those is the real key value of free travelbetween countries.

4. Provides anonymity in a world where anonymity has become a necessity for the sovereignperson and perpetual traveler.

5. The DominicanRepublic is considered a tax haven. The government only taxes what is earnedinside the country, not worldwide like Governments such as the US.

We do offer other passports from a variety of countries, but the Dominican Republic passport is Perfect for protecting your rights and privacy ... perfect for offshore banking ... perfect for the Perpetual Traveler ... and perfect for those expatriating (divorcing your government).

Contact: BankerTrust@gmail.com

2nd Passports - Your Only Real Protection

2012-01-17T08:37:00.000-05:00

In the US, first came the ironically titled Patriot Act. It stripped Americans’ right to privacy. It legalized unreasonable
searches and seizures. Next came the Government’s justification for the redefinition of the word “torture.“Now comes the National Defense Authorization Act. Ignored by the media, it was signed into law by President Obama just this past December 31st, 2011. Think about it this way: When a President of the United States signs a bill into law on New Year’s Eve, it’s a sure sign the President doesn’t want anyone to notice what he’s doing. The President knows that most Americans

don’t pay attention to news on New Year’s Eve or New Year’s Day. He’s hoping that, by the time Americans get back to work, the story about the legislation that’s been approved will simply fade into the background. NDAA makes indefinite detention (imprisonment) lawful. As in they lock you up and throw away the key. Imagine that! Americans being sent to

Guantánamo Bay without trial, without due process--indefinitely. The Fifth and Sixth Amendments of the Constitution CLEARLY forbid such imprisonment. Unreasonable search and seizure. Torture. Surveillance. Indefinite detention.

Are you starting to get the picture? All under the guise of "security." All for your protection and safety.Yeah, right.

Legal? Supposedly. Constitutional? Absolutely not. It’s a travesty. The U.S. constitution is not just being ignored. It is being trampled upon. The Founding Fathers are rolling in their graves. Read to these

prophetic words:

“Those who would give up essential liberty to purchase
a little temporary safety deserve neither liberty nor safety.” – Benjamin Franklin

Can this runaway train be stopped? Yes, it can. First, we need to warn you: Just like airline stewards who train you in the case of emergency to put on your own oxygen mask first before helping others, especially as an American, as a Patriot, you've got to protect yourself first. It's imperative you GET YOUR GET YOUR OWN HOUSE IN ORDER BEFORE trying to change the world for the better.

How specifically, you ask? It starts with a 2nd passport.

Get Out While You Can ...

2012-01-06T09:41:00.000-05:00

We thought a good number of our readers would appreciate and find informative this interview of Doug Casey:

(Interviewed by Louis James, Editor, International Speculator)

L: Doug, a lot of readers have been asking for guidance on how to know when it's time to exit center stage and hunker down in some safe place. Few people want to hide from the world in a cabin in the woods while life goes on in the mainstream, but nobody wants to get caught once the gates clang shut on the police state the US is becoming. How do you know when it's time to go?

Doug: Well, the first thing to keep in mind is that it's better to be a year too early than a minute too late. David Galland recently read They Thought They Were Free: The Germans, 1933-45, by Milton Mayer. He quoted a passage in his column of last Friday. It goes a long way in explaining why Americans appear to be such whipped dogs today. They're no different from the Germans of recent memory. For those who missed it, let me quote it:

"You see," my colleague went on, "one doesn't see exactly where or how to move. Believe me, this is true. Each act, each occasion, is worse than the last, but only a little worse. You wait for the next and the next. You wait for one great shocking occasion, thinking that others, when such a shock comes, will join with you in resisting somehow. You don't want to act, or even talk, alone; you don't want to 'go out of your way to make trouble.' … In the university community, in your own community, you speak privately to your colleagues, some of whom certainly feel as you do; but what do they say? They say, 'It's not so bad' or 'You're seeing things' or 'You're an alarmist.'

"These are the beginnings, yes; but how do you know for sure when you don't know the end, and how do you know, or even surmise, the end? On the one hand, your enemies, the law, the regime, the Party, intimidate you. On the other, your colleagues pooh-pooh you as pessimistic or even neurotic… the one great shocking occasion, when tens or hundreds or thousands will join with you, never comes. That's the difficulty. If the last and worst act of the whole regime had come immediately after the first and smallest, thousands, yes, millions would have been sufficiently shocked… But of course this isn't the way it happens. In between come all the hundreds of little steps, some of them imperceptible, each of them preparing you not to be shocked by the next. Step C is not so much worse than Step B, and, if you did not make a stand at Step B, why should you at Step C?"

The fact is that the US has been on a slippery slope for decades, and it's about to go over a cliff. However, our standard of living, while declining, is still very high, both relatively and absolutely. But an American can enjoy a much higher standard of living abroad.

On the other hand, if I were some poor guy in a poverty-wracked country with few opportunities, I'd want to go where the action is, where the money is, now. Today, that means trying to get into the United States. The US is headed the wrong direction, but it's still a land of opportunity and a whole lot better than some flea-bitten village in Niger.

L: By the time things get worse than some Third-World dictatorship in the US, such a person could have remitted a whole lot of cash back home.

Doug: And you'd have a whole lot of experiences that would give you a competitive edge back where you came from, or in the next place you go to. The one-eyed man is king in the valley of the blind. People have to lose that backward, peasant mentality that ties them to the land of their birth. Sad to say, although the average American has somewhat more knowledge of the world – mainly due to television – his psychology is just as constrained as that of some serf from central Asia or some primitive village in Africa. It's all a matter of psychology.

But if you're not poor, you want to go someplace that is safe, nice – whatever that means to you – and with a lower cost of living. As most readers know, for me that's Cafayate, Argentina, but one size does not fit all. It needs to be a place you actually enjoy spending some time, with people whose company you enjoy.

L: Fair enough. But our readers want to know if your guru-sense is tingling yet, or how close you think we are to it being too late to leave – or at least too late to leave with any meaningful assets.

Doug: I'm a trend observer. This is one of the advantages of studying history, because it shows you that things like this rarely happen overnight. They are usually the result of trends that build over years and years, sometimes over generations. In the case of the US, I think the trend has been downhill, in many ways, for many years. Pick a time. You could make an argument, from a moral point of view, that things started heading downhill at the time of theSpanish-American War. That was when a previously peaceful and open country first started conquering overseas lands and staking colonies. America was still in the ascent towards its peak economically, but the seeds of its own demise were already sewn, and a libertarian watching the scene might have concluded that it was time to get out of Dodge –

L: [Laughs] That would have been a bit early…

Doug: [Chuckles] Yes, that would have been way too soon. As Adam Smith observed, there's a lot of ruin in a country.

L: On the other paw, it would have gotten you out before the War between the States, a disaster well worth avoiding.

Doug: No, the Spanish-American War was in 1898.

L: Oops! Sorry, I was thinking of what Americans call the Mexican-American War, but which Mexicans call the "American Invasion" –

Doug: [Laughs]

L: I'm not joking. That's what they called it in the history books I was given in Mexican schools when I lived there in the '70s. It has long seemed to me that that was an ominous turn for the worse for the US and a clear example of conquering a weaker neighbor purely for pillage – not just Texas, but everything from there all the way to California.

Doug: That's right. Davey Crockett and the boys, we love them, but in many ways they were the equivalent of today's Mexicans who want to recolonize the southwest and turn it back into part of Mexico, in what they call the Reconquista.

L: Indeed, but this is ancient history to most US taxpayers today – I'm reminded that it's not correct in many cases to call them Americans.

Doug: Yes, just as it was a misnomer to call the people who lived in the Roman Empire after Diocletian Romans – because Roman citizens were once free men. After about 300 AD most of them were bound to the land or their occupations as serfs. But the slide for Rome started at least 120 years earlier, after the death of Marcus Aurelius. Politically, the decline started with the accession of Julius Caesar 240 years before that. So, when did the slide – politically, economically, and socially – really start for the US? When were there no more trends going up?

L: FDR? The New Deal was really a moral, economic, and political turning point.

Doug: You could make that argument, but the US still grew economically, despite the roadblocks FDR threw in its path. US military power and global prestige continued growing from that point, although, paradoxically, the accelerating growth of the US military was directly responsible for the decline of the US economically and in terms of personal freedom. One reason for the ascendancy of the US after World War II was that we were the only major country in the world not physically devastated by the war.

L: Ah. Right.

Doug: So it seems to me that the peak of American civilization was in the 1960s. As for evidence, well, I like to put my finger on the 1959 Cadillac. Those twin bullet taillights, the opulence of it… In terms of then-current technology, things couldn't get much better.

L: "Opulence. I has it."

Doug: [Laughs – a real belly laugh] That's my favorite TV commercial! Anyway, that was the peak, in my mind. Though things continued getting better for a while, the US started to live out of capital.

L: Had to pay for guns and butter.

Doug: That's right. The Johnson administration's so-called Great Society created vast new federal bureaucracies that promised Americans free food, shelter, medical care, education, and what-have-you. Americans became true wards of the state. But the real, final nail in the coffin for America was in 1971 –

L: Nixon taking the US off the gold standard.

Doug: Nixon taking the US off the gold standard – open devaluation of the dollar, combined with wage and price controls for some months. And that was not long after the so-called Bank Secrecy Act, which abolished bank secrecy, and required the reporting of all foreign financial accounts. Nixon was, in many ways, even more of a disaster than Johnson. Republicans are usually worse than Democrats when it comes to freedom, partly because they like to couch their depredations in the rhetoric of defending the free market. While everyone understands that Democrats are socialists just under the surface, Republicans actually give capitalism a bad name. Baby Bush is a perfect, recent example.

L: But don't you worry your pretty little head about devaluation – it's just a "bugaboo" – and as long as you're not one of those unpatriotic people wanting to buy imports or vacation abroad, your dollar will be worth just as much tomorrow as it is today. The scary thing is that the Belarusian dictator Lukashenko said almost the same thing when the Belarusian ruble lost two thirds of its forex value earlier this year, asking his countrymen why they need to go on vacation in Germany or buy German cars…

Doug: You see why I like to study history? It doesn't repeat, but it sure does rhyme…

L: With a vengeance.

Doug: So, anyway, since 1971, some things have improved largely due to technological advances, but the America That Was has been fading into the past. It was a decisive turning point. You can see that in the accelerated proliferation of undeclared wars we've had since then. I don't just mean the penny-ante invasions of Granada and Panama – the US has always lorded it over Caribbean and Central American banana republics; those are just sport wars. But Iraq and Afghanistan are alien cultures on the other side of the world – apart from never posing any threat to the US. Now it looks like Iran and Pakistan are on the dance card, and they're big game. The War Against Islam has started in earnest, and it's going to end badly for the US. I explained all this at great length in the white paper, Learn to Make Terror Your Friend, that I wrote for The Casey Report last month.

Domestically, saying that the US is turning into a police state when you started this conversation was quite accurate. You can see more and more videos spreading over the Internet, not just of police brutality, but demonstrating the militarization and federalization of police, who are being inculcated with both disdain for and paranoia about ordinary citizens.

In the old days, if you were stopped for speeding, the peace officer was polite – you could get out of your car, meet the cop on neutral ground, and chat with him. You didn't have a serious problem unless you were obviously drunk or combative. Now, you don't dare make a move. You better keep your hands in plain sight on the steering wheel and be ready for a Breathalyzer test without probable cause. The law enforcement officer will stand behind you with his hand on his gun. And you're the one who'd better be polite.

L: There has been a polar reversal. The cops used to address citizens as "sir" or "ma'am." Now, the correct response in a traffic stop is: "Yes, sir! I would love to inspect the bottom of your boot, sir!"

Doug: [Laughs] That's right. My friend Marc Victor gives out magnetized business cards. People ask, "Why?" He answers that it's so clients can put them on the bottom of their cars or refrigerators, so they can see it when the cops throw them to the ground.

L: Marc's a good man. There's a handy video on Marc's website, offering advice on what to do if you're pulled over by the police in a traffic stop.

Doug: A good public service announcement. At any rate, I think there's no question that the US has turned the corner on every basis: politically, socially, morally, and now, economically…

L: Okay, but, Doug, you said that in 1979 too. The question is, how do we know when the door is going to close?

Doug: [Laughs.] Well, sometimes I feel a little like the boy who cried wolf. But Roman writers like Tacitus and Sallust saw where Rome was going before it got completely out of control. Should they have said nothing, for fear of being too early? Here in the US, it should have gone over the edge back in the 1980s, but we got lucky. There was still a lot of forward momentum, which can last for decades when you're speaking of civilizations. There was the computer productivity boom. The Soviet Union collapsed, China liberalized, and Communism was discredited everywhere except on US college campuses. The end of the Cold War opened up vast areas of the world to the global market. And most surprising of all, Volker tightened up the money supply and interest rates went high, causing people to save money and stop borrowing to consume.

L: That's not happening this time.

Doug: No. We got lucky back then. Since the '90s we've had a long and totally phony, debt-driven boom that's now come to an end. I feel very confident that there's no way out this time. There are huge distortions and misallocations of capital that have been cranked into the system for two decades. And not just in the US this time, but in Europe, China, Japan, and elsewhere.

The US is very clearly on the decline. The fact that in spite of bankrupting military expenditures to no gain for the American people, those in power are talking overtly and aggressively about attacking more countries – Iran and Pakistan in particular – is extremely grave. The fact that they attacked Libya – which, incidentally, is going to turn into a total disaster, a civil war that will last for years – shows it's not stopping. Sure, Obama brought troops home from Iraq – another disaster that's going to remain a disaster for years to come – but at the same time he put a company of combat troops in Uganda, of all places and Marines in Australia, to provoke the Chinese.

Back home, I've read reports that people are being stopped for carrying gold coins out of the US, in Houston in particular. Now we have authorization of the military to detain US citizens, on US soil, with no trail, and indefinitely, on the verge of becoming law. And Predator Drones have been used to hunt down farmers on their own ranches.

I could go on and on. This is not like spotting early signs of decay in America's expansionist wars of the 19^th century or things getting worse with FDR. Most people can't see it with all the noise and confusion, but we've reached the edge of the precipice.

L: Don't worry about exactly where the edge is, just assume it's there and take appropriate action?

Doug: Yes. It really is there. It's a clear and present danger. But most Americans are as oblivious as most Germans were in the '30s. In fact, most of them support what's going on, just as most Germans supported their government in the '30s and '40s.

L: So… don't worry about figuring out exactly when the gates will shut. Assume they are shutting now?

Doug: That's right. One should be actively and vigorously looking to expatriate assets, cash, and even one's self. A prudent person will always be diversified politically and internationally.

L: What about people who have jobs they can't continue doing from abroad and who need the income?

Doug: They should still prepare, as best they can, to be ready to go on a vacation when things get hot – a vacation from which they might not return for a long time. All that needs happen, with the hysteria that's building in the US, is for a major terrorist incident – real or imagined – to occur. Homeland Security will lock the country down. I hate to admit it, but I'm almost starting to credit the stories about those FEMA camps.

Look, I know it sounds extreme, and the comparison to pre-WWII Germany has been made many times, but it bears repeating. Germany was the most literate, civilized, and even mellow, in some ways, country in Europe. It was much admired all around the world – a nation of shopkeepers, small farmers, and scholars. But the whole character of the place started changing in 1933, and it just got worse and worse. By the end of 1939, if you weren't out, you were done.

L: [Pauses] Well, not a cheerful thought. Actions to take?

Doug: Things we've said before: Set up foreign bank accounts in places you like to travel, while you can. Set up vault arrangements for physical precious metals outside the US. Buy foreign real estate that you'd like to own, because it can't be forcibly repatriated. Offshore asset protection trusts are a good idea too. Let me emphasize that US taxpayers should stay within all US laws, because the consequences of breaking them are unbelievably draconian.

Generally, one simply must internationalize one's assets. The biggest danger investors face, by far, is not market risk – huge as that will be – but political risk. The only way to insulate yourself from such risk is to diversify yourself politically and geographically.

L: Right then… words to the wise. Thanks for your insight.

Doug: You're welcome. Most won't, but I just hope readers listen.

Contact us for assest protection at Banker Trust. We offer offshore real estate, vault and transport services, and 2nd passports. Contact us at BankerTrust@gmail.com

2012-01-06T08:32:00.000-05:00

In praise of a second (or third) passport

Multiple identities are natural. Citizenship laws should catch up

Jan 7th 2012 | from the print edition

SEEN from the state’s point of view, multiple citizenship is at best untidy and at worst a menace. Officials would prefer you to be born, live, work, pay taxes, draw benefits and die in the same place, travel on one passport only, and bequeath only one nationality to your offspring. In wartime the state has a unique call on your loyalty—and perhaps your life. Citizenship is the glue keeping individual and state together. Tamper with it, and the relationship comes unstuck.

But life is more complicated than that. Loyalty to political entities need not be exclusive: indeed, it often overlaps. Many Jews hold Israeli passports in solidarity with the Jewish state (and as an insurance policy), alongside citizenship of their native country. Teutons may be proud to be simultaneously Bavarian, German and European. Irish citizens can vote in British elections. The old notion of one-man, one-state citizenship looks outdated: more than 200m people now live and work outside the countries in which they were born—but still wish to travel home, or marry or invest there.

One longstanding worry, the security of the state, seems out of date in modern countries. Citizenship mattered in the days when defense relied on conscription. But modern warfare does not require armies of ill-trained conscripts. Few countries now rely on mandatory military service and those that do are mostly winding down the draft. Citizenship is no guarantee of loyalty: history’s worst traitors have been true-born citizens. Many of those ready to fight most enthusiastically for a flag will have gone through hell to get to their country.

The wrong response to this is political protectionism, with states forcing citizens to choose one nationality only, or hampering their right to multiple passports. This seems an odd approach, given that citizenship is so easily acquired. In some countries it is, in effect, on sale. In others, such as America, it may be an accident of birth, with no conscious choice involved. Rather than making a fetish out of passports, a better approach would be to use residence (especially tax residence) as the main criterion for an individual’s rights and responsibilities. That encourages cohesion and commitment, because it stems from a conscious decision to live in a country and abide by its rules. The world is gradually moving in this direction. But many states (mostly poor and ill-run) resist the trend and some rich democracies like the Netherlands and Germany are trying to curb it (see article), offering a variety of excuses.

That leaves a host of political and financial problems that governments associate with non-citizens: they dodge taxes, grab benefits or retain retrograde habits from their countries of origin. So they sometimes do. But countries that want to clamp down on tax evasion, protect their national language, or deter such foreign customs as forced marriage, should do so through specific laws tailored to these ends, rather than relying on the symbolic power of citizenship. America’s policy of taxing its citizens wherever they live seems especially perverse; it is an accountants’ charter.

Contact us about obtaining your 2nd passport. Procurement prices start at $19,900 from the Dominican Republic. This is among the most economical passport programs. We have many other countries and programs we offer. BankerTrust@gmail.com

2nd Passports – Who Needs ‘Em?

2011-12-31T18:54:00.000-05:00

If you are reading this article, the likely answer is, “You need a 2^nd passport.” Of course that is an easy answer to a rather complicated question, so let’s delve into the reasons why you may want to consider a 2^nd passport and the various ways in which to obtain one.

For starters, a 2^nd passport can be the best protection for your life money can buy. Imagine you are an American, British or Israeli passport holder on a flight from Madrid to New York City and all of a sudden you hear several angry men yelling demands for documentation from all of the people sitting on-board.

You turn to look at the source of the hostility and there is a noticeably agitated Middle Eastern man wielding a makeshift knife standing at your side threatening you if you don’t hand over your passport. Quick question: Do you hand him your Israeli (or US or British if that’s what you have) passport, or your Swedish passport? Which do you think would give you a better chance of survival?

A 2^nd passport can also offer you a lot of freedom in your business, banking and investment opportunities. For example, many European banks no longer accept American citizens as account holders. But if you show them your Chilean passport, they welcome you, and your money, with open arms.

Quite frankly there are many investment opportunities around the world that are not available to people from various countries. A respectable Nigerian businessman finds travel and business opportunities almost impossible without a 2^nd passport. South Africans and Russians need to obtain a visa to go almost anywhere in the world.

With the current crackdown on perceived offshore tax evasion by Americans, many doors are closed to American passport holders. With an Irish passport however, you can be exposed to business deals you never dreamed possible.

A 2^nd passport can also give you a way to escape prosecution from crimes you are not guilty of committing, government oppression, civil unrest, or even a litigious ex-spouse. It effectively gives you a way to escape from your old life and start anew.

By acquiring a 2^nd passport you become a multinational sovereign individual with unbeatable financial privacy. Contrary to popular opinion, a passport is not personal property. It is owned by the issuing government.

As a holder of only one passport, you are under the control of that one country. Your passport can be confiscated or invalidated at any time by the issuing country for any reason they deem necessary.

Did you forget to file your tax return for 2 years in a row? Did you publish an article in your local newspaper that was critical of a particular administration’s political agenda? Did you forget to disclose the shares of a company you own in Australia? Maybe you have 25 unpaid parking tickets that slipped your mind when you moved to Argentina with your girlfriend 3 years ago. Any of these things could be reason enough for your home country to confiscate your passport rendering you immobile.

Of course, they will happily provide you with a one-use, one-way passport back to your country of origin to clear up any discrepancies. Either way, you are trapped with no hope of escaping…unless you hold a 2^nd passport.

With a 2^nd passport you are no longer immobilized and grounded. You can conduct business, do your banking, investing, and travel as you please. You then have the leverage to negotiate from abroad with your home country to fix the problems that invalidated your home country passport if you chose.

For our purposes here, we will classify 2^nd passports into 3 categories;

Black
Grey
White

I will start with black. We do not encourage or recommend any connection with black market passports in any way, shape or form. These 2^nd passports come in a variety of ways, none of them legal. Many of them can get you into a lot of trouble.

Usually they involve using stolen blank passports and personal details of a recently deceased person. They could also be complete counterfeits or even existing passports stolen from someone with a craftily altered picture. Either way, you are treading on thin ice here.

This could only be a viable alternative if your life was at risk and you had no other options – think American or British citizens living in Baghdad immediately following the Iraqi war.

The next category of 2^nd passports could be considered grey market. These are legitimate passports acquired in ways that are not considered standard governmental programs. This could be a tip (bribe) to a migration official to expedite the process. This could be a well connected local lawyer who has the favor of local politicians and can get special treatment granted for various types of gifts.

This process may also involve backdating documents or providing affidavits to confirm your ancestral, religious, or cultural connection to the country. However obtained, these grey market passports are legitimate passports acquired in by dubious means. These can be a great option for someone looking for a banking or travel passport, but definitely not a good as your primary citizenship.

The last category of 2^nd passport is what I call white market. These are the completely legitimate, government sponsored programs. Citizenship is acquired by naturalization through the required residency period. Most countries nowadays have extensive residency requirements before you can apply for citizenship. Many European countries have 5 year minimums while some like Switzerland require at least a decade. In some cases this may be expedited if you can prove family or religious ties to the country.

There are also a few white passport programs that can be acquired through what is called an economic citizenship program. Countries like St. Kitts and Nevis as well as Dominica (not Dominican Republic) offer these programs. However they are very pricey costing upwards of over $100,000.

Regardless of how you obtain a 2^nd passport, we highly encourage liberty minded, freedom seeking individuals to seriously consider their options. A 2^nd passport could be your ticket to freedom.

If you are interested in receiving a passport from a country that offers fully legitimate citizenship after a 2 1/2 year ‘paper’ residency (you don’t need to actually live there) for under $20,000 please contact us. BankerTrust@gmail.com

The US is turning into a police state and many countries around the world are following behind Uncle Sam. The time to act is now. So what should you do?

2011-12-26T15:49:00.000-05:00

First, make sure you have access to funds outside of your home country. This is one of the most important flags that you can plant. You should open a foreign bank account , and/or consider storing precious metals in a private storage facility overseas.

Second, you should really be thinking hard about foreign property. Why? Because it can be a great investment; it's an easy, non-reportable way to move money overseas; and it can be your escape hatch when you're finally ready to hit the eject button.

Remember, I'm not talking about a 50 million euro villa in Monaco; you can pick up cheap land in Latin America for less than $20 per acre, and I'm pretty sure that everyone reading this letter has at least 20 bucks to spare.

Third, if you have the means, you should really consider obtaining second (or third, fourth, etc.) citizenship. Second citizenship can be the ultimate emergency exit if things get really bad, and it effectively serves as the most comprehensive insurance policy you could even have.

Fourth, give serious consideration to your finances; unless you are already independently wealthy or have sustainable income streams, think about what you would do to earn money if you lost your job today.

Think about what skills you have-- what problems can you solve that other people are willing to pay you for? What opportunities to you see around you that can be quickly and profitably exploited?

Banker Trust can assist you with any of the above. Just contact us. BankerTrust@gmail.com

4 Steps that can help keep your assets safe from an out-of-control government

2011-12-24T10:12:00.000-05:00

By keeping all your assets in the country where you live, you commit, ahead of time, to ratify whatever policy your home government might adopt, no matter how objectionable, unreasonable or pernicious that policy happens to be. If the next new mandate is "Register today to get a nail pounded into your head," you're already signed up.

Americans, by and large, run all their affairs within the confines of the US. The US economy is so large and so varied that it's easy to assume that everything you want to do with your wealth can be done without crossing any borders. And people in the US, like people anywhere, live with the habits and attitudes developed over generations. They're only human. In the case of Americans, those habits grew out of long experience with a government that was small and that generally practiced the rare virtue of following its own laws. In a happy exception to mankind's experience with rulers, there was little to fear from it.

Stay at home is still the norm for Americans, but it's a norm that is slowly fading. Every billion-dollar tick of the government debt clock, every expansion of the government's regulatory apparatus, every overreaching judicial decision made in the name of a compelling public need, every inversion of protection for citizens into license for the state and every intellectually tortured discovery of a new meaning in the Constitution's 4,400 old words leaves a few thousand more people wondering how prudent it is to consign all their eggs to a single national basket. Encounters with high-handed IRS agents and eager TSA gropers do nothing to ease that concern. And for those who listen thoughtfully, the messages from our designated leaders and their would-be replacements only hurry the dawning sense of unease.

Specific worries include exposure to predatory lawsuits, especially claims that could draw extra go-power by association with politically favored causes or legally favored groups; fear of where income tax rates might climb; the prospect of losing a family business in a regulatory battle or simply through estate tax; the fragility of financial institutions that have operated for forty years with the assurance that the Federal Reserve would rescue them from any folly; the possibility that a government desperate to protect the dollar from collapse might impose foreign exchange controls or capital controls; the memory and precedent of the forced gold sales of 1933; and the thought that a government floundering in deficits might start pilfering from IRAs and other pension plans.

But beyond those particular worries and perhaps more important than any of them is the sense that from here on, anything goes. The politicians will do whatever they find convenient, because there is no longer anything to stop them – not an electorate that is jealous of its freedoms and certainly not the Constitution, which is now just a playhouse for judicial imagineering. No one can know what's coming next from the government and the financial system it has fostered, but for many of us there is an awful suspicion that we are not going to like it.

Most Americans still have yet to stick a single financial toe across the border, but more and more are considering it. Many, perhaps millions of toes are now twitching at the thought. Their owners want to end their absolute dependence on what happens in the US. They want to prepare for whatever is coming down the road, even though they don't know what it will be. They want to be as ready as possible, even though their worries can only guess at what's ahead.

Because internationalizing your financial life means dealing with the unfamiliar, the project can seem more complex than it really is, so it's best to start with the simplest measures, even if by themselves they don't give you all the safety you're looking for. Even from a simple beginning, what you learn with each step will make the next step easier to plan. Start with the first rung on the ladder of internationalization. Then climb, at your own speed, to reach the right level of protection.

Step 1: Coins in Your Pocket

Gold coins that you've stored personally give you something whose value doesn't depend on the health of the US economy, doesn't depend on any financial institution in the US and doesn't depend on any US government policy. Gold coins are portable and hold their value no matter where in the world you might take them. They're internationalization in a wafer. Safety cookies.

It's best to buy the coins for cash, for maximum privacy. And there is a good reason to favor one-tenth-ounce gold Eagles. Gold coins mean readiness for troubled times; if you ever need to dispose of the gold in an informal market, it will be easier to do so with small-denomination coins that are widely recognizable and whose value matches the scale on which large numbers of people normally trade.

The premium on one-tenth-ounce coins (the price compared with the value of the gold content) is higher than on the larger coins – usually about 15% for the small coins vs. 5% for one-ounce Eagles. But the premium isn't a dead cost, like a commission or bid-ask spread. The premium is a second investment; it's what you pay for the packaging, and you can expect to recover it when you sell or trade. And in the circumstances when you would have the strongest reasons for thanking yourself for having bought some gold, the premium you paid will look like a bargain. We recommend storage of these coins in our non-US bank safe deposit box.

Step 2: A Foreign Bank Account

On its own initiative, the IRS can freeze any bank account in the US without warning. The action might arise from mistaken identity, from an erroneous filing by some other taxpayer, from your failure to respond to an IRS notice in time or even from a postal error. And that's what can happen without malice. Other government agencies have similar powers to act on their own, without giving you an opportunity to object in court. And any one of them might act against you for any of their specialized reasons – perhaps because someone resents your inattention to the needs of the migratory birds that visit your property or perhaps because someone thinks it would be fun to point to you as a terrorist, drug smuggler, arms dealer or child-porn merchant.

In principle, there are legal avenues for undoing a freeze or a seizure. But you'd need a lawyer, and being suddenly penniless could get in the way of hiring one. A foreign bank account protects you from being trapped in such a nightmare. The US government can get to your foreign bank account eventually, because it can get to you. But a lightning seizure is very unlikely, because it would require a foreign government to override its own legal processes, which it generally wouldn't be willing to do except in a grave emergency. So if your liquid assets at home were frozen, you would have cash outside the US to fund the legal cost of untangling the problem.

A foreign bank account is also a way to step back from the uncertainties of the US dollar, since the account could be denominated in another currency. The US government has seen to it that Americans are no longer welcome customers at foreign banks. So forget about opening a Swiss bank account in your own name. However, Banker Trust can help you open a bank account in the Dominican Republic which is compliant with US rules and safe from confiscation.

Step 3: Gold Abroad

The forced gold sales of 1933 were the work of an executive order signed by President Roosevelt. The purported legal basis for the order was the Trading With The Enemy Act, a legislative artifact of World War I. I have yet to find an explanation of how the authority for an order requiring Americans to sell their gold to the government at the government's official price of $20 per ounce could be found in the Trading With The Enemy Act, but the fact that the enemy in question had gone out of business 15 years earlier didn't seem to interfere with the legal logic.

The forced sale was a prelude to an increase in the official gold price to $35. The government's reason for wanting that price rise was to gain leeway for a substantial, though limited, inflation of the dollar while keeping the dollar on the international gold standard. The forced sale was a way for the government, which operated in a political environment that still disfavored deficit spending, to capture the profit from the price rise. That profit would be a kitty for more spending without more borrowing.

Today there is no gold standard for the government to stay on. And deficit spending isn't something politicians especially want to avoid; they've promoted it as a civic duty, to stimulate the economy. So the depression-era motives for a gold grab don't seem to apply. Yet you can't listen to a conversation between two gold investors without hearing the seizure topic coming up.

Are they just scaring each other? I don't believe so. There are two potential motives for the government to again treat gold differently from everything else. If the dollar's slide in foreign exchange markets threatens to turn into a panic, the government might want to use gold sales to foreigners to mop up foreign-held dollars – in which case it might see a need to mop up the gold owned by its own citizens. That's bad enough, but a second motive is a good bit nastier. At a visceral level, people who have centered their lives on government just don't like gold. It's an affront to the government's authority to command and control and an insult to government's supposed aptitude for solving economic problems. So disrespectful. From their point of view, every ounce purchased by an American is another tomato hurled at the political class. And the purchasers still constitute a tiny minority of the voting population. What could be more satisfying and convenient for the politicians than to kick sand in the face of gold investors for being such lousy citizens?

A new attack on gold ownership probably wouldn't be a point-for-point reenactment of 1933. There are many weapons for mugging gold investors. It could be a prohibition on gold ownership coupled with a prohibition on sales of gold to foreigners. The only one left to buy would be the government, and being the only bidder, it would be a very low bidder. It could be a commandeering of privately owned gold, with token compensation like the $15 per day paid for jury duty. It could be a super tax, say 90%, on gold profits, which would get the job done slowly... or quickly if it were accompanied by a mark-to-market rule. Or it could be something none of us has thought of yet.

Not only can't we know the shape of a future gold grab, we can't know whether or how the rules would touch foreign-held gold. Owners of gold stored outside the US would be a minority of a minority. Their gold wouldn't be the low-hanging fruit – it would be higher up in the tree and more trouble to get to. That's why, in a casino sense, gold overseas is a different bet and a better bet than gold at home. Maybe it will turn out that storing gold overseas won't matter at all, in which case a little effort will have been wasted. And maybe it will turn out to matter a great deal. We recommend storage of gold in our safe deposit boxes.

Step 4: Foreign Real Estate

Owning real estate in another country gives you a suite of protections that distinguishes it from other steps toward internationalization.

First, the property's value will depend on economic conditions in the country you've chosen, not on what happens in the US. If the economy of the foreign country grows and prospers, there is likely to be a spillover effect on the market value of your house, apartment, farm or patch of land – regardless of what is going on in the US.

Second, a foreign real estate investment would be hard to digest for any future capital controls imposed by the US. New rules could compel you to repatriate the cash you have in a foreign bank; rules forcing you to liquidate your foreign real estate and bring the money home would be another matter. Selling real estate isn't quick or easy. How does the government compel an unwilling citizen to do what an eager seller often finds difficult to accomplish?

Third, as a potential prize for a lawsuit attacker, foreign real estate is a stinker. Even if he wins a judgment against you, foreclosing on your foreign property would be difficult to impossible, since it would require the cooperation of the courts in the foreign country, about whose rules and procedures the attacker's attorney probably knows nothing. But he does know that even if he persuades a court in the US to order you to sell the property, the inherent illiquidity of real estate would give you plenty of opportunities for foot-dragging.

Where to buy? The whole world is open to you... which can be a problem. So many possibilities and no obvious place to start. One approach is to think about where you've been that you'd like to visit again or about some place you've long wanted to see. Plan to spend a few weeks there. Minimize your hotel hours, to maximize your exposure to the rest of the locale. Try to meet Americans, perhaps expatriates, who know their way around the place and who can point you toward a real estate broker who won't try to treat you as an out-of-town sucker.

Buying foreign real estate isn't for everyone. It requires a big investment in time and effort, but it could repay you with an asset that is low on the list of things anyone might try to take from you. Please contact us for current real estate possibilities.

One Toe over the Line

It's a long way from walking into the local coin shop and buying a few one-tenth-ounce gold Eagles to setting up a trust in a foreign country. But the distance isn't nearly as great as you might imagine, and it will get shorter both in fact and in apprehension with each step you take.

As you move up the ladder, you'll learn about the reporting requirements for US taxpayers. Step 1 (gold coins in your pocket) entails no reporting. Step 4 (foreign real estate) also is free of reporting requirements, at least for now. But under rules in effect now or soon to come, everything else covered in this article entails filing a form with the US government. The most reliable way to make sure that you stay within the rules, so that internationalization adds to your safety and not to your problems, is to let your accountant know what you are doing. Keep him informed, so that he can see to it that all the reporting requirements are satisfied.

[Every day you delay beginning your internationalization strategy is another day your bank accounts are hemorrhaging.

How the US is Spying on YOU

2011-12-21T05:39:00.001-05:00

Here's a quick crash course in how the intelligence business works these days. Despite the Hollywood mystique of suave, womanizing, pun-dropping men of mystery flitting around the world, it's much more mundane.

In reality, government operatives from a host of three-letter agencies are working to develop large networks of informants. These are mostly folks who deal with other people and are in the know-- the bartender in Beirut, the luxury car dealer in Bogota, the money changer in Riyadh, the hotel manager in Shanghai, etc.

These assets are constantly being pumped for information-- who did you see, what were they buying, where did they go next, who were they with, what were they discussing, etc. And in exchange, informants typically get paid.

In the United States, there are a number of laws on the books which are theoretically supposed to prevent the three letter agencies from spying on US citizens. Naturally, the government dispenses with such inconvenient formalities in its sole discretion, and Congress frequently passes legislative exceptions (USA PATRIOT Act, NDAA, etc.)

There's a little known division of the Treasury Department called the Financial Crimes Enforcement Network (FinCEN) whose mission is to "to enhance U.S. national security, deter and detect criminal activity, and safeguard financial systems from abuse by promoting transparency in the U.S. and international financial systems."

Here's a government agency rule of thumb: The more noble-sounding the mission statement, the more villainous the agency.

FinCEN is basically the CIA of the financial system. But unlike the CIA which is technically not allowed to spy on US citizens and typically has to pay informants, FinCEN has complete legal authority over US persons. And they've managed to turn the entire financial system into the world's largest network of informants.

Simply put, your banker is an unpaid, often unwilling spy of the US government.

Case in point-- last week, FinCEN announced that a California banker had been slapped with a $25,000 penalty for notifying a customer who had become the subject of a federal "Suspicious Activity Report" or SAR.

SARs are required to be filed by bankers, brokers, money changers, check cashers, and even casinos. You may have been the subject of dozens of SARs and never know, because it's against the law for your banker to notify you.

As for what is considered "suspicious", there is no clear guidance on this. It could be anything-- depositing or withdrawing too much cash, ATM withdrawals in foreign countries, unusual fund transfers into your account. Basically, anything that's a departure from a completely sterile existence.

What's more, financial institutions frequently have a minimum quota of SARs to fill out, and those who do not comply face severe penalties. Financial institution employees can even face CRIMINAL charges for failing to file a SAR.

Now, your banker may be a good guy, but do you think s/he's willing to do jail time? No chance.

This is how normal, everyday people end up on government watch lists or have their assets frozen 'pending investigation'. And with the recent passing of the National Defense Authorization Act and its catch-all terrorism clauses, we can only expect this to get worse.

It's truly despicable when you think about it-- the federal government creates a currency monopoly at the point of a gun (try buying your groceries with Swiss francs). Then they make it nearly impossible to function in this world without using the banking system, and then turn the entire banking system into a network of spies.

If you want to reduce these risks and dull the impact of the coming wave of SAR-driven civil asset forfeiture, it would be a really smart move to open a foreign bank account.

Nearly every country in the world has anti-money laundering rules now. Some, are easier than others. But the bottom line is that you'd be moving your money out of the jurisdiction where you live, and into a place where those agencies have zero (or limited) authority.

And if you want even more financial privacy, I'd strongly recommend holding precious metals in an overseas vault.

How the US government will seize your retirement account

2011-12-13T14:36:00.000-05:00

Here's how it will go down:First, there will be some event... some sort of financial cataclysm, similar to the market meltdown we saw in 2008 after Lehman. Bear in mind that most IRAs are managed by boneheads at big financial institutions; they get compensated not based on the performance of their portfolio, but on the total amount of assets under management. Your interests and their interests do not align. As such, most IRAs are callously tossed into S&P index funds or some such generic vehicle, citing the safety of broader market diversification, as if that nonsense they teach in MBA finance classes is how the real world actually works. When a big crash occurs, these unhedged broad market positions get hammered the most. Don't worry though, your fund manager will still get a big fat bonus check, because his performance is irrelevant. This is when Congress will step in. Citing its desire to 'protect' the American people from future market shocks, the politicians will mandate that a portion of all managed retirement funds be invested in the 'safety and security' of US Treasury bonds. And, just to be on the safe side, let's park them in 30-year bonds that yield 4.35%. Sound fair? Well who asked you anyways... just be a good citizen and turn over your money already. The important part is that the big financial institutions still get their big fat fees, and the government gets its hands on the mother lode. This is how US taxpayers will end up being forced to loan their hard earned retirement savings to the government at rates far below any expected inflation. Right now, there is a window of opportunity to take action; US taxpayers with retirement accounts can set up a special kind of IRA structure that allows you to take control of your retirement savings, and even ship it offshore if you want to, completely legitimately. After taking control of your IRA, you can do any number of things-- buy and store gold and silver coins overseas; hold foreign currencies in an offshore bank account; buy securities on international stock exchanges; purchase agricultural property overseas, or even a beautiful apartment on the beach in some sunny country. The possibilities are incredible... but the most important thing is that you get this retirement money off the radar of the politicians before the rule change, virtually overnight. These things can happen very, very quickly. See www.Banker-Trust.com and contact us if we can help.

Why International Diversification is so Critical

2011-12-11T19:17:00.001-05:00

Apparently the Chinese didn't learn much from the US property bust; they've made precisely the same mistakes, and it's starting to have serious effects on the broader economy. Meanwhile, speaker after speaker acknowledged the massive insolvency issues that await the United States... and further argued that Greece is just the beginning of Europe's problems. Here's the thing about governments going bust-- it's been happening for centuries. Default is nearly as old as the concept of the sovereign bond itself, and history is generous with examples.Spain has defaulted 15 times since the 16th century. Greece has defaulted 5 times since the 19th century. Portugal has defaulted 7 times since the 16th century. What's happening right now is nothing new. Neither is government response.You see, when governments get deeper and deeper into debt, their options start to run out. They become desperate, and history shows a common pattern: First, they impose capital controls. They compel individuals and businesses to repatriate funds from abroad, or prevent them from moving new funds overseas. This is happening in several countries right now.For example, Argentina's fascist president Cristina Fernandez just ordered oil, gas, and mining exporters to repatriate all export revenue back to Argentina. This was her very first presidential decree after winning re-election just days ago.The second thing they'll do is direct capital into government bonds. Pension funds, central banks, commercial banks, private corporations, and even individual investors will be forced into the 'safety and security' of government debt. That means YOU.This is also happening all over the world right now-- Hungary, Ireland, Argentina, etc. Third, they'll inflate away the debt by conjuring more money out of thin air. Everyone holding government bonds will lose money against inflation. Again, this is also happening.Last, they'll selectively default against politically weak bondholders. Example-- paint the Chinese out to be economic terrorists, then stiff them. It's a slippery slope delay tactic that usually results in full-blown default.This is why international diversification is so critical. When the gates starts closing around your capital and livelihood, it's important to have taken the appropriate defensive measures IN ADVANCE.

Canadian Citizenship

2011-12-06T12:30:00.001-05:00

As more and more Canadians visit the Dominican Republic we thought it a good idea to look at acquiring Canadian Citizenship. In the last few years, Canada has become more attractive as a destination for would-be immigrants. The country invariably scores near the top of various international life-style country rankings.For starters, Canada has a very stable political and financial system, which stood up well during the 2008 Credit Crisis. Canada is also widely recognized for its health care system (accessible to all its residents), yet it boasts the lowest corporate tax rate among the G-8 nations.Moreover, Canada is the second largest country in the world (bigger than either the United States or China), but has a population that is roughly the same as just Pennsylvania, Michigan and Ohio combined. As a result, Canadians enjoy a high standard of living due to their abundant agriculture and natural resources (including water, timber, hydrocarbons and minerals), which are spread out over very few individuals.Among those who have been increasingly looking at Canada as an option for residency and citizenship are high-net-worth Americans. As the U.S. debt grows to unmanageable heights and the government is increasingly applying new force and security measures, Americans are seeking refuge for safety and a chance at future prosperity. Canada is familiar to most Americans and it is geographically located for easy access from anywhere in the US.Generally speaking, there are two options for Americans to become a citizen of Canada. The first is the Quebec Investor Program. This program entitles the applicant to immediate permanent resident status (the precursor to citizenship) upon application approval and the investment of $800,000 CAD with the government of Quebec. The investment is repaid five years later but interest-free. Most banks in Canada will lend the investment amount to the applicant for a one-time payment of $220,000, but there is a net worth threshold of $1.6M. Canadian citizenship is obtained in three years from the date of obtaining permanent residence.The second option is to obtain a work permit in Canada first, and then apply for permanent resident status. Americans have the unique ability (along with Mexicans) to obtain residency through employment or investor programs under the North American Free Trade Agreement (NAFTA).NAFTA's Treaty Investor classification allows an American to come to Canada to direct and develop the operations of an enterprise in which he or she has invested a substantial amount of capital. The subject investment must be lawfully acquired or created and involve capital at commercial risk. In other words, capital must be at stake in a legitimate business operation.Vancouver, BCThe Professional or "TN" classification allows an American working in one of the professions listed in Appendix 1603.0.1 of NAFTA to petition for a work visa at any point of entry into Canada. There is no annual limit on the number of admissions under the Professional category from the United States, but a job offer is needed for applicants to be considered.Dependents (spouses and unmarried children under 21 years of age) are entitled to live in Canada and may attend school, but may not be employed except in the case of the spouse of a principal applicant under the Treaty Investor classification, who is entitled to a work permit.Once permission to work is obtained, an application for permanent residency status can be started, which takes between 18-24 months for approval. After obtaining PR status, you can apply for citizenship in about two more years.Dual citizenship is legal in both Canada and the United States. Moreover, Americans acquiring Canadian citizenship do not automatically lose their US citizenship.Americans can voluntarily renounce their US citizenship by applying to the US government (however, any applicant must be up to date on all tax and foreign bank account filings.)Anyone renouncing their American citizenship loses their rights in respect of the United States, including their US passport. Subsequent entry into the US will then require a visa. However, under NAFTA guidelines, Canadian entry into the US is granted on the spot at the port of entry, without application to a Consulate for a visa.Taxation IssuesAmericans are taxed based on their citizenship. Canadians, on the other hand, are taxed, not based on citizenship, but rather on residency. Generally speaking, Canadians who live outside of Canada do not pay taxes in Canada. Americans who live outside of the United States are entitled to exclude from their taxable income approximately $90,000 of foreign earned employment income, plus housing costs.Many Canadian residents avail themselves of planning that creates a third party entity that is legally a non-resident of Canada. Certain investment and business income can grow tax-free under such planning.In short, there are a number of opportunities for tax mitigation for Canadians that are not available to Americans.Finally, with the imposition of FATCA (Foreign Account Tax Compliance Act) by the U.S. on financial institutions around the world, many banks and investment brokers will no longer accept Americans as account holders. In addition to all of the other benefits of obtaining Canadian citizenship, American immigrants can use their Canadian citizenship to open bank accounts and invest funds worldwide without restriction.If you are interested in Canadian Citizenship, please contact us BankerTrust@gmail.com

Why you need a 2nd Passport, an IBC and a Offshore Bank Account

2011-12-01T13:16:00.001-05:00

Yesterday we had a client inquire about offshore asset protection planning and the PT lifestyle. He didn’t understand why anyone would want or need a 2nd passport, a Dominican company (IBC), or offshore bank account.Understandably, this is a common concern for many people, and you may not know the reason for establishing this type of financial and life planning. Clearly, the majority of you reading this understand the need or else you probably wouldn’t be reading my newsletter, but many of you are still reluctant to pull the trigger.There are many reasons one may consider this type of offshore asset protection planning, but ultimately they all come down to privacy and wealth preservation. Recently we had a call from a guy; let’s call him Victor, who had been through a nasty divorce. Like many people over the past few years, Victor had been significantly impacted by the current economic situation in the US.Before 2008, Victor earned a fairly large income well into the mid 6 figures. He had a nice, big house, expensive cars, country club membership, and all the other trappings of wealth that keep you competitive with your neighbors. He also had a wife; let’s call her Svetlana, who very much enjoyed the expensive lifestyle.Fast forward to 2011. Victor’s business took a dramatic hit (real estate), as did his income. He had to liquidate many of these symbols of wealth and cut back expenses. He had to get a job, but now earns around $80,000 per year. Luckily, Victor was wise enough to save some money during the boom times as well as the cash he got from selling his expensive house and toys.Unfortunately, Svetlana was just not willing to accept this reduced standard of living. She was very unhappy now that she was unable to have expensive 3 martini lunches with her gal pals, tennis lessons, or free-for-all shopping trips on a weekly basis. To cut to the chase, Svetlana left Victor and took him to court for alimony support. In court, the judge awarded Svetlana 50% of all marital assets, which Victor was fine with. But the kicker was when the judge ordered Victor to pay $8000 per month in alimony to poor, little Svetlana. Remember, Victor didn’t even earn that much. Regardless, the judge didn’t believe Victor’s hard case story and somehow figured he could find a way to earn the difference. Now he is in a difficult situation, both from a financial and personal perspective. Victor cannot afford to pay, but if he doesn’t he risks going to jail. His assets will be immediately frozen and his ability to work will be cut off thus digging him even deeper in the hole with his ex-wife.Victor does have a few options here, but unfortunately his situation would have been much better had he taken the precautions before his assets and his freedom were at risk. If Victor had done some very basic asset protection planning like setting up a Dominican company (IBC) and offshore bank account, he could have moved his liquid assets outside of the jurisdiction of the US court system. This would have given him a financial ‘escape hatch’ and prevented the judge from freezing his assets.Keep in mind, offshore jurisdictions like Dominican Republic respect your privacy and do not recognize foreign judgments except in very rare, extreme cases. In other words, your Dominican company (IBC) and offshore bank account would be completely safe and outside the reach of poor, little Svetlana. Another step Victor could have taken was to establish residency and/or citizenship in a foreign country which would have given him the ability to leave the US for the new country of residence and potentially get a passport. While this may seem extreme for someone like Victor during his happily married, and much wealthier years, there are also various other benefits for establishing residency and/or citizenship in another country aside from the ability to run and hide from a future, potentially vicious ex-wife. Please keep in mind, the illustration of Victor’s dire situation merely as an example of one reason why someone may want to seriously consider offshore asset protection planning and foreign residency and/or citizenship. Write us at BankerTrust@gmail.com for information on securing an IBC, offshore bank account and 2nd passport.

6 Reasons to Consider a 2nd Passport

2011-11-25T16:27:00.001-05:00

Gaining a second citizenship requires a fair amount of research, a fair amount of bureaucracy and most of all, a fair amount of patience. Occasionally, depending on the program, it can also involve a fair amount of coin.But, a second citizenship can offer an exceptional number of benefits as well which might fit well within your overall internationalization plan. Here are just a few of the reasons to consider it.One: "Nobody kills all the Slovakians"... or Uruguayans, Costa Ricans or Dominicans. But, it will come as no surprise that certain passports do attract more negative attention abroad than others - the US, UK and Israel (in certain places), come to mind. Any time one country decides to apply military pressure against another, it will create local anger and frustration that is then projected onto the general citizenry of the oppressive nation. It doesn't matter if that particular citizen was against the conflict, the passport alone makes him a target. The terror attacks of 2008 in Mumbai specifically targeted US and British citizens, for example.On the other hand, there are certain nationalities that are either relatively well respected as peacemakers (Canada, Costa Rica), or ones that have tended to mind their own business rather than attempting to project influence outside their borders (Switzerland, Uruguay, Dominican Republic).In other words, having a "neutral" passport can act as a useful insurance policy in case of trouble.Two: Bypass potential travel restrictions / visas Having a second passport allows you to avoid potential travel restrictions or the need to get entry visas to certain countries.Much of the value of any passport is the number of countries it will let you access without requiring the often expensive and time-consuming visa application process. Denmark, Sweden and Finland top the list in that regards with access to 173 different jurisdictions. Perhaps not surprisingly, a country like Afghanistan offers one of the least useful travel documents.Three: Emergency boltholeA second passport acts as an emergency insurance policy in case you need to get out of dodge quickly but are limited by your home country's useless passport. (South Africans during Apartheid, for example).Four: If you want to eventually expatriate If you do decide to officially renounce your primary citizenship, you will need to have established a second citizenship before you do so. To renounce without a new home will make you a person without a state, which will make it difficult to travel in the future.Five: Easier to open bank accounts overseas In this day and age, some citizenships are better than others when it comes to accessing financial resources abroad, particularly if you are a citizen of the US.In fact, it's relatively common now for Americans to be actively excluded from access to services simply because they carry a US passport. Gaining a second citizenship potentially allows one to gain access to these services by registering with that other travel document.(Though arguably, as the net gets tighter around Americans heading overseas, this is not as useful as it once was.)Six: Access additional opportunities
Having the right passport can potentially allow one access to live and work overseas with no additional documentation required. An EU passport, for example, allows one to live and work within any of the other members of the union.Taking those first steps...Of course, choosing a place can be a difficult process. It depends on your objectives, your current level of wealth and your timeline. If you simply want another passport as an insurance policy (and you want it relatively quickly and you have the cash), then the economic citizenship programs of St. Kitts and Nevis or Dominica might be a good option.If you want a second passport and don't want to spend time actually living in the country where you are applying for citizenship, jurisdictions like the Dominican Republic or Paraguay potentially offer such possibilities.Or, if you don't mind going through the proper procedures and waiting a few years in order to get a truly useful travel document from a neutral, rich world country, they are certainly available as well.The key is to start your research now. Decide if it's right for you. And then, if it is, start the process.

Internationalize Yourself

2011-11-19T17:05:00.001-05:00

Denver based Barnhardt Capital Management is a futures brokerage firm that focuses on agriculture, round-the-clock broker access, and inexpensive commissions. At least, it used to be.Barnhardt shuttered its operations yesterday after six-years in the business. The firm’s founder Ann Barnhardt posted the reasons online for the entire world to see:“I could no longer tell my clients that their monies and positions were safe in the futures and options markets, because they are not. And this goes not just for my clients, but for every futures and options account in the United States. The entire system has been utterly destroyed by the MF Global collapse.”Ms. Barnhardt further explains that markets are completely fractured… that the rule of law in the United States no longer exists. She decries Jon Corzine of MF Global for having outright stolen customer funds, and various exchanges and government regulators for having frozen out customer accounts as a result.Given that the entire industry is “suicidally-leveraged” and exposed to “European sovereign junk debt,” Barnhardt recommends that ALL customers “withdraw from all of the markets as soon as possible so that they have the best chance of protecting themselves and their equity.”We couldn’t agree more with this sentiment. Our Chief Investment Strategist Tim Staermose wrote just last week that cash is a great place to be right now… and we’ve been arguing for months that markets are completely broken. The market’s price discovery mechanism has given way to rumor and political innuendo.A real economy cannot function under such circumstances. With Europe on the precipice and roughly $600 TRILLION in global derivative notional value lurking in the system, can a real collapse be that far off?Famed hedge fund manager Mark Mobius recently said, “There is definitely going to be another financial crisis around the corner because we haven’t solved any of the things that caused the previous crisis.”Not only have the major issues not been resolved, but governments continue making things worse. More bailouts, more printing, more deficits take an enormous problem and make it unfathomable.As we discussed yesterday, though, most people are completely unaware. Everything ‘feels’ normal, so there’s no cause for alarm. They’re just going on about their lives while Rome is burning all around them.At least a handful of people are paying attention. We received a note this morning from a subscriber in Portugal who writes,“Very well-informed people in Portugal are withdrawing money from the banks and either keeping it at home or buying gold. In fact, I heard on the news yesterday that we are breaking records in Portugal in terms of gold purchases.”Meanwhile, the government of Spain insisted, rather emphatically yesterday, that it has absolutely no need of being bailed out… all while its borrowing costs shot up to record highs.Given Spain’s debilitating debt and deficit woes, this is obvious nonsense; the government is simply trying to put on a brave face and restore confidence just three-days before the election.Our entire financial system, in fact, is based on confidence. Our currencies are backed by nothing but empty promises by politicians. Our banks barely have any cash on the books as a percentage of deposits. Most western nations are completely insolvent. And EVERYONE is exposed to EVERYONE else.Everything can ‘feel’ normal as long as that trust and confidence is still in-tact. But it’s a frail, razor-thin breaking point. And when people lose confidence in the system, things can collapse very, very quickly.To paraphrase the late German economist Rudi Dornbusch, the loss of confidence takes longer than you think it should and happens faster than you thought it could.What to do now:1. Obtain 2nd Passport in a safe country.2. Store precious metals outside your home country.3. Have cash outside of the banking system.

Your Money and What's Coming

2011-11-11T05:48:00.000-05:00

There's an old playbook that politicians have used for centuries; it contains a handful of tried and true plays to call when they're completely desperate. History is full of examples of bankrupt nations relying on these tactics, and one of their favorites is capital controls.Capital controls essentially restrict the flow of funds across a nation's borders. They take different forms, but the end result is trapping money inside a country, making it very difficult to move money overseas.Why would a government do this? Simple. Because once capital controls are imposed, the next step is to oblige individuals and businesses into buying their government debt. They force us to park our money in domestic banks, then they force the banks to use OUR money to buy THEIR bonds.Just imagine being forced into loaning the government your hard-earned money for a 30-year stretch at less than 4% interest! You'd be eaten alive by inflation!If it sounds far-fetched, think again... it's happening all the time. Just a few days ago, Argentina's socialist president imposed strict capital controls for the country's mining companies and sought to prevent Argentines from holding foreign currency. This is after she already nationalized pension funds and seized private bank accounts.Not to be outdone, the US government passed something called the Foreign Account Tax Compliance Act (FATCA) last year, and it's tantamount to capital controls. Let's put it this way-- if you really wanted to screw American businesses and make it difficult for them to be competitive, FATCA is EXACTLY the legislation you would pass.Once all the rules kick in, it will be very hard for American individuals and businesses to operate abroad. This is what capital controls are all about-- make it difficult for people to move money overseas so that they'll keep it in the United States.Given that the US government already controls the banking system, how long will it be before banks have to start investing their depositors' funds into the 'safety and security' of US Treasuries?For all the sheep who are soundly asleep despite what's going on around them, they're going to wake up one day soon (once all the rule go into effect) and realize that their money is trapped as if they're living in some third world dictatorship.For anyone who's aware and paying attention, the FATCA legislation poses a clear deadline for taking action.To put it very plainly, you NEED to take action and diversify internationally before these FATCA rules kick in. It's that simple.Get a Dominican Passport and open an offshore safe deposit box or offshore account now. Banker Trust is not subject to FACTA rules.The United States is on a one-way collision course with its financial judgment day; the country long ago passed the historical point of no return-- the point at which it has to start borrowing money simply to pay interest on the money it has already borrowed. Throughout history, countries that passed this point of no return soon defaulted on their debts, entered into extended periods of severe inflation, or both. This is nothing new-- the idea of a government going bankrupt is practically as old as the concept of government itself. Along the way as they slide down the slippery slope of economic calamity, governments typically hit the accelerator by resorting to financial repression; rather than making the economy open and attractive to talented people and investment capital, they instead confiscate, inflate, and over regulate.These tactics include oldies but goodies like civil asset forfeiture, capital controls, and a host of whacky new taxes. Like a Christmas Tree tax, for example. Sumptuary laws (regulation and taxes over lifestyle habits) are quite common, dating back to the Renaissance period 'beard taxes'. If you wore a beard during the time of Peter the Great in Russia, or Henry VIII in England, you paid a tax to the government for the privilege. There are many modern day equivalents of the beard tax-- taxes on cigarettes, mobile phones, vehicles, luxury goods, etc. We should expect the introduction of even more-- a national sales tax, an Internet tax, a carbon emissions tax, and a financial transactions tax. After this, the next mind-boggling category of taxes that will be introduced are 'social taxes'. In other words, you get taxed on what everyone else is doing... like an anti-terrorism security tax, or better yet, national healthcare where you pay for other people to go to the doctor. During the Tokugawa period in feudal Japan, they called this 'honto mononari'. Village peasants were taxed by the local daimyo on the basis of the entire village's rice yield for that season. Even if you didn't grow a single grain, you still paid. Perhaps the most heinous forms of taxes to come, though, are asset taxes. And at roughly $5 trillion in total value, individual retirement accounts (IRAs) are the lowest hanging fruit that the federal government can grab. It's not that far-fetched. Argentina has done it. Hungary and Ireland have done it. Even France passed a law last year authorizing the government to use pension fund assets to pay off its debts. And if you recall, the US Treasury raided public pensions this year to tide itself over during the budget debacle. The next step will be for the government to nationalize a portion of IRA assets. They'll wait for a severe market downturn that wipes a huge chunk from most IRA accounts, blame capitalism for the failure, and then pass a law requiring that X% of IRA funds be held in the 'safety and security' of government debt. If you think this can't happen, then I encourage you to do absolutely nothing. Keep your IRA funds parked with a big, conventionally-thinking financial institution that has absolutely no interest in your financial security.

Gold Confiscation

2011-10-25T12:47:00.000-04:00

If you hold precious metals in your portfolio, there is a good chance you fear hyperinflation and the crash of fiat currencies.You probably distrust governments in general and believe they are self-serving and have no interest in your economic well-being. It is likely your holdings in gold are your lifeline; your hope to get you through these times while holding on to your wealth.But have you ever given it any thought to the possibility of having this lifeline confiscated by the authorities?It’s an interesting thought that the greatest threat to gold and silver investment might not be the possibility of losing on the speculation, but the government taking it away from you. It’s a thought that we’ve found few want to even think about, let alone discuss.If you fall into this camp, you’re in good company. Some of those forecasters whom we respect most highly also treat it either as “unlikely” or, at best, “something we may need to look at in the future.” To date, in conversing with top advisors worldwide, the two primary reasons they believe gold will not be confiscated:“Confiscation would mean the government acknowledges the reality of the value of gold.”Yes, this is quite so. They would be changing their official view… which, of course, they do all the time. But I submit that all that they need to do is put the proper spin on it.“They would meet greater resistance than they did back in ’33.”I expect that this is also true, but that a plan will be put in place to deal with that resistance.We’ll address both of these assertions in more detail shortly, but first, a bit of history.In 1933, Franklin Roosevelt came into office and immediately created the Emergency Banking Act, which demanded that all those who held gold (other than personal jewelry) turn it in to approved banks. Holders were given less than a month to do this. The Government then paid them $20.67 per ounce – the going rate at the time. Following confiscation, the Government declared that the new value of gold was $35.00. In essence, they arbitrarily increased the value of their newly-purchased asset by 69%. (This is enough reason alone to confiscate.)Today, the US Government is in much worse shape than it was in 1933 and they have much more to lose. The US dollar is the default currency of the world, but it’s one that’s on the ropes, which means the US economic power over the rest of the world is on the ropes.I think that readers will agree that they will do anything to keep from losing this all-important power.The US has essentially run out of options. At some point, the fiat currencies of the First World will collapse and some other form of payment will be necessary. Yes, the IMF is hoping to create a new default currency, but that, too, is to be a fiat currency. If any country were to produce a gold-backed currency in sufficient supply, that currency would likely become the desired currency worldwide. Fractional backing would be expected.As most readers will know, the Chinese, Indians, Russians and others see the opportunity and are building up their gold reserves quickly and substantially. If these countries were to agree to introduce a new gold-backed currency, there can be little doubt that they would succeed in changing the balance of world trade.That said, the US Government is watching these countries just as we are and they are aware of the threat of gold to them.The US ostensibly has approximately 8,200 tonnes of gold in Fort Knox, although this may well be partially or completely missing. Additionally, they ostensibly hold a further 5000 tonnes of gold in the cellar of the New York Federal Reserve Building. Again, there is no certainty that it is there. In general, the authorities don’t seem to like independent audits.In fact, there are rumors that the above vaults are nearly or completely empty and that the above quoted figures exist only on paper rather than in physical form. While there is no way to know this for sure, it’s not out of the question.Either way, if the US and the EU could come up with a large volume of gold quickly, they could issue a gold-backed currency themselves. It’s a simple equation: The more gold they have = the more backed notes they can produce = the more power they continue to hold. By seizing upon the private supply of their citizens, they would increase their holdings substantially in short order.Either that or they could just give up their dominance of world trade and power… What would you guess their choice would be?It is entirely possible that the US Government (and very likely the EU) have already made a decision to confiscate. They may have carefully laid out the plan and have set implementation to coincide with a specific gold price.So, how would this unfold? Let’s imagine a fairly extreme scenario and ask ourselves if it could be pulled off effectively:The evening news programmes announce that the economic recovery is being hampered by wealthy private investors who, by hoarding gold, are skewing the value of the dollar and threatening the middle and poorer classes. The little man is being made to suffer while the rich get richer. A press campaign to equate gold ownership with greed ensues.The Government announces the Second Emergency Banking Act, advising the public that, “the first EBA was instituted by FDR to solve this same problem during the Great Depression. This act was instrumental in helping the little man ‘recover’.” (As the average man on the street doesn’t know his history or how wrong this statement is, he’ll believe it. Besides, the announcement has a “feel good” message and that’s all that matters.)Possessors of gold, who make up a small minority of the population, would become pariahs. It won’t matter that the guy who owns two gold Maple Leafs is not exactly a greedy, rich man. No one will wish to be seen to resist confiscation. Neither will they wish to go to prison for resisting, no matter how remote the possibility.The US pays for the gold – in US dollars, which are rapidly headed south. Yes, the Fed will need to print more fiat dollars in order to pay them off but this suits their purpose, as it inflates the dollar even more. Those who have turned in their gold will do whatever they can to unload the US dollars as quickly as possible and will need to find another investment at a time when there are very few trustworthy investments other than gold. The stock market would likely rise, showing the public how the gold confiscation program is “working”.One last scary possibility: The Government demands that gold is turned immediately and that settlement will occur following confiscation. After confiscation, they announce that, as there have been such a large number of cases of rich people ripping off the little man, processing them all could take months, possibly even a year or more. A further announcement states that some investors have made an unreasonable profit on the backs of the poor and that they should not be granted this profit. This profit must be returned to the people. (You can almost hear the cheers of the people.) Then they set about making assessments. They find that most investors do not have formal, acceptable receipts for every coin in their possession. So, if you paid $1200 for a Krugerrand a couple of years ago, you get paid $1200. If you bought it at $250 in 1999, you get paid $250. But if you have no receipt in an acceptable form, you get a “fair” median payment, say, $500, regardless of when you bought it.Appeals: Each investor will be allowed up to one year to appeal the decision of the Treasury as to what is owed him. Of course, the investor knows that the dollar is sinking rapidly and he would be wise to shut up and take what he is being offered.Again, this hypothetical scenario is an extreme one. The reader is left to consider just how likely or unlikely this scenario is and what that would mean to his wealth.But bear this in mind: If the above scenario were to take place soon, the average citizen would have mixed feelings. They would be glad that the evil rich had been taken down a peg, but they would worry about the idea of Government taking things by force because they might be next. It would therefore be in the Government’s interests to implement confiscation only after the coming panic sets in – after the next crash in the market, after it becomes plain to the average citizen that this really is a depression and he really is in big trouble. Then he will be only too glad to see the “greedy rich” go down, and he won’t care about the details.As terrible as the thought is, it seems unlikely to me that the government will not confiscate gold, as they have little to lose and so much to gain.Those who own gold would prefer to think that this cannot happen, but they have quite a lot riding on that hope and precious little evidence to support it.We offer a package that includes a passport and safe deposit box in the Dominican Republic. We can transport precious metals from your country to our vault.

Second Passport for US Citizens

2011-10-05T23:01:00.000-04:00

A new proposal would authorize the US government to deny the application for new passports for US citizens.This proposal would authorize the government to deny the application for a new passport or renewal of an existing passport if an individual has $100,000 or more (indexed for inflation) of unpaid federal taxes which IRS is collecting through enforcement action. The government also could revoke a passport upon reentry into the U.S. for such individuals.We have several clients who after audit examinations; residential home short sales or residential foreclosures experience a phantom increase in their taxable income that yields huge tax debts. Now, they are either making installment payments from their wages or trying to make offers of lump sums, borrowing generally from relatives, to compromise the tax debt with the IRS. But, if they can not get their U.S. Passport renewed or apply for a passport for keeping or getting a job overseas; then how can they pay the IRS the tax liability? CONCLUSION:Yes, the language of this Act is vague and ambiguous, but worse yet is that the language is chilling when read with the initial revenue raising foundation proffered to the Joint Select Committee. Therefore, this language will completely eliminate the double tax relief in more than 65 international treaties. I can definitely see that other countries will quickly pass American’s interests for international trade, economy and job growth. Who will hire the American employees for international assignments when the taxes are basically double for an American employees who has no right to a passport or renewing a passport to keep an overseas job with an American or non-American employer? We are entering an era similar to the Clinton era when he vowed to tax only the rich and then worried that even semi-wealthy American would give up their U.S. citizenship to shed such an overwhelming economic/tax burden. Clinton even went so far as to have new legislation passed to make the act of relinquishing U.S. citizenship more financially costly in hope to dissuade expatriatism, which is a brain and economic drain on America. A second passport may be the norm for Americans wanting to live and/or work overseas.

Storing Gold in the Dominican Republic

2011-10-05T13:24:00.000-04:00

Hong Kong is one of the cheapest places in the world to buy gold. But what about storage?Bank safe deposit boxes are the common solution; when people think 'valuables storage,' they think bank safe deposit boxes. Ironically, this is exactly how banking first began-- bankers were the safe keepers of people's valuables. In exchange for securing people's gold, customers would pay the bankers a fee. This is how safe deposit boxes work today.Private storage facilities are becoming very popular. They're typically unregulated and don't fall under a host of various government inspection agencies. Banker Trust located in the Dominican Republic (which was established in 2002), rents safe deposit boxes as well as private mailboxes.The smallest safe deposit boxes (large enough to store several million dollars worth of gold coins) cost just under $300/year, and you can pre-pay 2-years in advance. They can rent boxes to you anonymously. Boxes are in a highly secure, bank-style vault with round-the-clock in-house security. As of this week, they still have small boxes available (always the most popular), though only on the top shelf of their secure room.So why are we sharing this with you? Because it makes a hell of a lot of sense to store precious metals overseas:1) Like it or not, gold confiscation is a risk. The higher the gold price becomes, the more it ends up on the radar for creditors, bureaucrats, or anyone who's just plain litigious. Banks and storage facilities in your home country fall within the same jurisdiction as you do, so if you get dragged into court or onto some bureaucrat's list, the risk of asset seizure is very high.2) For US taxpayers, gold stored overseas in your own vault is currently not a reportable asset, so it's an effective, legitimate means of storing wealth privately. I'll get into the new FACTA reporting requirements another time.3) If you move gold overseas to a stronger economy with a gold-oriented culture, it will be much easier for you to sell and exchange for something of value. Think about it-- in the US, what would you get if you sold your gold? US dollars. And only in certain designated places. In the Dominican Republic, you could trade for any number of currencies, goods, services, etc.4) Transporting gold out of the country is getting harder and more onerous. If you can possibly envision yourself ever leaving your home country if/when things get rough, you're going to want it prepositioned overseas already in a place where you can actually use it, not stuck at home buried in the backyard, or at a bank that's been taken over by the government.None of this is to suggest that the world is coming to an end... but we shouldn't kid ourselves that we still live in the good old days. Internationalization is a smart strategy to reduce your sovereign risks and help you prepare for whatever lies ahead.

Countries You Can Travel Visa-Free With Dominican Citizenship

2011-09-27T09:04:00.000-04:00

1-Argentina
2-Armenia
3-Bermuda
4-Cape Verde Islands
5-Chile
6-Colombia
7-Comores Islands
8-Cook Islands
9-Cuba
10-Dominica
11-Ecuador
12-Georgia (Visa on Arrival)
13-Hong Kong
14-Israel
15-Japan
16-South Korea
17-Macao (Visa on Arrival)
18-Madagascar (Visa on Arrival)
19-Malaysia
20-Maldives
21-Marshall Islands (Visa on Arrival)
22-Micronesia
23-Montserrat
24-Mozambique
25-Nicaragua
26-Niue
27-Palau Islands (Visa on Arrival)
28-Peru
29-Philippines
30-Samoa (Not American Samoa)
31-Seychelles
32-Singapore
33-Solomon Islands
34-St. Lucia
35-St. Vincent @ Grenadines
36-Tanzania (Visa on Arrival)
37-Timor Leste (Visa on Arrival)
38-Tunisia
39-Uganda (Visa on Arrival)
40-Uruguay
41-Venezuela

Contact us at BankerTrust@gmail.com if you would like us to secure a 2nd passport from the Dominican Republic for you.

Why You Need a 2nd Passport

2011-09-15T02:45:00.000-04:00

Anyone with reachable assets is a targeted for attack by financial predators, each armed with a contingent fee lawyer.

If you run your own business, if you have stocks and bonds or real estate, if you are in the public eye as a celebrity or even known in small circles as someone who is "doing well," you are already in their gun sites.

As a business owner or a licensed professional, you have a one in three chance of being sued next year. This epidemic of law suits is only getting worse with more than 100,000 law school graduates being unleashed each year: each with a license to sue and many without a decent job. This is more lawyers than Japan or China have for their entire country.

So why do I need it now?

The reality is that any of these common life events could happen today and can leave you penniless:

Divorce
A negligence or injury claim, whether justified or not, that exceeds any insurance coverage you may have.
Lawsuits from disgruntled business partners or employees.
Claims from creditors should your business fail.
Breach of contract through no fault of your own.
Catastrophic medical bills.

As you can see, none of these events are caused by dangerous or even self-destructive behavior; they happen everyday to average citizens that do not do anything illegal or ethically incorrect.

While Banker Trust (www.Banker-Trust.com) can’t stop you from being sued, we dramatically reduce the financial incentive to litigate. The bottom line is that these contingent fee litigators sue for money. If they cannot take your protected assets, you are a much smaller target. We greatly reduce your financial exposure to them.

Banker Trust has been steadily and quietly maintaining their client's financial privacy for years.

Even though you can’t take it with you: you can make very sure nobody takes it from you while you’re still here.

Until now asset protection was something that only the wealthy could afford. Small businesses and individuals often lost their businesses and were left penniless after attack from a financial predator.

Using a new citizenship, the formation of a Dominican Corporation and a safe deposit box we create a fortress around your protected assets.

The important reality is you need to be proactive and start while the financial seas are calm since solid asset protection cannot be safely and effectively implemented if the wolves are already at the door.

Email us at BankerTrust@gmail.com

Advantages of a second citizenship in the Dominican Republic

2011-09-08T05:17:00.000-04:00

With a second citizenship you can - Invest in offshore unit trusts or mutual funds - Buy and rent out property wherever you choose without punitive taxation -Avoid electronic logging of your existing passport - Take greater advantage of offshore business opportunities - Obtain employment worldwide with the most economic passport available from the Dominican Republic. We can procure new citizenship for you in as little as 18 months.

The very fact that a second passport opens up the additional options already mentioned is actually reason enough to obtain one, but in case you need a little more convincing ... Your passport is in fact the property of your government - and for US citizens, government which claims, and increasingly exercises, the right to confiscate it at any time. Even if you have sensibly removed the bulk of your assets to an offshore haven, they are no good to you here if you are trapped in your home country because your passport is no longer valid or has been confiscated. Most countries have laws which allow them to restrict not only entry but also exit from the territory. Exchange controls can be imposed overnight and the necessary legislation is already in place in the US.

U.S. citizens are subject to tax wherever they work and live in the world. But a second passport can open opportunities for sheltering income and protecting assets. If your citizenship demands fulfillment of military service contrary to your beliefs, it would pay you to have dual citizenship. If your passport allows your government to supervise your movements, monitor or control your travel in any way, or restricts your liberty to invest, borrow, or participate in any currency transactions, you are at a disadvantage.

If you wish to keep a low profile, for reasons of nationality, religion, race etc., a second passport can give you the necessary mobility you require. It could even save your life. As an insurance policy against future economic stability, political strife or war, you should think about a second passport. When catastrophe is imminent you've left it too late. A second passport in these circumstances would be worth its weight in diamonds.

True case histories of people who would have benefited from possessing a second Passport:

- The happily married couple (or so they thought) whose spouse after fifteen years of marriage is now attempting to take him/her to the cleaners, and grab ninety per cent of their joint assets.

- The American mistakenly accused of being an alimony and tax dodger who has had his passport confiscated, so he cannot leave the country even though he has ample assets stashed away in an offshore nest egg.

- The law abiding Scandinavian who has been told he risks having his application for a new passport refused for alleged tax offences - even though he has paid more than fifty per cent of his income over to the state over the past five years.

- An Israeli woman still haunted by memories of the time when she genuinely feared she was facing summary execution during the hijacking of a plane. (This could also happen to US or UK citizens).

- A Dutch citizen who took a routine business trip to a fundamentalist Islamic Republic that turned into a nightmare when his passport was confiscated until his company agreed to outrageous economic and other demands.

- A French investor who established a factory providing employment in an African country, only for corrupt politicians and officials to force him to sell; the company he had worked years to establish, and at a giveaway price. He was illegally stripped of his passport until he agreed to sign the sales contract, virtually giving away a life's work.

A Special Note For US Citizens: Americans who are considering acquiring a second citizenship and relocating themselves and their money to a safe haven out of the reach of the US tax grabbers should move fast because your President has proposed a windfall tax on the entire wealth above $600,000 of anyone ungrateful enough to renounce US citizenship or take up residence elsewhere. This is not wild speculation of what might happen, but an actual proposal. We can procure a second passport and help you protect your assets. Contact us by email at BankerTrust@gmail.com

The Really Scary Truth about Home or Hotel Safes

2011-09-07T10:09:00.000-04:00

Most travel safety tips suggest that you should always remember to leave your valuables in the hotel or home safe while in the Dominican Republic. But just how "safe" is it? A new video suggests that your safe may not be as secure as you think.

http://youtu.be/vW7M84khZy8Posted by a traveler from Canada, the electronic safety boxes that allow you to program your own four digit codes opened with the default code of all zeroes, usually 0000. It's a valuable lesson for travelers who think they are being secure with their valuables.We offer safe deposit boxes which are enclosed in a vault. Regular and anonymous accounts may be establish in our office or discreetly by mail and wire transfer.

Citizenship, Passport or Residency?

2011-09-04T14:27:00.001-04:00

We have a very large number of inquiries from people that are looking for a new residency and citizenship. While many people certainly have an interest, the problem of course is either lack of proper information or even the plethora of misinformation that might be out there in the public domain. In order to clarify some of these issues and to explain terms that some might be using without really understanding the definition, we have compiled the following section of answers to commonly asked questions.What Is The Difference Between Residency And Citizenship?Every country has some sort of process in place to allow foreigners who having an interest in either living or working inside the country (or both), to make an application for residency status. Usually the residency status is granted for a specified amount of time, and must be renewed periodically (yearly, every five years, ten years or whatever the case may be). What differs of course from country to country are the types of residency permits or status (if more than one) and the various requirements in order to qualify as well (not to mention waiting time). However, residency is a permission to live or work inside a particular country, but it is NOT citizenship. As a result, residency does not mean you are entitled to a passport, as a passport is an identification document issued to citizens, identifying them as such. However, in most countries, residency of course is usually going to be the first step on the road to citizenship, should you choose (applying for citizenship on your part is voluntary once you get to that point).After someone has completed the time line and requirements of residency, the person can apply for naturalized citizenship. Again, what will differ from country to country is going to be the amount of time you might have to wait before you are eligible to apply for citizenship (in some countries it could 7 years or even much more in terms of time line) and of course any other kinds of requirements as well (or lack thereof for countries that might be a bit easier in this regard). Once someone becomes a citizen, then of course they are entitled to obtain a passport, which again is a travel document issued to citizens for identification purposes. Usually once a person becomes a naturalized citizen, aside from of course obtaining a passport, they should also obtain a variety od documents certifying that they indeed have gone through the legal and proper channels to become a citizen. Those documents will vary from country to country, as some might actually issue a naturalization certificate, whereas other countries issue other or similar kinds of documents.In the Dominican Republic for example (whereby our office assists clients with this process), the client obtains certifications from the administrative branch of the national police certifying they have become naturalized citizens, a new Dominican Birth Certificate (that has ALL of the exact same information that was on the previous birth certificate from the country of birth), plus of course other additional documents and a Cedula Identity Card as well. You might ask why a Dominican birth certificate that indicates birth in another country? The answer is that the bureaucracy in the Dominican Republic flows off the birth certificate, so either you have a birth certificate if you were born in the country, or you ALSO have one once you become a naturalized citizen (as you will need it to apply for your passport and renew your passport later on). If a person does NOT have these documents that were mentioned, then chances are they obtained a passport in some other fraudulent manner. What About The Instant or Economic Passport Programs?There are only a few countries that offer what is known as an instant or economic citizenship program, those are St. Kitts and Dominica. In such a case, the applicant is essentially either giving a cash payment to the government, and or required to purchase real estate inside that country to qualify. And really it may not be as instant as you might think because it could be the case that you have to wait perhaps a few months up until one year regardless to finish up the bureaucratic process, all depending upon the avenue you choose (cash payment, real estate purchase, etc.). The benefit behind such a program of course is the much quicker waiting time than might exist in other countries to gain another citizenship and passport. The down side is these programs often cost up to US$100,000 or more for an individual application (especially more if a spouse or other family member is applying as well), and some might have a requirement that you buy into a government approved real estate project (try and guess who the local beneficiaries are in such a thing) that might entail a shoe box condo for US$300,000.One of the highly touted benefits for the above mentioned, is that these places listed above are all Commonwealth Member Countries and as such offer visa free travel to other Commonwealth Member Countries (such as Canada, Australia and the UK). However, do keep in mind that the issue of visa free travel is a political accommodation and not a right carved into stone. Things can and so often do change. This is true especially today, with extremely high levels of unemployment in Europe, do not be surprised to see restrictions or changes to this if there is an influx of people traveling supposedly as tourists (with visa free travel capabilities) with the true intent of staying illegally to find work.And conversely, the opposite is also currently taking place today as Spaniards, the Portuguese, the French, and many US citizens also are looking for work and or other opportunities abroad. The result of this too has recently been more restrictive or more difficult residency application processes in the still growing so-called developing or third world nations where such people are headed. In other words, with unemployment rates hitting 25 percent or more in countries such as Spain (and the true unemployment rate in the US is not too far behind that figure) - people from these countries are actually looking for work in Latin America, South America, Asia, etc. The result has been governments have taken notice and while they still wish to welcome solvent new citizens who want to retire to invest in a business, they certainly are not keen on the idea of foreigners entering the country with the intent to take work away from local citizens. And if not that, what we are also seeing in countries such as Mexico and Panama, is a backlash against the large number of Americans trying to tap into the public social security health care system in these respective countries (which are free for foreigners obtaining a retirement visa). It may be surprising for you to learn that additional countries have been added to the list of visa free travel in recent years for holders of a passport from the Dominican Republic. In other words, the case of a passport from a so-called developing or third world country becoming more valuable as a passport for visa free travel (while we have suggested before that the passport from the so-called wealthy industrialized nation may not be so attractive down the road, as citizens continue to escape the high unemployment and look for work abroad - with a possible eventual backlash being a tourist visa application required for citizens coming from these former wealthy EU or North American countries wishing to enter the growing developing or Third World nations, which are really not so Third World anymore).Regardless, in either case, it is all about economics, which drive the politics or political decision making process, in terms of residency requirements and visa free travel as well. Those citizens coming from countries with declining economies may find a more difficult time in the future, in terms of the visa free travel or residency issue and those citizens coming from up and coming economies may find the reverse (an easier time getting a visa or finding visa free travel to be the new norm - as they now have the money). And there is no better example of this than Russian Passport holders who have been recently granted VISA FREE travel to the United States (in 2011), by the US government. Why? Because during the past decade, Russian citizens with the economic means have been investing in, and buying up real estate in Ecuador, Venezuela, Panama, The Dominican Republic, Thailand, etcetera, etcetera. Now that the US economy is in the soup, and the US real estate market in a free fall, all of a sudden Russians with cash (many of these investors are buying real estate for CASH and have no interest in applying for a mortgage) are highly sought after, or we should say their money is sought after. Again, money drives the political decisions, and offering citizens from another country visa free entrance is certainly a political decision or policy (with some kind of economic issue at play behind it).Which Country Is Best For Relocation (and a Second Passport)?This is a difficult question to answer because each person has his or her own priorities. Sort of like asking which is better - Caribbean Country A or Caribbean Country B? Both have warm weather, palm trees and nice beaches - so what else is the determining factor? In our opinion, there are other factors that you probably should consider. And with that stated, some of the questions you may want to ask yourself are the following:Is this a country I would really want to live in full time in the future? Is the place a small pip-squeak island in the sun or is it big enough that you will not get Island Fever? Do they have a diversified local economy or does everything have to be imported (and cost more as a result)? Is the country self sufficient in food production? In other words, is the only thing the country has going for it bananas, or do they have cattle ranches, poultry, other agricultural crops, manufacturing, services industry, exports, tourism and other sources of economic activity? Is the country growing economically and have good prospects for the future, or it is in decline? Can I connect to international flights easily if I want to travel? What are the schools and medical care facilities like?In short, there are a number of factors to think about when making a decision to call a new country your new second home (which of course will include the residency and naturalized citizen requirements as well) that will involve a list of things that may or may not be important to you personally. Choosing a country with all the various factors considered first will help you make a worthwhile choice. To ask questions about anything mentioned here or to apply for a 2nd Passport please write us at BankerTrust@gmail.com

8 Signs that the US Government is Making it Harder For You to Become an Expat

2011-08-29T10:13:00.001-04:00

By Susan Beverley

Have the terrorists won?
One of the most common reasons for wanting to expatriate from the United States is the concern about government overreach. Many feel that the expansion of government in recent years has been chipping away at the freedom and liberty that the country was founded upon. What with more and more agencies, regulations, surveillance, and mandates, the right to privacy and self-determination is steadily shrinking right along with financial outlooks.

So, are you among the increasing number of people who feel that the only real solution is to get out of the country? Well, using the exact same tactics that are driving you away, the government appears intent on preventing you from leaving. Changes that have recently been put in place as well as proposals for future changes in rules and regulations might be intended to discourage. But they might also drive your resolve to take your destiny into your own hands and do whatever it takes to make your move overseas.

1. Escalating Cost of Passports

From $35 a few years ago the fee for a US passport has ballooned to today’s $135 for adults (16 and older) and $105 for minors. Renewals cost $110. If you need it in a hurry, there is another $60 expediting fee, and you have to provide a preaddressed prepaid express mail envelope, if you want it back in less than the 6-8 weeks required. The Passport Agency of the Department of State in 2010 issued 13,883,129 passports as well as 1,596,485 items of a new product called the “passport card,” which is good for reentry from anywhere within the Western Hemisphere. This product, which costs $55 for adults, $30 for previous adult passport holders, and $40 for all minors, was created at the behest of heavy lobbying by the cruise industry.

2. Proposed Biographical Questionnaire

In February 2011, the US Department of State proposed the use of a new biographical questionnaire “to supplement the DS-11 only when the applicant submits citizenship or identity evidence that is insufficient to meet his/her burden of proving citizenship or identity.” The estimated burden to fill out proposed Form DS-5513 is 45 minutes, but such details as your mother’s places of residence one year before, at the time of, and one year after your birth are only the beginning of a long list of obscure information that it would be impossible to ascertain in that amount of time or possibly any amount of time. Despite the State Department’s reassurances that it is all about preventing terrorists and other treasonous individuals from gaining US passports, this is very problematic because an unapproved version of the form is already being used to deny passports to US citizens, and there are no set guidelines as to who will to be subjected to it.

3. Air Travel Difficulties

In their supposed pursuit of would-be terrorists and other criminals, the US authorities have overreached their jurisdiction. Recently they forced an international flight from Europe to Mexico to land in the US because one of the online gambling impresarios from Costa Rica was on board. But violation of international law and sovereignty has become an everyday occurrence.

In another recent case, a flight from Mexico to Spain was denied access to American airspace and turned back ninety minutes after takeoff because a Mexican citizen who was once accused of involvement in a guerilla uprising in Bolivia was on board. She suspects that she is on the infamous passenger blacklist. But it is kept secret, so there is neither a way for travelers to find out if they are on the list nor any way to clear their names.

4. Airport Security

One of the most glaring cases of government overreach is of course that of the highly invasive “enhanced screening procedures.” If having to remove shoes and belts to walk through metal detectors and being subjected to the Advanced Imaging Technology units were not degrading enough, “anomalies,” refusals to enter the unit, or metal detection alarms require further thorough pat downs that are justifiably upsetting.

But think twice about complaining. Behavior Detection Officers are stationed at the security checkpoints to watch for “behavioral indicators” such as stress or fear. Other indicators that they look for are attitudes toward security, so anger and resentment about having to surrender the right to privacy becomes the evidence for why your right to privacy should be surrendered. The circular reasoning is dizzying.

5. World wide of invasion of privacy

Whilst outrage over TSA airport screening has amplified the accusations of government tyranny, little is being said about the NSA’s continuing surveillance of electronic data – domestic emails, Internet searches, and social network activities. The USA Patriot Act also gives the NSA the power to conduct surveillance of domestic financial information such as bank transfers and credit card transactions as well as travel and telephone records, and the World Wide Web has globalized their reach. Some may excuse these unconstitutional invasions of privacy as being necessary in these dangerous times, where anyone who is not engaged in illegal activities should have nothing to hide. But again, the arbitrariness and the potential for abuse of power based on private information gleaned from all this surveillance can be yet another impediment to freedom of movement and the right of individuals, wherever they are on the globe, to conduct their lives without the constant fear of interference from Big Brother.

6. Taxation of foreign income

By taxing foreign income, the United States considers all citizens, wherever they are in the world, as subject to taxation. There are foreign earned income exclusions and foreign tax credits, but they only apply when you either spend 330 days abroad earning your income or you meet the bona fide residency test by proving that your principal residence is in a foreign country for at least one full tax year beginning on January 1.

A strangely named provision called the Tax Increase Prevention and Reconciliation Act (TIPRA), enacted in May 2006, actually raised the amount of taxes due after the foreign earned income exclusion. The changes brought by TIPRA also capped housing allowances, affecting those in higher cost housing markets the most.

7. Financial reporting requirements

According to American Citizens Abroad, US requirements for banks both foreign and domestic have turned expats into “toxic citizens.” A law incorporated into the 2010 Hiring Incentives to Restore Employment Act (HIRE Act) has caused foreign banks and financial institutions to deny services to US citizens because of intrusions by the US government that make servicing those accounts too difficult and burdensome. The Foreign Bank and Financial Account Form (FBAR) calls for foreign institutions to submit account details of all Americans with a cumulative balance over $10,000 at any point during the year to the US Treasury or face major withholding penalties on their US assets. The result has been that many American’s accounts have been closed.

Yet, Title III of the USA Patriot Act, known as the “International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001” enacted requirements concerning how US banks verify their clients’ identities, making it more difficult for those without a permanent US address to maintain accounts from abroad.

The right to privacy in financial matters has been further invaded by new banking rules that the United States has been pushing for through the Organization for Economic Cooperation and Development. The OECD compiled a blacklist of countries it deemed “uncooperative tax havens.” To be removed from the list, these countries were required to sign bilateral tax information-sharing treaties with other countries and adhere to an international taxation standard that is eliminating privacy in banking everywhere in the world.

Then there is the requirement to report the amount of money you are taking out of the country to the US government. Here is the text from the Customs and Border Protection website:

You may bring into or take out of the country, including by mail, as much money as you wish. However, if it is more than $10,000, you will need to report it to CBP. Ask the CBP officer for the Currency Reporting Form (FinCen 105). The penalties for non-compliance can be severe.

“Money” means monetary instruments and includes U.S. or foreign coins currently in circulation, currency, and travelers’ checks in any form, money orders, and negotiable instruments or investment securities in bearer form.

This requirement goes back to when President Nixon removed the last vestiges of the Gold Standard from the US currency in 1971. The explanation for it is that drug dealers were taking millions in illicit gains out of the country. Threats of fines work on institutions, but as for drug dealers, I can just see them declaring those suitcases of money out of fear of a fine.

This rule affects mostly people wanting to move abroad for a better and freer way of life. But when you fill in that FinCen 105, you immediately draw attention to yourself. If you want to take your fortune out in the form of cashier’s checks or bearer bonds, and you declare it, you will probably end up being detained while the CBP calls your accountant and your bank to have them send proof of it being legal and properly taxed.

All of these requirements, along with all the documentation necessary for expats to pay their taxes (the guide to the Foreign Tax Credit for Individuals is 39 pages long), constitute major bureaucratic hurdles to living and working overseas.

8. The IRS is becoming even more aggressive

The IRS was not satisfied with the power it already wielded over international financial institutions, so the government has recently been instituting and considering even more aggressive measures for collecting taxes on Americans who wish to live and keep their assets overseas.

One such measure being considered by the Justice Department is whether it can apply FBAR penalties on foreign banks and institutions that they determine to have violated US tax laws. While the $780 million in fines that Swiss banking giant UBS paid in 2009 were for selling illegal offshore financial products to Americans, the FBAR penalties would dwarf this amount.

Federal prosecutors are already going after a former Credit Suisse banker for $19 million in FBAR penalties for personally aiding and abetting American clients who failed to disclose their foreign accounts to the US government.

Another onerous tactic that the US government is considering is to deny passports from citizens with unpaid taxes.

A farewell gift

So if you have had enough of the US government imposing its will on you, treating you as if you were a terrorist, infringing on your rights and limiting your freedoms, enslaving you with its crushing debt, and impeding your ability to live and work abroad, and you have decided once and for all to renounce your citizenship, you will have to fork out $450 to the US government for this irrevocable privilege. But be aware that under Section 212(a) of the Immigration and Nationality Act, if the Attorney General decides that the renunciation was undertaken to avoid paying taxes, you are ineligible for a visa or admission back into the United States.

Dominican Republic: High Returns Are Possible in this Caribbean Location

2011-08-27T12:01:00.000-04:00

Do you want to replace those meager returns you're getting with CDs? Do you want to replace the uncertainty of the stock market? We have the answer for you here at Banker Trust.

Investing in commercial mortgage notes is one of the best ways to earn a very high return on your investment, while at the same time making sure your investment is safe, secured by the value of the property, all while receiving a monthly check based upon the amount of your investment.

Smart investors pad their retirement accounts with trust deed or mortgage note investments because they can earn 15% annually on their investment!

If this is all new to you're probably wondering, "Exactly what is mortgage note investing?" Mortgage Note investing is the loaning of money with real estate as collateral. Most loans against Real Estate are called "Trust Deeds," after the name of the legal instrument used to pledge their security.

With expert guidance, anyone can successfully invest in trust deeds or mortgage notes. This contrasts with most other investments where extensive study and years of experience may be necessary before you can invest with confidence. Mortgage notes are safer than most other investments of comparable yield because the risks are identifiable, as well as the procedures necessary to counter those risks.

Many investors, especially retired people, also enjoy the relatively minor effort needed to manage the investment once their money is in place and it provides a fixed return. And because we are located in the Dominican Republic, interest is tax free and there is no reporting requirements.

- Scheduled yields of 15%
- Secured by First Mortgages on Properties
- Loans Originated and Serviced by Banker Trust
- Banker Trust Handles Any Foreclosures and Property Management
- Investors Can Invest with as little as $50,000

To open an account:

Just send us a copy of your passport or government issued ID and the amount of funds you'd like to invest. We will send you an application and wiring instructions. It's that easy.

It's Prudent to Act Now in Obtaining a Second Passport

2011-08-19T09:05:00.000-04:00

Everyday more and more people are waking up to the idea that they MUST
obtain a second passport and own gold if they want to protect their assets
from an out of control government. As history tells
us, responsible people should act before it's too late...

History paints a bleak picture of the decline of Rome. Once warring
consuls Antony, Lepidus, and Octavian were finished duking it out with
each other in 31 BC, any semblance of the original Roman republic was
gone forever.

Successive emperors of Rome included men like Tiberius, a paranoid
deviant with a lust for executions. He spent the last decade of his
reign completely detached from Rome, living in Capri.

Following Tiberius was Caligula, infamous for his moral depravity and
insanity. According to Roman historians Suetonius and Cassius Dio,
Tiberius would send his legions on pointless marches and turned his
palace into a bordello of such repute that it inspired the 1979 porno
film named for him.

Caligula was followed by Claudius, a stammering, slobbering, confused
man as described by his contemporaries. Then there was Nero, who not
only managed to burn down his city but was also the first emperor to
debase the value of Rome's currency.

You know the rest of the story-- Romans watched their leadership and
country get worse and worse.

All along the way, there were two types of people: the first group
were folks that figured, "This has GOT to be the bottom, it can only
get better from here." Their patriotism was rewarded with reduced
civil liberties, higher taxes, insane despots, and a polluted
currency.

The other group consisted of people who looked at the warning signs
and thought, "I have to get out of here." They followed their
instincts and moved on to other places where they could build their
lives, survive, and prosper.

You're reading this because you probably fall into the latter
category. You're aware of the problems. You can feel your civil
liberties and economic opportunities slowly slipping away, all while
the crop of national leadership grows more depraved with every
election cycle.

You want to do something about it. You want to take steps to protect
yourself, your family, and your livelihood. Perhaps you've already
started by investing in precious metals. Gold is a great hedge against
inflation, political turmoil, and default-- things I call "sovereign
risk."

You see, some of the world's largest governments are going broke, and
these politicians will take any steps necessary in order to maintain
the status quo: they will lie, they will steal, they will declare
wars, they will bankrupt their people with hyperinflation... whatever
it takes.

This is the greatest risk we face today. Buying gold is a great start,
but there is MUCH more that you can do.

I'm an advocate of what I call planting 'multiple flags.' At its core,
planting multiple flags means that you are diversifying your sovereign
risk around the globe so that no single government has total control
over your livelihood. Let me explain.

Let's say you are from the US. If you live, work, bank, invest,
register your business, own your property, store your gold, etc.
within the US, and one little thing goes wrong, all of those assets
and interests are at substantial risk. Any judge or bureaucrat could
make them all disappear with a few mouse clicks.

It needn't even be anything big. Maybe some three-letter agency
suspects you of wrongdoing. Maybe your neighbor wants to sue you.
Maybe they outlaw gold ownership (again). There are infinite
possibilities, and infinite risks.

When you plant multiple flags, you diversify those assets around the
globe. Store your gold in Switzerland. Open a bank account in Hong
Kong. Register your company in Singapore. Establish an emergency
'backup' residency in Chile.

You can plant flags with just about any interest in your life-- where
you go to get high quality, cost effective medical care, where you set
up your web servers for an online business, where you establish an
international brokerage account, etc.

This approach is NOT just for the super rich. In fact, we've helped all
kinds of people to plant their own flags, young and old, rich and
poor.

Taking some simple steps to protect yourself will give you
extraordinary peace of mind. You'll know that, without doubt, you have
some savings socked away that NOBODY can touch. You'll know that you
have a solid emergency backup plan. You'll know that everything you've
worked for won't vanish in an instant.

We can help. Write us at BankerTrust@gmail.com for available passport programs.

The FACTA Effect on US Citizens Aboard

2011-08-18T15:56:00.001-04:00

By Martha Myron

With the announcement last month from one of our major local banks, HSBC Private Bank Bermuda that they would no longer support accounts owned by US citizens, Bermuda residents with dual-citizenship with the United States, and green card holders living in Bermuda, the concerns elucidated in many of my earlier columns regarding US tax compliance have come to pass.

Fortunately, Butterfield Bank Private Bank confirmed this week that they will be taking queries from clients meeting their strict know your client compliance rules. It is estimated that more than 4,000 US citizens, Bermuda residents with dual citizenship with the United States and green card holders reside permanently in Bermuda. For other US citizens in other countries there is Little to No Place Left to Turn. There are then, for thousands of ordinary people, living ordinary lives outside the United States little or no alternatives remaining to place an investment, purchase life insurance, accumulate a pension, or even deposit funds and pay every day expenses. International financial planning for these individuals is now an oxymoron.

How can you plan when you cannot invest anything for the future, but may have to live literally on cash under the mattress? Regrettably, these lonely US citizens are finding out what it truly means to be called the ugly Americans. The effect on loyal American individuals and their families, many of whom have lived abroad most of their lives, is absolutely disastrous.

FATCA legislation, which was buried in the HIRE Act passed by Congress in 2010, becomes effective in January 2013. But because its implications are so far-reaching and complex, the US Treasury Department has not yet issued regulations on how to implement it, leaving banks, insurance companies, pension funds and mutual funds around the world in limbo as to how to put into place the onerous provisions of the new law.

The goal of FATCA was to identify US citizens with undeclared assets hidden in overseas bank accounts, said Jackie Bugnion, ACA director. Although ACA applauds this goal, the way this new law is structured is totally disproportionate and unworkable - the equivalent of using a bulldozer to destroy an ant hill. If truth in advertising laws had to apply to Congress's handiwork, the term FATCA would stand for Full of Adverse Tax Consequences for Americans, said Pete Sepp, executive vice-president of NTU.

Under FATCA, any institution in the world that holds US securities must declare all US account-holders directly to the IRS, or face a punitive 30 percent penalty on any transaction in those US securities. FATCA creates an administrative nightmare for banks overseas, and a double reporting burden on both American businessmen operating abroad and overseas American residents who must have foreign bank accounts to function. The law has already had highly negative consequences for the US and its citizens overseas, even before it has gone into effect. Some banks overseas have closed the accounts of US citizens, and have sold off all US holdings, rather than comply with the heavy administrative burden of FATCA. ACA points out in the report that total foreign investment in the US currently exceeds $21 trillion. The sale of even part of these holdings would have a devastating effect on US markets, and consequently on jobs in the US, on US exports, and on the US economy overall. If even a portion of this investment is lost - as Japanese, Australian, and European banking associations have already threatened to do - it will far exceed any sum, and far less than the $100 billion fantasy, that Senator Levin expects to collect as a result of this ill-conceived legislation.

The US crippling trade imbalance and ongoing debt crisis should be a wake-up call for government officials to stop hindering America's competitiveness overseas with bills such as FATCA and the Stop Tax Haven Abuse Act and employ fair tax policies that track tax evaders without hurting law abiding citizens.

http://www.royalgazette.com/

SPECIAL NOTE: If there was ever a time or issue that stressed the need for another citizenship and passport, it is now or this one. The idea that US citizens have to become a citizen of some other country simply to invest or bank abroad is unbelievable, and yet that is exact where we are at the moment. In addition, we will surmise it can only get worse as the financially stressed US (read broke) attempts to chase money and revenue from wherever it can. But in terms of banking or investing abroad, as it effects the individual citizen, let us be clear in that in many cases, it is the bank or financial institution turning the US client away, not because it would be illegal in that jurisdiction to open an account for a foreigner (or American specifically) but rather to avoid any hassle or aggravation resulting from it. Regardless, in terms of banking options abroad, the result is to get another citizenship and passport, or otherwise get lost (as the message being conveyed by such banks).

Considering that many banks or financial firms in other countries have the ability to offer the average account holder the option of investing in Swiss Francs, Gold or whatever other asset or financial instrument that they wish, to protect themselves from those very same US politicians that are devaluing the US Dollar, the effect is to prevent the average US investor of having a safe haven from financial ruin. Of course, there are more ways to skin a cat, and the only thing this kind of draconian policy will do is force more and more US citizens to get the heck out of there. God help those that cannot leave or are afraid to do so.

The flip side of the coin of course is the estimated US$21 Trillion Dollars that foreigners have invested inside the US. In regards to these funds, we can suggest that many of those foreigners too could be using the US as a tax shelter from the tax-man back home, but that is not discussed. Regardless, the point is made that should ALL those accounts be closed or liquidated, it certainly would hurt the US economy if US$21 Trillion flew out of the United States in a hurry, and yet such economic damage done to other other smaller nations is not considered. Why is it that in terms of US policy, much of the issue is one sided? Why does the US not put into effect what they want other nations to do, and start with-holding 30 percent of all interest or gains earned by foreigners who happen to have investment or bank accounts inside the US (and send that money abroad to the government whereby the foreign account holder has citizenship)? The simply answer is 21 Trillion Dollars of investment funds that could hurt the US economy if it went away. It is always about the money, rather than fairness or thwarting evil doers (or whatever other nonsense that is invented as an excuse).

Second Passports and Citizenship

2011-07-28T23:01:00.000-04:00

There are a multitude of reasons why obtaining a second passport or citizenship (dual nationality) may be a smart move. Many people live quite happily their whole lives as citizens of the country in which they were born. Others build up 'passport portfolios' which allow them to travel, invest, and minimise taxes to their best advantage. Which lifestyle you choose is up to you.

However, if any or all of the following apply, you might want to consider very seriously obtaining a legal second citizenship:

Political instability in your country makes obtaining visas for travel difficult or impossible

Your assets are at risk of litigation

The tax burden in your 'home' country is unnecessarily high

Your present passport may put you at risk from hijackers and terrorists while travelling

You are subjected to punitive currency controls

Your freedom to work, invest, and purchase property where you choose is restricted in any way by your current citizenship.

Not only could a second passport prove useful in terms of making your life easier and help with asset protection, but if you come from a high-risk country, it could even save your life. At the very least, you might sleep better at nights knowing that you have the documentation in place in case you ever need it.

But how do you go about getting one?

There are basically only three legitimate ways of obtaining a second passport (and some not quite so legitimate, about which more later).

The first is through your ancestors. In North America, for example, many people are qualified for a second passport without even knowing it! If your parents or grandparents immigrated from Europe, there are good chances you could qualify for a coveted European Union passport.

The second way, is by buying a fast-track second passport. There are two countries on earth today where you can buy a passport completely legally, provided you pass certain basic qualifications (such as not being a criminal). You can read an article about these so-called Economic Citizenship programs.

The third way to obtain a second passport is through naturalization. Some countries are much more liberal than others when it comes to allowing foreigners to qualify as citizens. Dominican Republic is the most liberal.

Dominican Republic: Beyond a Vacation Paradise

2011-06-23T09:34:00.000-04:00

While many people may have visited the Dominican Republic as a vacation destination, the truth is that it can also be an excellent idea as a second home or even as a second country for those seeking legal residency or even a second passport. In addition, the Dominican Republic does accept and recognize dual citizenship (as does the US as well).

If you are considering relocating to another country or if you are simply seeking out second citizenship options, the truth of the matter is that the Dominican Republic may be one of the last places that comes to mind. However, this not so small Caribbean nation (population about 8.5 Million) located just 3 and ½ hours by plane from New York and 90 minutes from Miami, with plenty of direct international flights to Europe and parts of South America, might be just the destination you have been looking for. There are of course many reasons to consider the Dominican Republic, as a second residence, retirement destination or relocation destination. However, one of the reasons that many people also seek out the Dominican Republic is the quick and uncomplicated process both for legal residency and eventual citizenship as well.

In regards to the idea of the Dominican Republic as a relocation or retirement destination, it certainly is true that the country offers some of the most affordable real estate in the entire Caribbean. This is especially true when you begin investigating the costs for apartments or homes in places such as the Bahamas, Bermuda, St. Martin, Aruba, Turks & Caicos Islands, etc. If seeking a second home close to the beach or a brand new luxury apartment in the modern capital of Santo Domingo, it is not difficult to realistically find either one in the US$120,000 range for something in the upper end real estate category. In comparison, if you have ever attempted to shop for real estate in some of the other Caribbean Islands, you will quickly realize what a bargain this is. Please see homes, condos and business for sale here: Real Estate for Sale

The Many Benefits of a Second Passport

2011-06-15T09:44:00.000-04:00

Passports are a relatively modern invention. Until about a century ago, entering one country didn’t generally require official proof of citizenship or nationality in another one.

The rise of nation-states, nationalism, and especially World Wars I and II made it essential for international travelers to present passports when they entered a country.

Today, governments increasingly use passports as instruments of coercion. For instance, U.S. citizens can be denied a passport simply for owing money to the IRS or in child support payments. Even U.S. citizens living abroad must pay tax on their worldwide income. If they fail to do so, the government can decline to renew their passport.

Since governments use passports to enforce coercive laws and regulations, it only makes sense for those with the means to do so to acquire a passport from another country.

Having a second passport has numerous additional benefits.

It can expand your travel possibilities. Even a citizen whose passport usually allows easy international access can find a visa denied due to travel restrictions, trade sanctions, or political disturbances. For instance, the United States forbids U.S. citizens from visiting Cuba without obtaining a “license” from the Treasury Department. No other passport carries such a restriction.

It can reduce your profile to terrorists. For instance, travel in many parts of the world using a U.S. passport can make you an instant target for criminal or terrorist groups. If you travel with a passport issued by a politically neutral country, you’ll present a much lower profile to anyone with an axe to grind against your country.

It gives you greater travel privacy. A U.S. passport is now equipped with biometric identifiers and a radio-frequency identity chip. It can potentially track you everywhere you travel. If you use your U.S. passport to visit a country not favored by U.S. authorities, you may face questioning—or worse—when you re-enter the United States. But, if you use your second passport to enter that country instead, no record exists of your visit in your U.S. passport.
It allows you to travel internationally if your primary passport is lost, stolen, or withdrawn. The first measure many governments take if you come under investigation, or become an “enemy of the state,” is to confiscate your passport. A second passport renders that sanction much less effective.

It gives you the right to reside in other countries. A passport from a member of the European Union, for instance, gives you the right to live or work in any of 27 EU countries. Another example: a passport from a member of the Caribbean Community (e.g., the Commonwealth of Dominica), gives you the right to live or work in most other CARICOM countries.
It can aid in international tax planning. For Americans, a second passport has another benefit: it is an essential prerequisite to expatriation; i.e., giving up U.S. citizenship in order to permanently disconnect from U.S. taxing authority.

A second passport, in other words, can be your key to a new world of free movement, greater flexibility, and legal tax reduction. In most cases, if you qualify for a second passport, your spouse and minor children will also qualify.

Now that you understand the benefits of a second passport, how can you acquire one?

Almost every country has a program offering citizenship or passports to individuals with a family history in that nation. In Ireland, persons with at least one Irish-born grandparent qualify for Irish citizenship and passport.

Many countries allow spouses of citizens to apply for citizenship and passport, usually after a specified period of residence. In Austria, the ordinary 10-year period of residence necessary to qualify for a passport and citizenship is reduced to six years if you’re married to an Austrian citizen.

Your religion may also be a viable route to alternative citizenship. For instance, Jews who immigrate to Israel under the “Law of Return” are entitled to Israeli citizenship and passport.

If you don’t qualify based on these factors, in most countries, you can acquire citizenship following a period of prolonged residence. Among other countries, Australia, Canada, Hong Kong, New Zealand, the United Kingdom, and the United States exchange residence rights for domestic investment. Eligibility also depends on your age, education, life skills, health, and other criteria. Your spouse and minor children can often accompany you, although in some cases they may be subject to a separate qualification process.

A handful of countries offer “instant” citizenship in return for an economic contribution. The Commonwealth of Dominica and the Federation of St. Kitts & Nevis are the only countries with an official, legally mandated, economic citizenship program.

The least expensive option is to obtain economic citizenship from Dominica. Under this country’s program, you may acquire citizenship and passport in return for a cash contribution. Total costs including all fees for a single applicant come to about $105,000. Add $25,000 if you need a passport for your spouse and up to two children under 18. Dominican passport holders can travel without a visa, or obtain a visa upon entry, to nearly 100 countries and territories. You can also live or work in most members of the Caribbean Community (CARICOM), including Antigua & Barbuda, Barbados, Belize, Grenada, Guyana, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, and Trinidad & Tobago.

In the Federation of St. Kitts & Nevis, there are two ways to obtain economic citizenship. The most practical strategy is to make a direct contribution. Total costs including all fees for a single applicant under this option come to about $225,000 or $275,000 for an applicant with up to three dependents. Alternatively, you may purchase qualifying property worth a minimum of $350,000. However, fees and taxes under this option are much higher than if you make a direct contribution. St. Kitts & Nevis passport holders can travel without a visa, or obtain a visa upon entry, to more than 130 countries, including nearly all of the 27 member countries of the European Union. You can also live or work in most CARICOM countries.

Many countries have in their citizenship laws provisions allowing the government to offer citizenship and passport to individuals who provide a significant benefit to that country. These countries do not offer “economic citizenship” as such. Rather, individuals with a genuine interest in that country and who are prepared to provide an outstanding service to it (including an investment) may be rewarded with citizenship and passport without requiring a period of prolonged residence or proof of fluency in the official language. Two countries in the European Union offer such an opportunity on an ongoing basis, with total costs starting at a minimum of $600,000. Holders of an EU passport can live and work in any of the 27 members of the European Union. In all cases, applicants must pass a strict vetting process that includes a comprehensive criminal background check.

By far the least expensive passport comes from the Dominican Republic. For about $20,000 per individual one can enter the naturalization process and become a citizen in about 30 months. You'll have residency status in 6 months. This passport has visa free travel to many countries and is a low-cost alternative.

An Internet search will reveal many companies offering to sell passports from countries that don’t legally sanctioned economic citizenship programs. In recent years, passports from Costa Rica, Nicaragua, the Dominican Republic, Ireland, Lithuania, and other countries have been offered. All these offers are either scams or involve illegally purchased or stolen documents. Securing a passport on this basis, through fraudulent misrepresentation, either directly or through an agent is clearly illegal.

Your passport could be revoked at any time and you could be subject to arrest and/or deportation.

Banker Trust can assist individuals seeking a second passport. Please contact us at BankerTrust@gmail.com

How To Obtain A Second Passport

2011-06-09T10:14:00.000-04:00

Many globetrotters, business people and retirees seek the benefits of a second nationality, also known as dual citizenship. Carrying a second passport opens up a world of opportunities, particularly if your existing passport limits your right to travel or do business because of government restrictions, visa requirements and so on, or - worse still - makes you a target of discrimination or even hatred abroad.

Your new passport can be a route to business in other countries, a way of improving banking secrecy... or simply an 'insurance policy' that helps you sleep better at night, knowing that the documentation is in place if you should ever need to make a move.

So-called economic citizenship programs are few and far between these days. There are only two countries in the world that still offer the chance to 'buy' a passport legally. They are St Kitts and Nevis, and the Commonwealth of Dominica. You will find an article about these programs here in earlier blogs.

For those who don't want to spend so much money but have time on their side, there is a way to obtain a similar result for just a fraction of the cost. That is through conventional naturalization - acquiring citizenship of a foreign country by developing lasting ties with that country, usually through residence or family connections. Many would argue that obtaining a second passport by naturalization is really much better than holding a passport from one of those two small nations that are known worldwide for 'selling' passports.

The logical solution is to look for countries which have the most attractive conditions for residency, and liberal naturalization/citizenship requirements. I can suggest two to start with: the Dominican Republic, and to a lesser extent the Republic of Paraguay. These two nations share three major advantages if you are seeking naturalization, or even just tax advantages:

Both of these countries allow foreigners to qualify for residence relatively easily. One or two visits to the country, common documents like your existing passport and birth certificates, a simple medical test and a fee usually suffice.

Note that here, I'm talking about residence on paper. Once you have qualified as a resident in one of these two countries, it gives you the right to live there but not the obligation to do so. This is very important to many of my clients. After all, the whole name of the game is increasing freedom, not being tied down to spending a certain number of days in a particular place. A Paraguay residence permit, once issued, is valid for life, automatically, by default.

Many countries also seek to tax you on your worldwide income, from the day you obtain your resident card. Not so with Dominican Republic or Paraguay. Dominican Republic does not tax any income earned outside the country, while Paraguay simply has no income taxes at all, period. If your original citizenship does not tax non-residents (the USA is the only country in the world that taxes its non-resident citizens) then the moment you can flash your residence card from Dominican Republic or Paraguay, you might well benefit from substantial tax advantages! Even Americans, when non-resident, qualify for a complete exemption from income taxes on their first $80,000 of earned income each year.

Both countries allow you to apply for citizenship after as little as two years. Whilst in practice Latin American bureaucracy may well drag this out to three, four or even five years, it's still a good deal. If you get your foot in the door now, those years will speed by and before you know it, you could be a citizen of Paraguay or the Dominican Republic.

Of course, there is a little more to it than that. There is some work involved. You are expected to speak a minimum of Spanish, and learn something about the history, culture and civics of the new homeland. However, in our experience the naturalization process in these two countries is significantly easier than in others, and learning a modicum of Spanish can help you in many other ways too!

Beyond that, each country has its plus and minus points that you may wish to consider, depending on your individual circumstances, interests and requirements. Paraguay benefits from visa-free travel to more countries than the Dominican Republic. The Dominican Republic is just an hour or two from the major east coast cities of the US - some clients will consider this a benefit, while for others it is a disadvantage. Remote farmland in Paraguay, and Caribbean beachfront lots in the Dominican Republic are both good investments, but will appeal to different tastes.

There are other countries in South America you may wish to consider, too. Brazil, Uruguay and Argentina are all attractive options, as are Peru and Ecuador. All these more complicated in terms of the actual process of acquiring a second citizenship.

One thing you should be aware of are the number of unwritten rules. You will need to prepare for a certain amount of uncertainty. What you read on the internet may well not always be true. You will find you get different answers depending who you ask, and indeed depending how you ask. That's where Banker Trust comes in. We can help you secure a second passport economically and efficiently.

Asset Protection and Brokerage Accounts with a Second Citizenship

2011-05-26T09:24:00.000-04:00

There are really only two ways to accomplish secure asset protection. By secure asset protection what is meant is that the bank or stockbroker used does not know who you are. One way of doing this is to use Trust Agreement Banking where an intermediary is the signatory on the bank account or stockbroker account. The other way is to obtain a second citizenship along with identity card, passport and driver license.

Second Passport Banking – The way this works is to obtain a second citizenship and passport from another country. The country used must not tax offshore-derived income. To use a country that taxes worldwide income is of course going to incur unnecessary expense, require filings of tax reports and defeat the purpose. The next consideration is to use a country that will allow one to do a name change that is not in the public records. It can be a sealed court proceeding held in judges chambers. You should be able to get at least two government issued photo identity documents one being a passport. The other document is usually a national identity card with a photo. This document is often referred to as a “Cedulla” in Latin America. Sometimes if one is a driver a driver license can be easily obtained as well.

More Details – One will usually have to travel to the country issuing the documents. This is to provide fingerprints, photos and signatures in the government offices. After documents are obtained then one should go to a bank in that country and open up an account with a nominal balance (say 0). This enables one to get a bank reference letter if needed. Then you get a reference letter from a lawyer in that country. Next rent a virtual office and have a cell phone billed to that address for a utility bill. This will get you all the requirements for opening a bank account in a solid jurisdiction like Switzerland, Singapore, Austria, Luxembourg, or Hong Kong. There are banks in Hong Kong and Switzerland that offer insurance on the entire account without any limitations backed by the government.

When you approach banks in these jurisdictions coming in as a citizen of a country that does not tax offshore derived income you will find account opening to be much easier. The bank knows that they are not going to have your country requesting records since your new country does not tax offshore-derived income. They are much more relaxed about giving you an account for this reason. It is like night and day if you are coming from a high tax country that taxes worldwide income.

Renunciation – It is most important to use a country that will not require the renunciation of any previously existing citizenship. Make sure there is no associated military conscription involved that could affect you.

Country Credibility – One needs to make sure the citizenship being obtained comes from a credible nation. No reliable bank will open a bank account for one with a passport from an African nation, except South Africa. Some people offer passports from non-existent countries like Hutt River or the World Passport for instance. These are real passports from not real countries. They are useless for travel or banking.

There are also passports being sold from countries that used to exist, but no longer exist such as Rhodesia or British Honduras. These are referred to as camouflage passports. Again, worthless documents good for nothing. When these passports from not real countries first hit the Internet market six or seven years ago they were working in terms of travel and opening bank accounts. Over time the banks and countries became educated about them and now they are completely worthless but they are still being sold on the Internet.

Asset Protection Value – Your financial enemies will not know your new identity. Remember a confidential name change is a vital ingredient of this package. They will not be able to locate any of your bank or brokerage accounts because they do not know what they are looking for. You do not need to have a corporation to cover your bank and brokerage accounts but we do recommend it anyway to protect your new identity. Anonymous bearer share corporations where the ownership records do not appear in any public registry or database are the best kind to use.

Real Estate Asset Protection and Second Passports – A great way to protect real estate is to have it in the name of your second passport. This can also work for boats, and airplanes. Again using a corporation as well is suggested. This makes punching through the asset protection structure near impossible.

Questions – If you are in need of a new citizenship and passport feel free to contact us for help in obtaining a second citizenship and passport. We usually have several options available.
BankerTrust@gmail.com

Feds use social networks to nab crooks, snoop on Americans

2011-05-25T09:53:00.000-04:00

The Feds are on Facebook. And MySpace, LinkedIn and Twitter, too.

U.S. law enforcement agents are following the rest of the Internet
world into popular social-networking services, going undercover with
false online profiles to communicate with suspects and gather private
information, according to an internal Justice Department document that
offers a tantalizing glimpse of issues related to privacy and
crime-fighting.

Think you know who's behind that "friend" request? Think again. Your
new "friend" just might be the FBI.

The document, obtained in a Freedom of Information Act lawsuit, makes
clear that U.S. agents are already logging on surreptitiously to
exchange messages with suspects, identify a target's friends or
relatives and browse private information such as postings, personal
photographs and video clips. Among other purposes: Investigators can
check suspects' alibis by comparing stories told to police with tweets
sent at the same time about their whereabouts. Online photos from a
suspicious spending spree, people posing with jewelry, guns or fancy
cars, can link suspects or their friends to robberies or burglaries.

The Electronic Frontier Foundation, a San Francisco-based civil
liberties group, obtained the Justice Department document when it sued
the agency and five others in federal court. The 33-page document
underscores the importance of social networking sites to U.S.
authorities. The foundation said it would publish the document on its
Web site on Tuesday.

With agents going undercover, state and local police coordinate their
online activities with the Secret Service, FBI and other federal
agencies in a strategy known as "deconfliction" to keep out of each
other's way.

"You could really mess up someone's investigation because you're
investigating the same person and maybe doing things that are
counterproductive to what another agency is doing," said Detective
Frank Dannahey of the Rocky Hill, Conn., Police Department, a veteran
of dozens of undercover cases.

A decade ago, agents kept watch over AOL and MSN chat rooms to nab
sexual predators. But those text-only chat services are old-school
compared with today's social media, which contain mountains of
personal data, photographs, videos and audio clips, a potential
treasure trove of evidence for cases of violent crime, financial fraud
and much more.

The Justice Department document, part of a presentation given in
August by top cybercrime officials, describes the value of Facebook,
Twitter, MySpace, LinkedIn and other services to government
investigators. It does not describe in detail the boundaries for
using them.

"It doesn't really discuss any mechanisms for accountability or
ensuring that government agents use those tools responsibly," said
Marcia Hoffman, a senior attorney with the civil liberties foundation.

The group sued in Washington to force the government to disclose its
policies for using social networking sites in investigations, data
collection and surveillance. Covert investigations on
social-networking services are legal and governed by internal rules,
according to Justice Department officials. But they would not say
what those rules are.

The Justice Department document raises a legal question about a
social-media bullying case in which U.S. prosecutors charged a
Missouri woman with computer fraud for creating a fake MySpace account
effectively the same activity that undercover agents are doing,
although for different purposes.

The woman, Lori Drew, helped create an account for a fictitious teen
boy on MySpace and sent flirtatious messages to a 13-year-old
neighborhood girl in his name. The girl hanged herself in October
2006, in a St. Louis suburb, after she received a message saying the
world would be better without her.

A jury in California, where MySpace has its servers, convicted Drew of
three misdemeanor counts of accessing computers without authorization
because she was accused of violating MySpace's rules against creating
fake accounts. But last year a judge overturned the verdicts, citing
the vagueness of the law.

"If agents violate terms of service, is that 'otherwise illegal
activity'?" the document asks. It doesn't provide an answer.
Facebook's rules, for example, specify that users "will not provide
any false personal information on Facebook, or create an account for
anyone other than yourself without permission." Twitter's rules
prohibit its users from sending deceptive or false information.
MySpace requires that information for accounts be "truthful and
accurate."

A former U.S. cybersecurity prosecutor, Marc Zwillinger, said
investigators should be able to go undercover in the online world the
same way they do in the real world, even if such conduct is barred by
a company's rules. But there have to be limits, he said.

In the face-to-face world, agents can't impersonate a suspect's
spouse, child, parent or best friend. But online, behind the guise of
a social-networking account, they can. "This new situation presents a
need for careful oversight so that law enforcement does not use social
networking to intrude on some of our most personal relationships,"
said Zwillinger, whose firm does legal work for Yahoo and MySpace.

Undercover operations aren't necessary if the suspect is reckless.
Federal authorities nabbed a man wanted on bank fraud charges after he
started posting Facebook updates about the fun he was having in
Mexico.

Maxi Sopo, a native of Cameroon living in the Seattle area, apparently
slipped across the border into Mexico in a rented car last year after
learning that federal agents were investigating the alleged scheme.
The agents initially could find no trace of him on social media sites,
and they were unable to pin down his exact location in Mexico. But
they kept checking and eventually found Sopo on Facebook.

While Sopo's online profile was private, his list of friends was not.
Assistant U.S. Attorney Michael Scoville began going through the list
and was able to learn where Sopo was living. Mexican authorities
arrested Sopo in September. He is awaiting extradition to the U.S.

The Justice document describes how Facebook, MySpace and Twitter have
interacted with federal investigators: Facebook is "often cooperative
with emergency requests," the government said. MySpace preserves
information about its users indefinitely and even stores data from
deleted accounts for one year. But Twitter's lawyers tell prosecutors
they need a warrant or subpoena before the company turns over customer
information, the document says.

"Will not preserve data without legal process," the document says
under the heading, "Getting Info From Twitter, the bad news."

Twitter did not respond to a request for comment for this story.

The chief security officer for MySpace, Hemanshu Nigam, said MySpace
doesn't want to be the company that stands in the way of an
investigation.

"That said, we also want to make sure that our users' privacy is
protected and any data that's disclosed is done under proper legal
process," Nigam said.

MySpace requires a search warrant for private messages less than six
months old, according to the company.

Facebook spokesman Andrew Noyes said the company has put together a
handbook to help law enforcement officials understand "the proper ways
to request information from Facebook to aid investigations."

The Justice document includes sections about its own lawyers. For
government attorneys taking cases to trial, social networks are a
"valuable source of info on defense witnesses," they said. "Knowledge
is power. Research all witnesses on social networking sites."

But the government warned prosecutors to advise their own witnesses
not to discuss cases on social media sites and to "think carefully
about what they post."

It also cautioned federal law enforcement officials to think prudently
before adding judges or defense counsel as "friends" on these
services.

Need an offshore account without a visit: www.Banker-Trust.com

Offshore bank account probe nets Canadians

2010-10-16T04:49:00.000-04:00

More than 1,700 private offshore bank accounts belonging to Canadians
turned up on a list of secret accounts in Switzerland, a joint CBC
News/Globe and Mail investigation into possible tax evasion has found.
More than 1,700 private offshore bank accounts belonging to Canadians
turned up on a list of secret accounts in Switzerland, a joint CBC
News/Globe and Mail investigation into possible tax evasion has found.

The Canadians on the list are part of a larger group that includes
about 80,000 accounts belonging to HSBC Private Bank clients held in
Geneva, according to whistleblower Herve Falciani.

Falciani, who obtained the list of accounts when he worked as head of
computer security at HSBC, told the CBC Investigative Unit's Diana
Swain in an exclusive interview that the offshore accounts are large,
with a hefty minimum deposit.

Just to open an account, "you need at least $500,000," Falciani said.

Falciani claimed he was worried that criminals and tax cheats were
using the bank to hide money, so he pleaded with his bosses to become
more transparent about their banking practices. When they refused, he
decided to start making copies of the accounts in an attempt to reveal
his concerns.

"I came to the point that something was very wrong and it should be
changed," said Falciani, who began copying information on private
accounts to his personal computer in 2006.

Canada Revenue Agency investigates The Canada Revenue Agency told CBC
News it has been in touch with French authorities, but would not
provide specific details.

A spokeswoman for the Ministry of National Revenue, which oversees the
CRA, told the CBC and the Globe and Mail that the CRA has received "a
list of names of individuals who may be exploiting offshore accounts."

The spokeswoman said the CRA is assessing the names "on a case-by-case
basis, and will take aggressive action to recover money owed to
Canadians."

It is not clear exactly how much money Canadians are holding in the
HSBC accounts, nor is it known precisely how many individual Canadians
hold the 1,785 Canadian accounts.

HSBC response "HSBC would like to make it clear that HSBC Private Bank
(Suisse) SA and its clients are the victims of a criminal act. The
theft was perpetrated by a former IT employee about three years ago
and involves approximately 15,000 existing clients around the world
who had accounts with the bank in Switzerland before April 2007. HSBC
in no way condones tax evasion and is co-operating with authorities
while protecting the rights of our clients to confidentiality."

Don Johnston, the former head of the Organization for Economic
Co-operation and Development, said he thinks the total amount of money
in Canadian accounts would be large.

"You're talking about this number of people, you're obviously talking
billions of dollars," said Johnston, who was president of the Treasury
Board under Liberal Prime Minister Pierre Trudeau.

When Johnston headed the OECD, it was largely focused on trying to
hold the Swiss banking system responsible for its practices. He said
he has found the offshore banking situation unsettling.

"Frankly, I'm outraged," he said. "Every Canadian who pays his or her
taxes here in Canada should be outraged."

Fired by HSBC After he copied the data, Falciani was fired by HSBC
after being accused of trying to sell the information for foreign
governments.

Swiss authorities confronted him about that allegation and brought him
in for a day of interrogation. They asked him to return the next day,
but he never did.

Revenue Canada response "Our government is taking aggressive action to
recover money owed to Canadians.

"We have been working with international bodies like the OECD and
Joint International Tax Shelter Information Centre.

"Some new information has come to light within the past day.

"Our office can now confirm that the CRA has been working with French
government on this matter. The CRA has received a list of names of
individuals who may be exploiting offshore accounts. Due to privacy
regulations and the sensitivity of this issue, we are not in a
position to comment further on the numbers or the names of
individuals.

"The CRA is in the process of assessing these individuals on a
case-by-case basis.

"The CRA is reassessing over $1 billion in international assets for
the 2009 fiscal year. Also in the 2009 fiscal year, the CRA received
almost 3,000 international voluntary disclosures, representing close
to $600 million in previously undisclosed assets.

"Just five months into this fiscal year, the number of last year's
disclosures has already been surpassed.

"We encourage any Canadian who has avoided taxes to come forward
through the CRA's VDP program."

Falciani fled to his parent's house in Nice, France, with the data.
French authorities searched the house at the request of the Swiss and
seized the list of accounts. French prosecutor Eric de Montgolfier
said Falciani explained the importance of the documents to French
authorities. There were 8,000 accounts on the list that belonged to
French citizens, and only two accounts had been declared for tax
purposes.

French officials ultimately gave their citizens an opportunity to pay
up without facing penalty. Half a billion euros were returned.

The French have also proceeded with tax fraud investigations, based on
the information Falciani provided, and they are looking into the
possibility that money in the HSBC accounts originated from criminal
activity.

"Let's be clear here, we would not have had access to the data without
his contribution," De Montgolfier said of Falciani.

Falciani said since he was the source of the information authorities
now have, he is aware he now could be at risk.

British tax authorities recently obtained the list of HSBC accounts
from French authorities, and they are investigating possible tax
evasion by their own citizens. The Italian government has also
received the data.

In a written statement to CBC News, HSBC said the bank "in no way
condones tax evasion and is co-operating with authorities while
protecting the rights of our clients to confidentiality."

'A wink and a nod' Don Coxe, a Canadian investment banker who works in
Chicago, said the Swiss have a history of recruiting clients for
offshore accounts.

"We know that the Swiss banks did do marketing to high-net-worth
people, wealthy people in North America, trying to entice them to take
their money away from banking with local financial institutions, to
bank in Switzerland," he said.

"And that with a wink and a nod, it was indicated, 'Well, this way you
get around your local taxes.'"

The Falciani case is one in a string of tax scandal stories in the
last few years that have shaken up offshore banking industry.

CBC News and the Globe and Mail reported last December that the CRA
probed Royal Bank of Canada Dominion Securities for information on
Canadians with alleged links to offshore accounts in Liechtenstein in
Western Europe for the purpose of hiding money.

In May, that investigation widened to include UBS Bank Canada,
Financi re Banque Nationale Inc. and BMO Nesbitt Burns Inc, which led
to audits of Canadian taxpayers.

The case was sparked by a former Liechtenstein bank employee who stole
four disks of confidential client information and then sold them to
German tax authorities for the equivalent of $7 million US.

HSBC response "HSBC would like to make it clear that HSBC Private Bank
(Suisse) SA and its clients are the victims of a criminal act. The
theft was perpetrated by a former IT employee about three years ago
and involves approximately 15,000 existing clients around the world
who had accounts with the bank in Switzerland before April 2007. HSBC
in no way condones tax evasion and is co-operating with authorities
while protecting the rights of our clients to confidentiality. "

Thanks to Joseph Loiero, CBC News, for this article.

Need a private offshore account WITHOUT a personal visit?
Click: Private Accounts.

THE CARIBBEAN ISLANDS WHERE YOU CAN BUY CITIZENSHIP

2010-10-12T19:42:00.000-04:00

In the nineteenth century, in many countries you had to be a property owner before you could vote in elections. While nowadays the general population can vote, some countries still respect property ownership as a route to citizenship.

One of these is St Kitts, one of the so-called “sister isles” making up the Federation of Saint Kitts and Nevis. St Kitts is one of two countries on the planet today where you can legally ‘buy’ a second passport even if you don’t have any prior connection with the country. This is a fully legitimate program, and funds will be held in escrow by the Royal Bank of Canada or Scotiabank as custodians until your citizenship is approved and you can apply for your passport.

The St Kitts program requires you to purchase property worth at least $350,000 on the island in an approved development – typically a luxury beachfront condo.

Dominica, meanwhile, is the other country where you can legally buy a second citizenship. Dominica is a small, English speaking sovereign nation - not to be confused with the much larger, Spanish speaking Dominican Republic that is mentioned below.

Dominica charges a fee of $75,000 for citizenship for a single individual, or $100,000 for a family. Substantial extra processing, due diligence, legal and government fees must be added.

Once you are in to either of these programs and have your passport, it is good for travel around the world. St Kitts now has visa-free travel to the Schengen area in Western Europe, as well as Canada, and visas to most other countries are not hard to obtain.

The cost seems high. When these two programs were launched in the 1990s, many of the applicants were newly-rich Russians seeking a better travel document. Chinese and Arabs also signed up in numbers. But – a sign of the times – most of the applicants now are from USA citizens. For anybody with say a million dollars upwards of net worth, $100,000 for the opportunity to renounce US citizenship and never have to pay a penny in US taxes again may seem like a drop in the ocean. Certainly a steady stream of applicants are flying down to the Caribbean.

If you would like to acquire either of these passports, please contact us at BankerTrust@gmail.com

How A Second Passport Can Be A Lifesaver

2010-08-17T07:33:00.000-04:00

Big Brother’s Homeland Security Department is already tracking everyone’s movements. The real reason seems to be more to catch taxpayers, not dangerous terrorists. Germany, Great Britain, Spain and France, among others, have similar programs. High net worth and minority group Europeans have always had second passports. These days, successful Americans also need second passports. There are already too many restrictions on freedom of travel, finances and associations with foreigners.

Currency controls are always a threat. In Great Britain, for years into the early 1980s, Brits could not take out more than the equivalent of one hundred pounds. This meant no vacations except for those with illegal bank deposits abroad. Virtually every country imposes exchange and currency controls of some form in times of crisis.

In addition, a Second Passport can mean safe passage without delay to a place where your particular religious group would be free of persecution. Who would have thought that when leftist regimes took over, that landlords and business owners would be subject to arrest, and in many cases, execution? Even in the USA, people forget that the landed gentry were forced to flee the country to avoid imprisonment or death... Once during the American Revolution, a second time in the Civil War, and more recently – several times when certain groups like Blacks, German-Americans, Japanese- Americans, were declared persona non grata.
Today, when a defendant appears in court, the first order is often ‘Surrender your Passport within 24 hours or go to jail without bail.’ This can happen in a civil case like divorce. A second passport can be a life-saver.

By ‘second passport’ in this case we mean a passport from a different country than the place you live in. It is possible to legally obtain a second or ‘duplicate original’ passport from you home country. These can also be useful, as explained in our full report. But not nearly so useful as an undisclosed second passport from an entirely different country.

Contact us at our email address at Banker-Trust@gmail.com to secure your second passport.

Who Needs A Second Passport?

2010-08-15T15:46:00.001-04:00

Short answer: Anyone with property or business interests probably needs a second passport - even if they don’t know it yet.

Most people never think about obtaining a second (or a third) passport. In fact, the vast majority of people don’t even have one passport.

But passports can be lost, stolen, confiscated or cancelled by government. Your ability to escape, to travel, to protect your assets abroad; all these hang by a thread. That thread is your passport.

Lose it and you can be a victim or prisoner in a dangerous, unfriendly country. That country may be your own (present) country.

But by obtaining a second passport, you open up new options – new paths to freedom hitherto unknown and undiscovered. You will cease to be a pawn of governments. You will legally pay less tax. You will achieve financial privacy. Your assets will be protected.

The U.S. government has adopted some policies of Nazi Germany and the old Soviet Union.
Other countries may be as bad or worse, but the USA serves as an example. Today a U.S. passport is used for coercion. For instance ...

• In the United States, the government will deny you a U.S. passport simply for being in debt to the Internal Revenue Service.

• You can also be denied a passport if you owe back payments for alimony or child support.

• If your politics are ‘wrong,’ or you are suspected of ‘suspicious behaviour,’ you can’t use your passport to exit the U.S.A. and you won’t get a new one.

• The USA currently has no military draft, but if they enact one, you can be sure no-one of military age will get a passport.

The USA’s restrictive policies are fast being adopted by many, if not most other countries. In most cases, they already have similar rules regarding passports.

The USA passport already has several restrictions as to what countries may be visited by citizens – Cuba for example. If a USA passport has a stamp in it from a ‘tax haven’ or a Muslim jurisdiction, it is likely that the returning holder will be questioned if not detained at the border on returning home.

Passport renewals require an applicant's Social Security number. Thus, the IRS uses this information to see if applicants have filed income tax returns.

Since 1986, the U.S. State Department has informed the IRS about any American who renews their U.S. passports from a foreign address.

A USA Passport (now with chip included so it can be monitored at a distance without you even knowing) is a monitoring device, just like the prisoners leg bracelet!

More recently, the Department of Homeland Security (DHS) used their "fighting terrorism" excuse to track the movements of every US passport that comes or goes by air or sea. They track foreign stamps and recently added land border crossings, so they can create a travel profile of each and every American leaving or arriving in the U.S.A.

Instead of keeping track of only known or suspected terrorists, the government now tracks everyone who crosses a U.S. border. Since there are no limits to how the government uses the data collected, the information will be used for politically motivated surveillance.

How can you avoid these problems? Simple! Travel with another passport (from another country) when you travel between countries outside of the United States. If you're a U.S. citizen, you must use your U.S. passport when you enter or leave the United States. But you're under no such obligation when you enter or leave other countries.

The U.S. Supreme Court has repeatedly ruled that American citizens retain their citizenship when there is no clear intent to end that status. Accordingly, obtaining a second passport from another country does not affect in any way your U.S.A. citizenship status. Further, we know of no foreign countries that will inform the U.S.A. or any other country of citizens obtaining their passport. The few exceptions to the rule may be certain Scandinavian countries or others that require a renunciation of any prior citizenship as a condition precedent to obtaining their passport.

Interestingly enough, at any time after renunciation, a local U.S.A., Canadian or most other consulates will re-issue the ‘renounced” or cancelled passport. Most countries follow the rule: “Once born American, always American.”

The U.S.A. Supreme Court, as well as the Courts of Canada, Great Britain, Australia and others have consistently supported their citizens' rights to hold dual citizenship.

Myths about Second Passports

2010-07-28T12:32:00.000-04:00

In response to the ridiculous—but unfortunately very real—presumption that U.S. citizens must pay income tax wherever they live, an increasing number of citizens are giving up their nationality.

Now, it is a big step, and not one to be taken lightly. Keep in mind, it means you no longer have the legal rights and privileges of a U.S. citizen.

You can't vote, for instance, and you no longer have the automatic right to live in the United States.

But this process of expatriation is the only way U.S. citizens can permanently sever the obligation to pay tax on non-U.S. income.

And there are a number of myths about expatriation. Here's a few:

Myth #1: “Only a tiny number of people expatriate each year.”
It's true: The "official" number of people who take this admittedly radical step is tiny — only a few hundred annually. The Treasury Department is supposed to publish their names in the Federal Register each quarter. But the real numbers are much higher.

One especially busy U.S. consulate in Switzerland expatriates three people daily, with appointments booked a year in advance. That comes to close to 1,000 expatriations annually — just from a single consulate.

Another reason the official numbers are so low may be that the law mandating Federal Register reporting by the Treasury Department applies only to "covered expatriates." These are individuals who have a net worth exceeding $2 million, or who meet other criteria, making them potentially subject to an exit tax.

However, none of the covered expatriates my firm has helped expatriate has had his or her name published in the Federal Register.

The government doesn't want you to know that the number of people expatriating is exploding. And it's willing to "cook the books" to make sure the information doesn't get out.

Myth #2: "You have to pay an exit tax on your net worth when you expatriate."
The author was at a dinner meeting in the US a few months ago and was introduced to an elderly gentleman who insisted that anyone who expatriated would automatically forfeit 15% of his or her net worth.

When asked for a legal citation to this "fact," he simply repeated his assertion. He also mentioned that he was a major contributor to the organization sponsoring the event we were attending. This no doubt earned him some brownie points at that organization, but it didn’t make his assertion correct!

The fact is that the exit tax now imposed on U.S. expatriates only applies if you're a covered expatriate. And even if you are, the exit tax only applies to unrealized gains that exceed $627,000.

There's no exit tax on your net worth simply because you've expatriated. Of course, that may change in the years ahead if Congress decides to put the screws to expatriates in some future law.

Myth #3: “You can only spend 30 days a year in the USA.”

Another misconception is that, if you expatriate, you can only spend 30 days each year in the United States without becoming subject to U.S. tax on your worldwide income.

This myth actually has some basis in fact, because it was true under an old law that was abolished in 2008. And it still applies if you expatriated between 2004 and 2008. But no longer.

(In general, a non-resident alien can spend an average of 120 days per year in the USA without becoming subject to tax on his or her worldwide income. This period can be extended to up to 180 days per year if the NRA can demonstrate a closer connection with another country and even more than 180 days under some tax treaties.)

Myth #4: “If you expatriate you can't come back.”
There's another rumor that, once you expatriate, you can never return to the United States. That's hogwash, although again there's a small basis in fact to the rumor.

In 1996, Congress enacted the so-called Reed Amendment to the Immigration and Nationality Act. The amendment gives the Attorney General the discretion to deny entry into the United States to a former U.S. citizen who renounced citizenship in order to avoid taxation.

Other categories of "excluded persons" are those with communicable diseases or other health conditions; those convicted of crimes involving moral turpitude or illegal drugs or with multiple criminal convictions; prostitutes; spies; terrorists; and draft evaders.

After Congress enacted the Reed Amendment, commentators criticized it for violating U.S. treaties and possibly the U.S. Constitution as well. And nearly 15 years after its original enactment, regulations under this provision have not been issued, and its power has never officially been invoked.

"Tax motivation" is no longer a factor in determining the status of a covered expatriate. For this reason, the Reed Amendment may no longer be relevant, particularly since it has been so long since its enactment, with no regulations in place to enforce it.

Given this history, it may be safe to assume that one can safely give up U.S. citizenship with no fear of future exclusion, particularly if you choose an expatriation option other than formal renunciation.

Myth #5: “Expatriates lose Social Security benefits.”
Again … not true! No restrictions exist on Social Security payments sent to non-citizens in most cases.

The only significant restrictions are if you live in a country upon which the U.S. government has imposed trade or financial restrictions (e.g., Cuba, North Korea, Iran).

However, if you're not a U.S. citizen, there may be a withholding tax of as much as 30% on the first 85% of your monthly payment, depending on where you live. This percentage may be reduced or eliminated if there's a tax treaty between the United States and your residence country.

Myth #6: “Expatriates are automatically targeted for reprisals by the IRS.”
Thank goodness this myth is false. There is no IRS vendetta against expatriates. Quite the opposite!

The IRS has much easier pickings going after people still living in the United States, with substantial U.S. assets. It can use its resources more efficiently than to harass former U.S. citizens not living in the United States and with minimal or no U.S. assets or activities.

Indeed the act of expatriation stops the clock on all future IRS obligations. You still have obligations to pay past taxes, but the statute of limitations for collections eventually runs out … assuming you've filed all relevant returns for tax years prior to expatriation.

Contact us to find how easily you can receive a passport from the Dominican Republic. Bankertrust@gmail.com

Second Passports for Offshore Banking

2010-06-20T12:30:00.000-04:00

Second Passports are very important when used as banking passports. Offshore banking is vital this day and age when the current governments continue restricting financial rights. As a citizen of the U.S.A. or European Union you are under the scrutiny of bank reporting requirements. Therefore, it's a the smart thing to get a second passport for your banking needs.

Getting a second passport doesn’t have to mean that you don´t like your country. It simply means that you want to be free from the government, tax collectors, and other entities that impede your financial rights. Having a banking passport entitles you to the personal freedom you deserve.

Due to terrorist threats, many countries have terminated their economic citizenship programs; the reason being that terrorists can use second passports. The actual truth is that governments don´t want their top taxpayers using second passports, especially for offshore banking.

Although getting a second passport is more difficult these days, it is still possible with money or just a bit of creativity. One route is instant economic citizenship. Another is getting a second passport due to your ancestry or religion. A third way is to physically move to another country and live there for a short period of residence. A common method is by marriage or having a child in another country. There are also illegal ways of getting a second passport, like persuading a politician.

A banking passport is therefore the best thing to do to protect your finances and can still be acquired as long as you act quickly before all second passport rights become more restricted.

We can procure a 2nd passport for you from the the following countries:

Dominican Republic
Dominica
St. Kitts
Brazil

Contact us at BankerTrust@gmail.com

Dominican Republic Tax Haven and Second Passports

2010-06-17T11:13:00.002-04:00

Although the Dominican Republic is not typically regarded as a tax haven, that is actually one of its attractions. Unlike traditional offshore centres, it has not been under pressure from the likes of the OECD, the G20 and the Obama administration. The Dominican Republic has a territorial tax system much like Panama’s, meaning that you can live there and enjoy the beaches tax free, provided your income comes from outside the country. It’s also known as one of the more liberal places for those seeking a second passport or citizenship.

Three Good Reasons to Consider the Dominican Republic for Second Passports and Offshore Investing

Tax Haven – Dominican Republic has a territorial tax system, meaning that if you live there, you would only be subject to pay taxes if you had local income. You can earn what you like outside the country and you don’t even have to declare it, yet alone pay any taxes. This applies to both individuals and companies.

Second Passports – Dominican Republic is one of the most liberal countries when it comes to granting citizenship through naturalization. As long as you haven’t done anything to upset the President, he will sign a decree making you a citizen. Absences of up to one year at a time don’t affect your residency status. This liberal naturalization law dates back to 1948, and there is much talk of it changing soon. Dual citizenship is allowed.
Note: Please do not confuse the Dominican Republic with the Commonwealth of Dominica. The Commonwealth of Dominica is a small, English-speaking island state with an established economic citizenship (second passport) program catering mainly to the super wealthy. The Dominica citizenship program requires an investment of hundreds of thousands of dollars. While in the Dominican Republic, you could obtain your second passport for only a fraction of the cost.

Liveability – Dominican Republic is a good place to live. First of all, it’s affordable. The tax exemption you get in the Bahamas by buying a half-million-dollar property you get almost for free here. The capital, Santo Domingo, is a modern cosmopolitan city with a beautiful colonial heart. The Spanish colonised it, then the Americans were mainly responsible for the development of the city. The country’s second city Santiago, and the beautiful north coast, were only joined by decent roads built by the Americans in the 1920s. Before that, the north was almost a separate country – trading more with the British and Germans. Today there is a substantial Jewish population up there, and parts where French and Italian are frequently spoken. So there’s really something for everybody.
Dominican Republic has not been high on the traditional lists of places to retire to, that are hyped on the internet. This might be a good thing. Real estate is good value, it’s relatively easy to immigrate and obtain citizenship, and the business environment is nearly as favorable as the climate!

You can check properties available here: http://mdavis.point2agent.com/

Having Two Passports

2010-06-10T17:21:00.000-04:00

The current news and politicians say that we live in a dangerous world today. We live in a different world today too, or so we are told. But in reality how different are things really, in comparison to say 30 years ago? How about 50 years ago? How about 100 or perhaps 200 years ago? World and even national history is full of political conflicts, one party involved with public events or perhaps what might be deemed even aggressive acts to sway public opinion, trade and economic conflicts draped in the clothing of something else, and many other issues affecting the stability and economic or physical well being of the society at large. However, what is always true is that it becomes important in such a moment, for one group to quickly and easily identify and define the other. What group do you belong to? Who are you? Stated another way, which passport do you carry? Who are you affiliated with, in terms of country? Where do you come from (so we know how to deal with you)?
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Whether we like it or not, our identification documents immediately present a stereotype in order to define the rules of social, political and even economic engagement, regardless of who we really are and regardless if we have ill intent or not. Our identity documents, our Passport, becomes our calling card, so to speak - telling everyone else in a foreign land how to deal with us (or not as the case may be). What does your say? Does it say, for example, I come from a large nation that is actively involved militarily in foreign affairs? Does it say - I am from a small, obscure and peaceful country? Does it say, do not do business with me - my government is nothing but trouble and bad news?
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For Americans especially (and some other nations also), the above is very true. If you travel, for example, you are singled out, either in a positive way or a negative way all depending where you are from or better stated, what passport you have. In terms of business, many financial institutions will not deal with you, or open an account for you. So, being from the wrong country, even if you yourself are not directly responsible for the things that create such a stereotype, could have a very real effect on your physical safety and financial well being as well.
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The question is then, how do you want to be perceived and treated? People in a democratic and free society, have the opportunity to join whatever groups they wish (and carry an ID document or card proclaiming themselves as a member). The American Express Company tells us, membership has its privileges. Maybe, and then again maybe not, but in the least with such an example - you have a choice to join or not. So, why can't you join another country?

Dominican Republic Residency

2010-04-01T09:54:00.000-04:00

Why Obtain Residency Status in the Dominican Republic?

Although it is possible to stay in the Dominican Republic without obtaining the official residency permit, there are many reasons why it is better to do so. Reasons include:

1. A legal resident can work and do business legally in the Dominican Republic - a non-resident cannot.

2. A resident is allowed to bring in his household items, ranging from kitchen appliances, to furniture, tax free. A non-resident must pay all applicable import duties on these goods.

3. A non-resident cannot sue a Dominican national or a legal resident in court without posting a bond, usually quite high. A legal resident is exempt from this requirement.
In case of inheritance, a non-resident beneficiary must pay a 50% surcharge on applicable estate taxes - residents are not subject to this surcharge.

3. For many foreigners interested in not paying taxes in their home countries on income earned outside their home country, it is a prerequisite to obtain residency status in another country.

4. A resident can enter the Dominican Republic without having to buy a tourist card; a non-resident must obtain a visa or buy a tourist card.

5. If you are of retirement age, the Government has a fast track process.

Our legal team have many years of experience in helping foreigners obtain legal residency in the Dominican Republic, and can smooth the process of immigrating here. Contact us at BankerTrust@gmail.com

Obtaining permanent residency in the Dominican Republic is a two part process.

Step 1 – Provisional Residency

The first step is to obtain your Provisional Residency. You will need the following documents for the residency procedure:

1. Birth Certificate
2. Four 2x2 photographs front
3. Two 2x2 photographs side
4. Marriage Certificate (if applying with spouse)
5. Two complete photocopies of your passport
6. Tourist card showing date of last entry into the country (given to you at the Airport)
7. Affidavit of your solvency backed up with evidence e.g. bank letter/deposits, work contract, property titles, etc.
8. Notarized statement by a Dominican citizen or corporation or a permanent resident vouching for you in the Dominican Republic (can be provided by our office)
9. Work contract (if the applicant works in the country)
10. A certificate of good behavior from the Dominican authorities
11. Medical exam performed in the Dominican Republic (blood test and chest x-ray)
12. Birth certificates and other foreign documents need to be translated into Spanish by an official Dominican translator, which we will provide.

The one essential part of this is the medical exam for which you will need to attend the medical center at the Department of Immigration in Santo Domingo.

The medical exam is not as onerous as it sounds. It is there mainly to check for AIDS, tuberculosis and illegal drug use. Assuming you don’t have any of those, you should pass the medical exam fine. They will also ask you some basic questions, such as ‘do you take any prescription medicines, have you had any recent surgery’ etc, but the answers will not affect the exam.

They will also take a blood sample, a urine sample and a chest x-ray.

The police check is also relatively painless. Assuming you are not a known criminal and wanted by Interpol – you should pass this without problem.

The solvency check is to prove that you are not destitute. If you own a property in the Dominican Republic or have a corporation, this will suffice. Evidence of assets of RD$500,000 (around US$15,000) or more preferably in a local bank account will also be fine.

Make it easy on yourself and speed the process by contacting us today.

When the immigration office have approved all the paperwork, you receive a temporary residency permit card (Residencia) and a Dominican identification card (Cédula de Identidad). This process takes approximately 3-5 months, depending on the Dominican immigration authorities.

The temporary residency permit is valid for 1 year. You then have the right to live and work in the Dominican Republic. You will also have the right to leave the country whenever you wish and re-enter with your temporary residence document (you will not need a tourist card or tourist visa to re-enter).

Step 2 – Permanent Residency

After your temporary residency card expires, you can renew the permit and change your status to Permanent Residency. The Permanent Residency is valid for two years at a time and the Dominican identification card (cédula) for six years.

The application for permanent residency is similar to the provisional residency. The documents required for a permanent residency application are:

1. Three photocopies of the provisional residency card
2. Affidavit by two residents of the Dominican Republic regarding the good morals and good behavior of the applicant
3. Notarized letter of guarantee from a Dominican person or corporation or a permanent resident
4. A certificate of good behavior from the Dominican authorities
5. Medical exam performed in the Dominican Republic ((blood test and chest x-rays)
6. 4 photos 2 x 2 (front)
7. 2 photos 2 x 2 (side)

Once all these have been approved by the immigration office, you will receive a Permanent Resident Card valid for two-years, after which you can keep renewing in two year periods.

Alternatively, after the first two years with the permanent residency permit, you may apply for Dominican citizenship and become formally nationalized (obtaining a Dominican Passport).

Step 3 – Obtaining Dominican Citizenship and a Dominican Passport.

This process is usually started once you have obtained permanent residence. There is no obligation to take this step. The main reason for taking it is if you want a second passport, you want to be able to vote, or you don’t want the bother of renewing your permanent residency.

There is quite a bit of paperwork to file for naturalization, but that is all taken care of by us. The whole process takes around 5 months from start to finish. Interested? Please don’t hesitate to contact us! Our lawyers, notaries, and judicial interpreters are at your disposal. If time is critical, ask about our VIP program of accelerated citizenship.
BankerTrust@gmail.com

Keeping Your Assets Safe

2010-03-12T14:27:00.000-05:00

All Asset Protection domestic or foreign is designed to make it difficult or impossible for any creditor to take your assets away from you. Here are the FOUR basic rules:

1. WHAT YOU DON'T OWN CAN'T BE TAKEN FROM YOU: Seems simplistic and almost moronic but think about it. The act of funding a corporation (where you are not a shareholder or beneficiary) is basically the act of transferring your assets to a different (albeit artificial) person. If you give your stuff to someone, say the XYZ Corp, and years later a creditor of yours tries to take those assets, the XYZ Corp is going to defend this by saying that they are not responsible for your debts. They can say this because the XYZ Corp is not you. It did not do the act that generated the debt. The moment you made the transfer, the assets do not belong to you. The XYZ Corp will prevail as long as the transfer to it was not a fraudulent conveyance. The assets held by this corporation should not be reflected on your balance sheet as owned by you.

2. OLD AND COLD MATTERS: Remember, the XYZ Corp will prevail as long as the transfer was not a fraudulent conveyance. One of the best ways to survive a fraudulent conveyance attack is to have what we call an old and cold Plan. If the Plan was funded a long time ago when the financial seas were calm, it is very difficult for some newly appearing creditor to get any judge or jury to believe that you funded your Plan knowing that you would be disenfranchising some future unanticipated creditor. We often tell clients that implementing and funding a Plan is just the first step in the Asset Protection process for this reason: It starts the statute of limitations running on any fraudulent conveyance claim.

3. FOREIGN IS NOT FOREIGN IN ALL CASES: A properly structured Plan implemented when the financial seas are calm does not require that protected assets be moved abroad or even put into the domination and control of a foreign trustee. If the money is currently with the Bank of America, it can stay with the Bank of America, as long as the financial seas are calm.

4. NO COUNTRY IN THE WORLD AUTOMATICALLY ENFORCES U.S. JUDGMENTS: It is enough to say that this is a key rule. Remember: NO country in the world cares about US laws, juries and judges determined to redistribute your wealth into somebody else's pocket! The US has 7 percent of the world's population, and 94 percent of the lawyers. The U.S. judicial system is considered laughable in most of the rest of the world. In short, other countries know that US courts do not dish out justice in many cases, and they do not trust US verdicts. Every country will force a retrial of the issues before enforcing a U.S. judgment. One of the nice things is that most of these countries don't permit contingent fee litigation, and they often force the person attacking you to post a bond to cover your legal fees if they lose.

For more information about Dominican Corporations and Passports, contact BankerTrust@gmail.com

Leaving Your Country

2010-01-21T06:53:00.000-05:00

The only way for a U.S. citizen or permanent resident to sever all ties with the United States is to expatriate. That is, you give up your citizenship and passport, or, in the case of a permanent resident, your green card, and live as a foreigner outside the United States.

The "official" number of people who take this admittedly radical step is tiny—only a few hundred annually. Their names are published in the Federal Register each quarter. But the real numbers are probably much higher.

We helped six people expatriate in 2009, and we have several more in the pipeline for 2010. There's nearly a one-year wait to make an appointment to expatriate at the U.S. consulate in London. Waiting times are almost as long at numerous other consulates worldwide…
To permanently disconnect from U.S. tax obligations, a U.S. citizen must not only become a non-resident, but also give up U.S. citizenship and passport. If you're wealthy, giving up U.S. citizenship and residence can save millions or even billions of dollars in future taxes.
Expatriation also eliminates the increasing difficulties U.S. citizens face investing or doing business outside the USA. As a consequence of the U.S. government's intensifying crackdown against anything "offshore," most offshore banks now prohibit anyone with any connection to the United States from opening an account. Giving up U.S. citizenship and passport eliminates this problem.

Finally, expatriation frees you from the possibility of your non-U.S. assets becoming subject to any future exchange or currency controls the U.S. government might impose to protect the value of the dollar or to shore up its shaky finances.
Fortunately, you can make nearly all of the preparations for a possible future expatriation without leaving the United States.

This is a four-step process. Once you've accomplished the first three steps, the final step—expatriation—is much easier than if you're starting from scratch…

Step 1. Move Your Assets to Safer Havens
Where There is Enhanced Protection for Wealth

Some of the most popular wealth havens include:

Switzerland, Liechtenstein, and Austria in Europe
Panama and Uruguay in Central and South America
Hong Kong and Singapore in Asia
Dubai in the Middle East

Visit the country where you're thinking about placing your wealth. Talk to bankers, insurance agents, etc. Increasingly, you'll be required to make a personal visit before you can open a foreign bank account. You may also find that the bank requires that you invest through an offshore structure, not in your own name.

Step 2. Find Another Country to Live
in that Offers Greater Personal Freedom

These are the countries that you may wish to relocate to in the future. Or buy property there, "just in case." Popular countries for U.S. expats to live in and/or buy property include:

Canada
Belize, Costa Rica, Ecuador, Mexico, Nicaragua, Panama, and Uruguay in central and South America
The Bahamas, Cayman Islands, and the Dominican Republic in the Caribbean
Belgium, Malta, Switzerland, and the United Kingdom in Europe
Australia, Hong Kong, New Zealand, and Singapore in Asia
What else should you consider in choosing a freedom haven?

One obvious consideration is the availability of residence rights. What do you have to do to gain residence? You may only have to demonstrate some minimal level of income in some countries to obtain a residence visa. Others require a guaranteed pension. In others you may have to make a substantial investment in the country. In others you may need to qualify on a points system. Some countries have multiple programs you can consider.

You should also consider security and enforcement of legal rights for foreign investors; infrastructure (especially if you need specialized medical attention); language; prejudice against Americans; and taxes.

Finally: will that country award you a passport after you've lived there a certain number of years? Can the passport function as an acceptable alternative to your U.S. passport?

Step 3. Get Another Passport

For U.S. citizens, the most important reason to obtain a second passport is that it's a necessary prerequisite for Step 4, which is to relinquish all legal obligations to the USA by giving up U.S. citizenship. A second passport also:

Provides expanded travel possibilities to “forbidden countries” like Cuba, North Korea, etc.
Protects your identity, should you ever need to keep your nationality a secret
Gives you the right to reside in other countries
Gives you a way to cross international borders if your primary passport is lost or stolen
One way to get a second passport is to live in another country for a certain number of years, ranging from two to 10, sometimes even more. But in some countries, it's not possible to obtain a passport if you enter under certain visa categories, and sometimes not at all. And, it's almost never possible to obtain a passport unless you first obtained an official residence visa to live there. Other permits may also be required.

If you don't want to leave the United States, you might be able to get a passport based on your ancestry or marriage to a national of that country. Your religion may also result in eligibility for citizenship and passport in another country. For instance, if you're Jewish, you may be able to move to Israel and claim an Israeli passports for you and your family. In certain circumstances, Thailand grants passports to individuals who become Buddhist monks. However, if you choose this option, you must make a lifelong commitment to poverty and sexual abstinence.

In almost every country, if you do something of great benefit to the government, you can be awarded a passport. Austria is one country where there is a formal legislative framework established for this process. But it is very expensive and politically controversial.

Step 4. Expatriate from the United States

You can accomplish all of three previous steps while still residing in the United States. At this point, you face a choice: to expatriate or not?

Expatriation is a radical step. There are many complications, beginning with the possibility of paying an "exit tax" for the privilege of permanently severing your national ties. And what does your wife—or husband—think about living in Belize?

Will you be leaving family members behind? If so, will you able to visit them? The answer is usually yes, although you may need to obtain a visa to re-enter the United States.

There's also the possibility—remote in 2010, but increasing in future years—that Congress will eventually make expatriation much more difficult. In another decade, perhaps less, the price of expatriation may be to present a balance sheet to the IRS, and give half of the number appearing on the bottom line to the U.S. Treasury.

Is expatriation for you?

The decision to give up U.S. citizenship is a serious one. It's a step you should take only after consulting with your family and professional advisors. But it's the only way that U.S. citizens and long-term residents can eliminate U.S. tax liability on their non-U.S. income, wherever they live. And it's a tax avoidance option that Congress may eventually make much more onerous.

For more information contact us at BankerTrust@gmail.com

US Expatriation

2010-01-01T19:39:00.004-05:00

The United States is the only major country that imposes tax on a citizen's worldwide income, no matter where that citizen lives. If you live in Britain, Botswana, Bulgaria, or almost any other country, all you need to do to avoid the obligation to pay tax on your worldwide income is to leave. After an extended period—normally 1-2 years, sometimes longer—you no longer have any obligation to pay taxes on your income outside that country (although you may continue to be subject to gift and estate taxes).

But not the USA. To permanently disconnect from U.S. tax obligations, a U.S. citizen must not only leave the United States, but also take the radical step of giving up U.S. citizenship. This process (from a U.S. standpoint) is called expatriation. It also requires that you acquire citizenship and a passport from another country, and also live outside the United States, if you're not already living overseas.

If you're wealthy, giving up U.S. citizenship or residence can save millions or even billions of dollars in future taxes. The total combined state-federal income tax burden for most high-net-worth earners in the United States is close to 50%. And President Obama promises to hike that burden to pay for his tax-and-spend policies. For instance, if you anticipate earning US$2 million over the next five years, expatriation could save you a cool US$1 million in income tax. Not to mention millions more in the years ahead, and millions more again in estate tax savings.
What's more, expatriation eliminates the increasing difficulties U.S. citizens face investing or doing business outside the USA, no matter where they reside. As a consequence of the ongoing and intensifying crackdown against anything "offshore" by the U.S. government, most offshore banks now prohibit anyone with any connection to the United States, no matter how remote, from opening an account. Giving up your U.S. citizenship and passport eliminates this problem.

Only a few hundred people, many of whom are not wealthy, give up their U.S. citizenship annually. However, the popular image of unimaginably wealthy former U.S. citizens living tax-free in tropical paradises is an irresistible political target. Former Congressman Sam Gibbons, a Florida Democrat, once spoke of "the despicable act of renouncing allegiance to the United States." Former Congressman Martin Frost, a Texas Democrat, supported tax penalties on expatriates on the basis of "basic patriotism and basic fairness." The ferocity with which U.S. politicians have seized upon the expatriation issue has resulted in a series of increasingly stringent laws that put real teeth into rules penalizing U.S. citizens who give up their U.S. citizenship.

Because these anti-expatriation rules have historically been relatively easy to circumvent, there have been periodic calls to make what critics call the "billionaire's loophole" stricter. The latest effort to thwart the migration of wealthy individuals from the USA came in 2008, when Congress replaced the existing rules in their entirety with an "exit tax."

The exit tax is based on the legal fiction that an expatriate sells all of his or her worldwide property on the day before the date of expatriation at its fair market value. Tax on the fictional gain is due at the time the expatriate's tax return is due for the year of expatriation. Unrealized gains in non-grantor trusts and some retirement and pension plans are exempted from the exit tax, but subject instead to a 30% withholding tax on future distributions.

Moreover, the exit tax applies not only to former U.S. citizens, but also to long-term green-card holders who have resided in the United States for at least eight of the 15 years preceding expatriation.

How are you supposed to pay the tax without selling your assets? That's your problem—not the IRS's—although the law permits deferral by posting acceptable security with the U.S. Treasury and paying an interest charge on the amount deferred. The law also imposes a substitute estate tax of 'covered gifts or bequests' that exceed US$13,000 annually received by a U.S. citizen or resident from a covered expatriate, payable by the recipient. The US$13,000 exclusion is adjusted annually for inflation.

Fortunately, there are some loopholes in the law that provide planning opportunities for prospective expatriates:

The first US$600,000 of unrealized gain isn't subject to the exit tax. This amount is adjusted annually for inflation, and for 2009 the exemption is US$636,000. The exemption doubles for a married couple, both of whom expatriate. In addition, even if unrealized gains exceed US$636,000, the exit tax only applies to individuals who:

Have a global net worth exceeding US$2 million (US$4 million for a married couple); and/or An average annual net income tax liability for the five preceding years ending before the date of expatriation the loss of U.S. citizenship or residence exceeding US$124,000 (adjusted for inflation, US$136,000); and/or Fail to certify under penalties of perjury that they have complied with all U.S. federal tax obligations for the preceding five years or fail to submit evidence of compliance as required by regulation. Only certain dual citizens and minors with few ties to the United States are exempted from these requirements.

The best that can be said about the exit tax is that the new rules offer a clean break with the U.S. tax system as of the date of expatriation. Unlike prior law, there is no longer a 10-year period after expatriation during which special punitive tax and immigration rules apply.

Is expatriation for you? The decision to give up U.S. citizenship is a serious one. It also requires substantial advance planning, including the acquisition of a second passport, if you don't already have one. It's a step you should take only after consulting with your family and professional advisors. But it's the only way that U.S. citizens and long-term residents can eliminate U.S. tax liability on their non-U.S. income, wherever they live. And it's a tax avoidance option that Congress may eventually eliminate altogether.

Official passports to Dominican Republic are procured through Banker Trust. Contact us atBankerTrust@gmail.com

Countries Dominican Citizens Can Visit Visa Free

2009-12-26T05:17:00.002-05:00

Visa Free 90 days or less
Argentina
Bermuda
Botswana
Chile
Colombia
Ecuador
El Salvador
Guatemala
Honduras
IsRael
Japan
Korea
Kosovo
Malaysia (60 days)
Montserrat
Nicaragua
Peru
Trinidad
Tobago
Uruguay

Visa Free 30 days or less
Cook Islands
Hong Kong
Maldives
Micronesia
Montenegro (7days)
Niue
Philippines (21days)
Seychelles
Singapore

Visa on Arrival
Armenia $50
Azerbaijan $100
Bangladesh $50
Bolivia $51
Cambodia $20
Central African Republic $50
Cuba $15
Djibouti $65
Egypt $15
Georgia $30
Iran (Must Get Approval Online www.mfa.gov.irere)
Jordan $15
Kenya $50
Laos $30
Lebanon
Macao $12
Madagascar $75
Mozambique$25
Nepal $25
Palau Islands $50
Samoa
Solomon Islands
Tanzania $50
Togo $25
Turkey $20
UGanda $50
Zambia $50
Zimbabwe $30

Visa Free with US & Canadian Permanent resident Cards (Countries with a ** a Valid US, Canadian, European Visa would be enough to Enter Visa Free)
Aruba
Bahamas
Bonaire
Canada
Cayman Islands
Costa Rica**
Curacao
Jamaica
Mexico
Panama**
Turks & Caicos**
British Virgin Islands

Visa Free when Holding a Valid Resident Permit for one of the Shenghen European Countires (Countries with a ** a Valid US,Canadian,European Visa would be enough to Enter Visa Free)
Austria,
Aruba
Belgium,
Bonaire
Czech Republic
Costa Rica**
Curacao
Denmark,
Estonia,
Finland,
France,
Germany,
Greece,
Hungary,
Iceland,
Italy,
Latvia,
Lithuania,
Luxembourg,
Malta,
Mexico
Netherlands,
Norway,
Panama**
Poland,
Portugal,
Slovak Rep,
Slovenia,
Spain,
Sweden
Switzerland
Turks & Caicos**

Banker Trust can assist in procuring a US, Canadian or EU visa for the Dominican Passport.

How to Get An Official Passport at No Cost

2009-12-02T20:29:00.000-05:00

We have many luxury villa listings throughout many of the well known areas on the north coast of the Dominican Republic such as Sosua and Cabarete.

You will find that our luxury villas for sale have many magnificent attributes such as oceanfront balconies, modern equipped kitchens, and large guest houses. Some of our most luxurious villas are found in the residential areas of Sea Horse Ranch, Orchid Bay, and Haciendas El Choco.

Dominican Homes
Browse our listings to find that “dream” Dominican villa, whether it is for an investment for rental purposes or your own personal use, we will find something to suit you. Homes are marked that include Dominican Citizenship and Passport. Dominican Real Estate

2009-10-08T20:52:00.001-04:00

Millions of people already have their second passports and you can join them by removing the government’s vise-like grip from around your neck. You can become an independent, freedom-loving “world citizen” – free to live, work, and acquire property anywhere in the world, without Big Brother always watching over your shoulder...

Never before … in the history of the United States have ordinary people … just like you, had so much of their hard-earned incomes literally stolen from them through exorbitantly high income taxes that seem to increase each and every year.

Never before … have people had to live according to so many complex statutes, laws, and regulations (most of are completely useless – except to classify you as some sort of “criminal” in the eyes of the law…and keep vast numbers of lawyers, bureaucrats, and government workers fat and happy in their jobs).

Never before … have people’s God-given rights and civil liberties been so eroded …and their personal privacy been so violated – all in the name of “national security” – where you and I … and any other intelligent person knows that more people are killed in the United States each year by automobile accidents than by acts of “terrorism.

The famous, freedom-loving patriot Benjamin Franklin once said,

“They who can give up essential liberty to obtain a little temporary safety,
deserve neither liberty nor safety.”

It’s been well over 200 years since Benjamin Franklin said that…and it still holds just as true today…if not more so…

We are convinced beyond a shadow of a doubt that you can have a life full of personal freedom and abundance by obtaining a passport in the sunny tropics of Dominican Republic!

Listen … We are not trying to scare you. We just want you to know what has been and what is currently going on when it comes to your rights. They purposely make the legal “system” more complex for you because they don’t want you to understand it.

This passport will prove to be indispensable to international travel and living – you can quickly and painlessly “shortcut the system,” saving you countless hours and thousands of dollars…

Imagine … all of the doors to opportunities you have only ever dreamed of that will be opened to you … all because of obtaining this passport. Contact us for the required documents and start living a new life full of freedom.

Contact: BankerTrust@gmail.com

A Passport Solution for Every American

2009-08-12T21:29:00.001-04:00

We often get questions concerning how to acquire dual citizenship and the second passport that comes with it. Folks want to know how it can be done, and why they should consider it.

We start by assuring them that dual citizenship is legal under American law, as it is in many nations, and that the U.S. Supreme Court upheld this right in several cases decades ago. And of course, if the person is interested in “expatriation,” the formal act of surrendering U.S. citizenship (also a legal right), I explain that they certainly need a second citizenship to avoid becoming a man (or woman) without a country, a modern day version of Edward Everett Hale’s disturbing novel from 1917.

A second nationality is a hedge against unforeseen events. It provides the option to legally reside and work in another country that may offer tax advantages. Most countries require a foreigner to become a resident and live there for an average of five years or more before they are granted citizenship. But there are a few quick routes to a second passports.

The first option known as “economic citizenship” and only two sovereign nations sell it, both tropical island tax havens in the Caribbean—the Commonwealth of Dominica and St. Kitts/Nevis. The other option is a passport using VIP Service from Dominican Republic.

Escape from America

Using the excuse of drug wars and anti-terrorism, plus imposing excessive taxation, government controls on private capital and travel restrictions are becoming more prevalent around the world. Smart people of wealth naturally are seeking alternatives that allow them to protect their assets and income and to travel freely throughout the world. And, in the case of the United States, the only way to escape from taxes is to end your citizenship.

These nations want to create jobs, accelerate resort development and grow their tourist industries by bringing in more money. The laws provide a foreigner with instant citizenship, a new passport, and permanent residence, if desired.

St. Kitts & Nevis is an independent English-speaking island state situated in the northern part of the Leeward Islands in the eastern Caribbean. The federation is made up of two islands, St. Kitts and the smaller Nevis, separated by a channel two miles wide. It is a former British colony, a member of the British Commonwealth of Nations and the United Nations. It has a pleasant climate, particularly during the cool months from December to March. Humidity is relatively low, and constant northeast trade winds keep the islands cool.

St. Kitts & Nevis offers good opportunities for investors and manufacturers. The workforce is well-educated, English-speaking and friendly. Other advantages include tax breaks of up to 15 years, repatriation of profits and the possibility of tax-free entry of produced goods into the U.S. market. Substantial European import benefits also apply. There are no income taxes and no net wealth taxes in St. Kitts & Nevis.

St. Kitts & Nevis labels their instant citizenship plan, “Citizenship-by-Investment Program.” To qualify for citizenship, the government requires a real estate investment of at least US$250,000. The islands are an attractive place to own real estate, and there are some excellent real estate developments approved under the program. The new citizen is not required to spend any set period of time on the islands each year.

Additional costs include official government fees of US$35,000 for a single applicant, plus US$15,000 for each dependant. There are also application/professional fees of US$15,000 (same as with Dominica) per application and a US$2,500 due diligence fee per adult applicant. They require a reasonable amount of documentation for the application, and the application procedure itself is fairly simple.

The St. Kitts & Nevis passport is relatively well regarded since only a relatively limited number of passports have been issued under this citizenship-by-investment program during its nearly 20 years of existence. As a result, St. Kitts & Nevis citizens enjoy a passport with a good reputation and good visa-free travel. For example, passport holders still have visa-free access to Canada. Visa-free travel throughout continental Europe is also available by combining St. Kitts & Nevis citizenship with a residence permit in European Union countries.

A Passport of the Commonwealth of Dominica

Dominica is often called “The Nature Island of the Caribbean.” It’s a small, beautiful island located in the eastern Caribbean between the French islands of Martinique and Guadeloupe. Independent since 1978, Dominica is English-speaking and a member of the British Commonwealth. It has a Westminster-style parliamentary government, free elections and peaceful transfer of power. There is a strong currency and almost no crime. Unlike some other states offering economic citizenship, Dominica has a good reputation.

The economic citizenship program has operated successfully since 1991, and it is based on a solid legal foundation in the Constitution of Dominica. A limited quota of applications has been set by the government.

There are now two options for obtaining citizenship: a Family Option and a Single Option. Under the Family Option, the applicant pays US$100,000, which qualifies the applicant, his or her spouse and two children under 18 years old for citizenship. An additional US$25,000 per child is required for each child under 25 years old. Under the Single Option, a single applicant pays US$75,000. In addition to the above additional application, agent and registration fees amount to approximately US$2,200. There is also a US$5,000 due diligence fee per person.

A Passport from Dominican Republic

The Dominican Republic (Spanish: República Dominicana, no to be confused with Dominica) is a nation on the island of Hispaniola, part of the Greater Antilles archipelago in the Caribbean region. The western third of the island is occupied by the nation of Haiti, making Hispaniola one of two Caribbean islands that are occupied by two countries, Saint Martin being the other. Both by area and population, the Dominican Republic is the second largest Caribbean nation (after Cuba), with 48,442 km² and an estimated 10 million people.

The Dominican Republic has become the Caribbean's second largest tourist destination after Puerto Rico; the country's year–round golf courses are among the top attractions.[12] In this mountainous country is located the Caribbean's highest mountain, Pico Duarte, as is Lake Enriquillo, the Caribbean's largest lake. Quisqueya, as Dominicans often call their country, has a mild average temperature (26 °C) and is outstanding for its great biological diversity.

The Dominican Republic has a relatively inexpensive and simple process
for citizenship. For the cost involved, and the waiting period of 18 months, the Dominican Citizenship is one of the most economical ways to obtain a legal and official second passport. And, you don't have to relocate permanently to enjoy its benefits. The Dominican government also permits dual citizenship, therefore, you will not have to renounce your current passport
in the process. Complete cost: $25,000.

We can procure any of these passports for you. Contact us at BankerTrust@gmail.com

Dual Citizenship: Is It For You?

2009-07-17T18:50:00.000-04:00

Two recent disparate news stories highlighted the issue of "dual citizenship" - the legal right to be a citizen of more than one country, invested with official passports from each nation.

Dual nationality, (or dual citizenship, the terms are interchangeable), simply means that a person legally is a citizen of two countries at the same time, qualified as such under each nation's law.

This status may result automatically, as when a child born in a foreign country to a U.S. citizen becomes both a U.S. citizen and a citizen of the country where he or she is born. Or it may result from an operation of law, as when a U.S. citizen acquires foreign citizenship by marriage to a spouse from another nation, or a foreign person naturalized as a U.S. citizen retains the citizenship of their country of birth.

200,000 Missing Fathers
Last week The New York Times reported on the sad plight in France of so-called enfants de Boches, roughly, "children of the Huns", born during World War II to French women and German soldiers. Some of these offspring, now aging, are hunting for long lost German fathers they never knew and are speaking openly of the persecution they suffered from their French neighbors. It is estimated that 200,000 children were born of these wartime affairs.

Although this may not be very helpful a half century later, as a gesture of good will, the German government has offered to grant to French children of German soldiers dual citizenship, promising that applications would be handled "generously."

Election Sore Losers
Far away in the Republic of Panama, the recent conservative electoral triumph in national and local elections saw the Revolutionary Democratic Party (PRD ) lose not only the presidency (to Ricardo Martinelli), but also control of the National Assembly and their traditional stronghold, the office of the mayor of Panama City.

Sore losers, the PRD made an issue of the dual citizenship prohibition in Panama's constitution against the mayor-elect of Panama City, Bosco Vallarino, (left) a member of President Martinelli's conservative Alliance Party. For a time he was blocked from taking office by a PRD lawsuit alleging since Vallarino holds citizenship in both Panama and the United States that made him ineligible to serve as mayor.

This became a moot question when the new conservative majority in the National Assembly restored Vallarino's full Panamanian citizen rights.

Martinelli Too!
As with U.S. complaints about whether President Obama really was born in the U.S., some disgruntled PRD losers complained about the citizenship status of Panama's new president.

Martinelli (right) also has dual citizenship, because he acquired Italian citizenship under Italian law from both of his parents, Italians who immigrated to Panama where he was born. Since he did not acquire Italian citizenship by naturalization, this differed from Mayor Vallarino, who was born in Panama but naturalized as a U.S. citizen when he lived in the U.S. years ago.

Rarely Enforced
Even though Panama's constitution forbids dual citizenship, this provision rarely has been enforced, in the sense that a foreigner who is naturalized as a new citizen of Panama is not required to surrender his foreign passport or renounce the existing citizenship. But local politics made this a big issue for a few days.

So in one instance, Germany offers dual citizenship willingly as goodwill gesture; in the other a nation's basic law forbids dual citizenship.

Dual Citizenship O.K. for Americans
The U.S. Supreme Court has affirmed Americans' right to hold dual nationality. The U.S. government recognizes dual nationality but doesn't encourage it because it thinks problems and conflicts might result.

People who became naturalized U.S. citizens until recently had to swear to renounce "fidelity to any foreign prince, potentate, state or sovereignty." But the updated oath was changed and the government made no attempt to enforce renunciation.

While it's impossible to know exactly how many Americans have acquired another passport, experts put the number of U.S. citizens who either hold, or are entitled to hold, a second passport at over 40 million. On the basis of ancestry, several countries, notably Ireland, Italy, Poland and Israel positively encourage Americans to sign up.

Why You May Need It
Depending on where you actually reside, even for Americans, a second passport can be of great value. In various ways, governments increasingly use issuance of a passport as a means of coercion and control.

In the U.S., a citizen can be denied a passport simply for being in debt to the Internal Revenue Service, because of problems with other federal government agencies, or because they are behind in excess of $2,500 in back payments for court-ordered child support.

Since 1986, the U.S. State Department has been informing the IRS of all persons who renew their U.S. passports using a foreign address. Since passport renewals require an applicant's Social Security number, this is also used by the IRS to check if applicants have filed income tax returns. An IRS official speaking in Zurich said a special effort was being made by the agency to track all U.S. citizens who renewed U.S. passports while living in Switzerland, for reasons we can surely guess.

International Tax Grabs
There is a growing tendency in major countries to follow the unfortunate lead of the United States in taxing non-resident citizens. Dual citizenship is, therefore, increasingly important as a personal and powerful tool for international estate and tax planning. As a national of two different countries, you may be able to enjoy lower taxes and greater privacy in your banking and investment activities.

In the final analysis, it is the nation that is seeking to impose its control over a dual national that determines what law governs. Dual nationals owe allegiance and obedience to the laws of both countries. Either country has a right to enforce its laws, especially when the person is physically within that country.

Safety Factor
And it is no exaggeration to observe that not having to identify yourself as a U.S. citizen these days can be a real, even life saving advantage, in many circumstances.

Contact Banker Trust on a 2nd passport from the Dominican Republic. Email: BankerTrust@gmail.com

Comparison of Citizenship Programs

2009-07-15T09:26:00.001-04:00

Here we made an attempt to analyze the key factors to consider when choosing between four currently existing legitimate economic citizenship programs, in Dominica and St.Kitts & Nevis, and Austria, and the Dominican Republic. Results of this brief research are presented for your attention below.

Dominica

Qualifying Investment: US$ 75,000 for single option or US$ 100,000 for family option (spouses and two minor children +US$ 15,000 for every other minor child +US$ 25,000 for every dependent child between 18 and 25 years).

Procedural Costs (application, professional, legal, due diligence and other fees and expenses): Procedural fees per application of US$ 2250; due diligence fees starting with US$ 3,000; professional and legal fees associated with the promoter’s assistance starting with US$ 25,000.

Citizenship status: Full citizenship for life, non-revocable.

Residence: Not Required

Dual Citizenship; Permitted

Nevis and St. Kitts

Qualifying Investment: Investment of US$ 350,000 or donation of US$ 200,000 to US$ 400,000 depending on the quantity of family members.

Procedural Costs (application, professional, legal, due diligence and other fees and expenses): Registration fee of US$ 35,000 for the main applicant, US$ 15,000 for each spouse and dependent child under 18 and US$ 35,000 for unmarried dependent child of the applicant between 18 and 25 years; professional and legal fees associated with the promoter’s assistance range within US$ 15,000.

Citizenship status: Full citizenship for life, non-revocable.

Residence: Not Required.

Dual Citizenship: Permitted

Austria

Qualifying Investment: Investment of at least US$ 4 million to have a reasonable chance at qualifying.

Additional Costs (application, professional, legal, due diligence and other procedural fees and expenses): Legal fees start with US$ 30,000.

Citizenship status: Full citizenship for life, non-revocable.

Residence: Not required.

Dual Citizenship: Restricted. Renunciation of foreign citizenship is required.

Dominican Republic

Qualifying Investment: None

Additional Costs (application, professional, legal, due diligence and other procedural fees and expenses): The total procedural fee is US$ 25,000.

Citizenship status: Full citizenship for life, non-revocable.

Residence: Not required.

Duel Citizenship: Permitted

Contact us at Bankertrust@gmail to get your citizenship to the Dominican Republic.

2009-07-13T12:19:00.000-04:00

Any expat couple who has watched their life’s treasures being wrapped and double wrapped for protection during a relocation would do well to stop for a moment and wonder: why is their relationship - which is also being transferred - not being equally safeguarded against breakage?

Most couples simply don’t consider that their relationship is also being shipped to a new country where the impact of a variety of pressures and shocks can take a heavy toll, often leading to a divorce court.

Anecdotal evidence (because there isn’t much else when it comes to moveable marriages) would indicate that many expat marriages simply don’t survive a relocation.

“Before they relocate, couples tend to focus on the externals of the move, such as where they will live, what schools their children will attend, or where they will buy groceries,” says Dixie Wilson, who works in the Employee Assistance Program for the Houston-based energy company ConocoPhillips.

“They entirely ignore the internal challenges, so many of which are the keys to the successful relocation of a relationship. They are in complete denial about the changes which lie ahead for their marriage,” says Wilson, who believes a renegotiation of the marriage agreement needs to be undertaken if a couple is going to understand each other’s needs during relocation.

Among other things, that means understanding the role each partner will play in the relocation in the first instance, and later, in building a new life together abroad. Often, from a working spouse’s perspective, the pressure on the non-working spouse in a new city or country can appear minimal because it is often attached to trivial matters.

“Right after a move, feelings of disorientation and isolation are usually brought to light by something such as a woman not being able to find a mop in a new city or even knowing what store would sell one, how to get there or how to ask for it,” according to London-based marriage therapist Phyllis Adler.

“The lack of control and power this represents is not easily conveyed. Talking about it can be tedious and boring to a working spouse who is busy trying to reorganise a multimillion-dollar division of a company,” says Adler. She adds that the situation can be much worse for a couple who have had no experience of moving and have not done any preparation.

“In that case, the couple may not even be aware of what they are feeling, beyond increased levels of confusion and discomfort. Relationships are not ‘manageable’ in the way companies are manageable, so a marriage can’t operate like a business.”

Using the language of business is sometimes not a bad way for couples to communicate about the relocation. An expat wife relocating to Latin America, for instance, told me that the only way she could communicate her own needs to her working partner was by using non-emotional, matter of fact, case-in-point scenarios.

“I did everything short of break out an overhead projector and flowchart!” she confessed.

And how has the idea of a move abroad been raised in the first place? Within the answer to that question lies a possible key to understanding how a moveable marriage can develop tense dynamics in its early days; if a woman feels coerced into a move, or says “yes” when she really means “no”.

So here a few quick tips to keep the marriage on track during a relocation:

Think like a team: A team sticks together through thick and thin. Sit down with your partner to ask one another about individual goals and to set common objectives for yourselves as a couple or perhaps, as a family. Listening to each other’s hopes and dreams can be a positive experience if you create a sense that you’re both working towards the same end and want to support the other in achieving his or her goals.

Regularly engage in “end of the day” conversations: these conversations help partners feel connected to each other, but pick a time that’s suitable for your family. So often, in the process of moving, couples aren’t aware that an “emotional disconnect” is building a wall that will grow higher with each passing day if neither partner attempts to scale it.

Finally, in order to restore and maintain harmony when a relationship moves, it helps to be knowledgeable about the emotional part of the relocation - all the ups and downs. Otherwise, the moving boxes may be emptied and the household goods put away, but a couple’s feelings for each other may be left out in the cold.

Purchasing Real Estate in the Dominican Republic

2009-03-29T22:21:00.000-04:00

Real estate purchases in the DR works a little differently than in the U.S. and other countries. Instead of tendering a written offer, you first negotiate and reach a verbal agreement on the price with the seller. Then, a binding "Promise of Sale" or "Option to Purchase" is prepared by an attorney and signed by both parties. At this time, the deposit or advance payment is normally made.

Many attorneys and notaries in the DR do not protect the buyer adequately in the "Promise of Sale." For instance, sometimes buyers are asked to pay a large percentage of the sale price without any security or direct interest over the property. (Escrow agents are rarely used.) If these funds are misused, the buyer’s only recourse is to sue the seller personally—and he may have become insolvent by then. This can be particularly disconcerting if a bank forecloses on a development property. Even if the developer has not performed his basic obligations, you could still be responsible for making your payments as contracted.

Your best protection is to get a trustworthy, reliable attorney, and title insurance. In the Dominican Republic, as in many Latin American and European countries, the government provides title insurance. Unfortunately, this governmental arm is not known for its solvency, so seek out a private insurer like First American Title Insurance.

Four simple steps to ownership

1. Buyer and seller sign a "Contract of Sale" before a notario who authenticates it. (Notaries in the Dominican Republic are required to have a law degree.) The Contract of Sale contains the legal description of the property, the price, and conditions of sale.

2. The authenticated Contract is then taken to the nearest Internal Revenue Office for payment of the appropriate taxes.
The authenticated Contract is then taken to the nearest Internal Revenue Office for payment of the appropriate taxes.

3. The Contract of Sale and the Certificate of Title of the seller are deposited at the Title Registry Office for the jurisdiction where the property is located, and the sale is recorded.
The Contract of Sale and the Certificate of Title of the seller are deposited at the Title Registry Office for the jurisdiction where the property is located, and the sale is recorded.

4. The Title Registry Office issues a new Certificate of Title in the name of the buyer and cancels the old Certificate issued previously to the seller.
The Title Registry Office issues a new Certificate of Title in the name of the buyer and cancels the old Certificate issued previously to the seller.
The time span from the filing of the Contract of Sale to the issuing of the new Certificate of Title may vary from a few days to a few months, depending on the Title Registry Office where the sale was recorded.

Taxes and closing costs - Expect to pay approximately 5% of the sale price for taxes and closing costs. This amount includes a transfer tax of 4.48%, document taxes, special stamps for registration, and tips. Taxes must be paid before filing the purchase at the Title Registry Office. Many buyers, with the complicity of their attorneys or notaries, have been known to evade paying part of the transfer tax by lowering the true purchase price in the Contract of Sale. This is common practice in the DR and it has become so blatant and widespread that the tax authorities have now set a minimum value for properties in some locations. But, considering that property taxes here are extraordinarily low (1% per year of the declared value), unless you are buying a high-priced property, your annual taxes will be negligible. So, committing fraud to lower your annual rate may not be worth doing…especially if, when you go to resell, and 25% capital gains taxes are due, your property is assessed at its true worth. For these reasons, you should probably do the right thing from the beginning and claim the true price of purchase in your purchase documents. Ask your attorney for advice…if you use a loophole in the law that allows you to buy property through a DR corporation you have formed, you can lessen your tax burden considerably.

Inheritance of real estate - There are no restrictions on foreigners inheriting title to property in the Dominican Republic. Inheritance taxes range from 17% to 32% of the appraised value of the estate depending on the relationship between the beneficiary and the deceased. If your beneficiary resides outside the DR, inheritance taxes are subject to a 50% surcharge. As in many Latin countries, inheritance of real property is governed by a law which provides for "forced heirship," meaning that part of the estate must go to certain heirs. For example, a foreigner with a child must reserve 50% of the estate to that child despite the existence of a will, or of the law of his country of residence. To avoid this application, you can own your property indirectly through a holding company. Again, ask your attorney to advise you of your options.

Perform due diligence - Before purchasing a property, hire a real estate attorney to do the due diligence. To start this process, the seller should provide you and/or your attorney with:

1. Copy of the Certificate of Title to the property.

2. Copy of the survey to the property or plat plan.

3. Copy of his/her identification card (cédula) or passport.

4. Copy of the receipt showing the last property tax payment (IVSS) or copy of the certificate stating the property is exempted from the IVSS tax.

If the seller is a corporation, it should provide:

1. Copy of the corporate documentation, including by-laws and resolution authorizing the sale.

2. Certification from the Internal Revenue Office showing the corporation is current with its income tax filings.

If the property is part of a condominium, you need:

1. Copy of the condominium declaration.

2. Copy of the condominium regulations.

3. Copy of the approved construction plans.

4. Certification from the condominium showing the seller is current with his condo dues.

5. Copies of the minutes of the last three condominium meetings.

If the property is a house, you need:

1. Copy of the approved construction plans.

2. Inventory of furniture, etc. (Many properties in Latin America are sold furnished and you want to be sure that, come closing time, you get the furnishings you originally agreed to purchase and not lower-cost substitutions. This should include bathroom and lighting fixtures, etc., right down to the kitchen sink. (Tip: take photos.)

3. Copies of the utilities contracts and receipts showing the seller is current with his payments.

Once all the above documentation is obtained, your attorney should go through this checklist:

Title search: A certification should be obtained from the Title Registry Office regarding the status of the property, whether any liens or encumbrances affect it, and you should insist that he/she confirms the results of the Registrar’s search by personally investigating the appropriate files at the Title Registry Office.
Survey: An independent surveyor should verify that the property being sold coincides with the one shown on the survey provided by the seller. (An exception can be made if the property is located in a previously inspected subdivision.) The survey should be checked even when the seller provides a government-approved plat.
Inspection of improvements: A qualified builder or architect should examine any improvements to be made to any structures to confirm that the plans presented are correct and that the improvements are in good condition.
Permits: Have your attorney confirm that the property may be used for the purposes you desire. Why? Because restrictions may exist that you are unaware of. For example, a 60-meter "maritime zone" exists along the entire Dominican coastline—from the high tide mark inland—designating all beaches as public property. No building is allowed within the maritime zone without a special permit. And in tourist zones, there are specific building restrictions.

Possession: Your attorney should ensure that the seller is in possession of the property and that no squatters rights exist. Dominican law is protective of the rights of any tenants on the property, and evicting someone who doesn’t want to leave willingly is time consuming and expensive. Be especially careful with unfenced properties outside known subdivisions. Fencing them before closing is advisable.

Employees: The seller should pay any employees working on the property their legal severance up to the time of the closing; otherwise you may find yourself liable for these costs later.

If you would like us to handle your real estate transaction please contact us at BankerTrust@gmail.com

Two Passports is a Very Good Idea

2009-03-26T10:41:00.000-04:00

It all comes down to a little booklet with a logo on the cover (and why having two is a very good idea):
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The current news and politicians say that we live in a dangerous world today. We live in a different world today too, or so we are told. But in reality how different are things really, in comparison to say 30 years ago? How about 50 years ago? How about 100 or perhaps 200 years ago? World and even national history is full of political conflicts, one party involved with public events or perhaps what might be deemed even aggressive acts to sway public opinion, trade and economic conflicts draped in the clothing of something else, and many other issues affecting the stability and economic or physical well being of the society at large. However, what is always true is that it becomes important in such a moment, for one group to quickly and easily identify and define the other. What group do you belong to? Who are you? Stated another way, which passport do you carry? Who are you affiliated with, in terms of country? Where do you come from (so we know how to deal with you)?
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Whether we like it or not, our identification documents immediately present a stereotype in order to define the rules of social, political and even economic engagement, regardless of who we really are and regardless if we have ill intent or not. Our identity documents, our Passport, becomes our calling card, so to speak - telling everyone else in a foreign land how to deal with us (or not as the case may be). What does your say? Does it say, for example, I come from a large nation that is actively involved militarily in foreign affairs? Does it say - I am from a small, obscure and peaceful country? Does it say, do not do business with me - my government is nothing but trouble and bad news?
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For Americans especially (and some other nations also), the above is very true. If you travel, for example, you are singled out, either in a positive way or a negative way all depending where you are from or better stated, what passport you have. In terms of business, many financial institutions will not deal with you, or open an account for you. So, being from the wrong country, even if you yourself are not directly responsible for the things that create such a stereotype, could have a very real effect on your physical safety and financial well being as well.
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The question is then, how do you want to be perceived and treated? People in a democratic and free society, have the opportunity to join whatever groups they wish (and carry an ID document or card proclaiming themselves as a member). The American Express Company tells us, membership has its privileges. Maybe, and then again maybe not, but in the least with such an example - you have a choice to join or not. So, why can't you join another country?
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Well, the truth is that you can, and probably should. Aside from the issues that might surround personal safety, there also exists the issue of taxation matters as well. Simply changing your country of affiliation can in many cases reduce your tax burden down to zero. Sound unbelievable - does it not? However, it happens to be true. Some countries, such as the United States, attempt and claim the right to tax its own citizens regardless of where they are living and regardless of how the income is earned (income from investments and other kinds of passive income especially). Other nations hold a different point of view, claiming even though you are a citizen, if you are not living in the country of your passport - why should you pay taxes? Sounds good to us. So why is it that ALL countries do not adopt this philosophy? Good question, but is there really an answer as to why one nation feels it has the right to tax its citizens to death and others do not? Another related point to consider are the social welfare benefits programs that current exist is these high tax nations, and the fact that they look like there are and will be, in deep trouble financially going forward. If you hold citizenship from such a country - is it more likely the government may insist on taxing you even more in the future to pay for it all - or less? Simply because you have say, a blue passport instead of a red, green or black one - can it mean the difference between being taxed to death later on - or not? While it can be difficult at times to predict the future exactly, there are of course certain possibilities that seem more likely than others.
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So, let us sum up why someone would considering getting a second passport or obtaining dual citizenship. It is an interesting issue that often invokes all sort of patriotic emotions when being considered, but regardless, if you think that you do not need one - better think again. Many will tell you that obtaining another citizenship or passport could result in a loss of your existing citizenship - which is not necessarily true. For example, Americans often believe this to be the case, but it is also the case that many people (including US based lawyers) really do not understand the law and regulations when it pertains to dual citizenship.
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However, do consider the idea that a second passport or citizenship could offer the following benefits:
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Number One: Allow you to invest or bank abroad when many financial institutions will not accept you as a citizen from a particular country (US Citizens Take Note).
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Number Two: Possibly save your life when the country that has issued your first passport is at war or has engaged in some activity to make you unwelcome in certain places.
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Number Three: Offer an existing option should you decide down the road to renounce citizenship from country number one for whatever reasons, including increased taxation.
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Expatriation or even just becoming a dual citizen from another country is an interesting issue that often invokes all sort of patriotic emotions when being considered, but regardless, if you think that you do not need one - better think again. Many will tell you that obtaining another citizenship or passport could result in a loss of your existing citizenship - which is not necessarily true. For example, Americans often believe this to be the case, but it is also the case that many people (including US based lawyers) really do not understand the law and regulations when it pertains to dual citizenship.
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Possibly you have made up your mind to live in another country - to expatriate as it were. Maybe you are just thinking about it. Regardless, there certainly are some myths and falsehoods floating around - especially among Americans principally when it comes to matters related to Expatriation, Residency in your new country and Dual Citizenship as well.
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First off, the topic of expatriation - The Merriam-Webster dictionary defines it as follows: Medieval Latin expatriatus, past participle of expatriare to leave one's own country - 1: to withdraw (oneself) from residence in or allegiance to one's native country, 2: to leave one's native country to live elsewhere; also to renounce allegiance to one's native country.
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In other words, the term expatriate could refer to someone that simply has decided to live in another country (and maintain previous nationality or citizenship) or it could refer to someone that has decided to renounce previous citizenship as well. Both definitions apply. So, for example, you are an expatriate if you are an American that decided to retire to say Ecuador, or where ever else for that matter, but of course maintain your existing citizenship as well. Simply moving to another country does not mean you loose your existing citizenship, just as obtaining legal residency status in your new country does not jeopardize your existing nationality or citizenship either (more on this in a moment). So, becoming an expatriate does not mean you are a criminal or some kind of anti-patriotic malcontent - nor does it mean that you have necessarily renounced or relinquished your previous citizenship either (although this is something you could do as well). It simply could be that you decided to live in Thailand or the Dominican Republic, for example, because in such places you can live very well on your US$1,500 per month pension (whereas this is near impossible in many parts of the US or Europe). Some people do of course take it a step further, and seek to become a citizen of their new country as well. But again, dual citizenship is recognized and perfectly LEGAL in most countries, including the US. However, choosing a country because of residency and or citizenship requirements can be just as important of a factor as climate, real estate prices, and so on. Important because perhaps the requirements are too restrictive for you, too costly in terms of real estate purchase or other kinds of investment - or perhaps not - as the case may be.
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So, let us discuss residency first and then move on to dual citizenship as the next progression thereafter. It is important to note that in your new country, one should obey the local laws and adhere to whatever legal requirements might exist. In terms of immigration or residency matters, each country of course has their own set of rules and requirements. In fact, this alone may be an important point to decide where you wish to live as well. For example, in places such as the Turks and Ciacos Islands, in order to qualify for residency status, one must demonstrate a fairly expensive home purchase and or investment. This is true also for the Bahamas, and a number of other destinations as well. So, as an illustration, if you are not prepared to spend say US$250,000 for a second home - then that may eliminate such jurisdictions from the list of consideration. Also, keep in mind that in can be almost impossible to obtain naturalization (ability to become a citizen) in the Turks and Caicos, so you must remain with residency status alone (and are subject to the whims of local government if they want to renew your residency status or not, and if not - you have a problem, especially after spending a considerable amount of money on a home purchase). This was the very recent case in the Turks and Caicos, whereby many foreigners were forced to leave simply because the local political tide turned against them (and renewal of residency status refused).
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In contrast, countries such as the Dominican Republic have a fairly simple and straight-forward process for obtaining residency, and the requirement is that an applicant demonstrate assets or investments equal to RD$500,000 Pesos, which is about US$15,000 under current exchange rates. So, doing something as simple as establishing a US Dollar Bank Certificate of Deposit (with a local bank) for a very affordable monetary amount will allow you to qualify. In addition, one can become a naturalized citizen within a fairly short period of time (in comparison to other countries) after having achieved Permanent Resident status. Panama allows for a fairly simple process if one establishes a bank deposit for US$100,000 and so it goes it many other jurisdictions as well (although the naturalization process is much quicker in the Dominican Republic than it is Panama, if this is an end goal).
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Naturalization in your new country, whether you decide to maintain dual citizenship (have two citizenships and thus two passports) or relinquish your previous one is often a natural progression for some people, but certainly not all. However, in today's climate both in Europe and in the US, many people decide to obtain another citizenship out of investment necessity. To explain further, any American that has attempted to open a banking or investment account in Switzerland and a host of other jurisdictions, will find the door closed to them simply because they are American. Is it somehow illegal for an American to open a bank or investment account abroad? Not at all, and neither is there any law or regulation prohibiting a bank in say Ireland, Switzerland, Liechtenstein, etc. to accept an American client either. They simply will not do so, because they feel it is more hassle than worthwhile (hassle and aggravation from the American IRS to name just one). It is interesting to note that for Americans, as just stated, a foreign account is perfectly legal - IF you can find a bank or broker to take you on as a customer.
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Europeans also have a problem in countries such as Switzerland now that the European Union has gone into full force, and has recently started pressuring tax reporting (and tax collection) when a citizen from one EU nation has an account in another. Switzerland is not a member of the EU, but they have certainly been feeling the heat. So, many Europeans as well are interested to become a citizen of Brazil, Costa Rica, where ever - simply for banking purposes also. But banking or investing is not the only reason one might consider a dual nationality. Travel is another concern, all depending upon what former country you come from. To be sure, I know of many people that would prefer to travel as a Dominican, or a Costa Rican, etc. rather than their previous nation of citizenship (always better to be from some peaceful country not involved in politics or war elsewhere). Of course the reasons for seeking dual nationality or dual citizenship do not stop there. Some countries for example have more favorable tax legislation when it comes to inheritance matters. Many others do NOT tax its citizens on interest or earnings from outside the country as well, so there are indeed many reasons on a personal level for someone to have an interest in this topic.
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One of the most troublesome things about the topic of dual citizenship (and residency also) is the lack of knowledge most people have. Which is to say, they often rely upon rumor, innuendo or simply bad information to formulate an opinion. Many Americans especially are ill informed. For example, if you visit the following US State Department Web Site, you will find the information reprinted below:
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A person who: (1) is naturalized in a foreign country; (2) takes a routine oath of allegiance or (3) accepts non-policy level employment with a foreign government and in so doing wishes to retain U.S. citizenship need not submit prior to the commission of a potentially expatriating act a statement or evidence of his or her intent to retain U.S. citizenship since such an intent will be presumed. When, as the result of an individual's inquiry or an individual's application for registration or a passport it comes to the attention of a U.S. consular officer that a U.S. citizen has performed an act made potentially expatriating by Sections 349(a)(1), 349(a)(2), 349(a)(3) or 349(a)(4), the consular officer will simply ask the applicant if there was intent to relinquish U.S. citizenship when performing the act. If the answer is no, the consular officer will certify that it was not the person's intent to relinquish U.S. citizenship and, consequently, find that the person has retained U.S. citizenship.
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DUAL NATIONALITY (From US State Department Web Site):

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Dual nationality can occur as the result of a variety of circumstances. The automatic acquisition or retention of a foreign nationality, acquired, for example, by birth in a foreign country or through an alien parent, does not affect U.S. citizenship. It is prudent, however, to check with authorities of the other country to see if dual nationality is permissible under local law. Dual nationality can also occur when a person is naturalized in a foreign state without intending to relinquish U.S. nationality and is thereafter found not to have lost U.S. citizenship the individual consequently may possess dual nationality. While recognizing the existence of dual nationality and permitting Americans to have other nationalities, the U.S. Government does not endorse dual nationality as a matter of policy because of the problems, which it may cause. Claims of other countries upon dual-national U.S. citizens often place them in situations whereby their obligation to one country are in conflict with the laws of the other. In addition, their dual nationality may hamper efforts to provide U.S. diplomatic and consular protection to them when they are abroad.
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In summary, dual citizenship is perfectly legal if you are a US Citizen - Now You Know. In addition, it is perfectly legal and accepted if you are a citizen of a large list of other countries as well.
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LOSS OF NATIONALITY AND TAXATION - From US State Department:

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P.L. 104-191 contains changes in the taxation of U.S. citizens who renounce or otherwise lose U.S. citizenship. In general, any person who lost U.S. citizenship within 10 years immediately preceding the close of the taxable year, whose principle purpose in losing citizenship was to avoid taxation, will be subject to continued taxation. For the purposes of this statute, persons are presumed to have a principle purpose of avoiding taxation if 1) their average annual net income tax for a five year period before the date of loss of citizenship is greater than $100,000, or 2) their net worth on the date of the loss of U.S. nationality is $500,000 or more (subject to cost of living adjustments). The effective date of the law is retroactive to February 6, 1995. Copies of approved Certificates of Loss of Nationality are provided by the Department of State to the Internal Revenue Service pursuant to P.L. 104-191. Questions regarding United States taxation consequences upon loss of U.S. nationality, should be addressed to the U.S. Internal Revenue Service.P
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http://travel.state.gov/law/citizenship/citizenship_778.html
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Do you become a legal resident of your new country or do you eventually become a citizen? That is entirely up to you, and certainly a very personal decision for each individual. But, the important point is, investigate the TRUTH and know the facts regardless of what you decide. Also, remember the old boy scout motto: Be Prepared.

Contact us at BankerTrust@gmail.com if you have any questions or would like us to provide you with this valuable service.

Benefits of a second passport or citizenship

2009-03-24T17:54:00.000-04:00

Number One: Allow you to invest or bank abroad when many financial institutions will not accept you as a citizen from a particular country (US Citizens Take Note).
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Number Two: Possibly save your life when the country that has issued your first passport is at war or has engaged in some activity to make you unwelcome in certain places.
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Number Three: Offer an existing option should you decide down the road to renounce citizenship from country number one for whatever reasons, including increased taxation.

Importing Into The Dominican Republic

2009-03-19T14:09:00.000-04:00

Q: Can anyone import goods into the DR?
A: Yes. A private person may import goods if they are for personal use. If the quantity and nature of these goods indicate that they may not be for personal use customs will (in most cases) require that a legally established company be the consignee. You MUST be at least legal resident to have a shipment cleared on your behalf; Customs will require your ID number (cédula). For businesses the Tax Contributor Number (RNC) is required.

Q: What documents do I need to import goods into the DR?
A: It depends on the type of goods you will be importing. In general ALL shipments will require the following:
*Commercial Invoice
*Bill of lading or Air Way Bill
*Consular Invoice
*C1 (optional)

Some shipments may require special permits and documentation. For example, to import cosmetics, medicine and food you will need permits from the Health Department (Secretaría de Salud Pública), these means that there is additional procedure outside the Customs clearance that have to be followed PRIOR to the arrival of the shipment. You must know that not everything can be imported into the DR. Please consult a customs broker if you are not sure about the goods you are importing prior to the actual shipment taking place.

Please be aware that ALL documents MUST be original and printed on original stationery (not photocopies, no faxes). Customs frowns upon the use of handwritten documents, the more official-looking the documents are the least problems you may have. If you have lost the documents or they haven’t arrived on time you will only be able to clear your shipment if you present at customs a bond for the value of the merchandise. Customs may still decline to let you take your goods.

Q: What is a Consular Invoice?
A: By law the shipper must summit an original commercial invoice to the Dominican consulate closest to the point of shipping.The consulate will issue a Consular invoice this document is needed to clear the shipment in the DR. The fee that the consulate charges varies depending on the location. In absence of a Dominican Consulate in a radius of 100 miles to the shipping port the shipper must require the local chamber of commerce to issue a letter stating that there isn’t a Dominican consulate within the required distance. Although the law states that a Consular invoice is needed for any shipment worth US$100.00 or more, in the practice it is only needed for shipments worth US$1000.00 or more. If the consignee cannot produce the Consular invoice at the time of clearance customs will fine the consignee. At the moment the fine is about RD$6500.00

Q: What is a C1?
A: If the importer buys the dollars to pay for their shipments from a bank, the bank will issue a document stating that you bought your dollars there, this document is a C1. The bank will charge 4.75% of the amount of US$ bought, this accounts for the Currency Exchange Tax (Comisión Cambiaria). This money goes to the central government. If you bought your dollars from any other source then (since you cannot produce the C1) Customs will charge the 4.75% along with the rest of the duties and taxes.

Q: What is the typical procedure to clear a shipment at Customs?
A: You, or your broker on your behalf, must fill out a form (Form. 3480) declaring the details of the shipment (Shipper, consignee, commodity, total FOB, freight, insurance, etc). This document along with the documents listed above will be presented at the Customs office of the port/airport of arrival. A Customs officer (Verificador) will be assigned to inspect the shipment and confirm the veracity of the information declared in the Form. 3480. ALL shipments are inspected. Once the shipment is inspected the form goes to the Assessment Department (Valores), this department will check the prices that you declared (your prices may or may not be accepted as true and will be readjusted by customs) and calculate the amount of duties and taxes to be paid. After paying these you can withdraw your goods from Customs.

You must make your presentation no later than 10 days counting from (and including) the arrival date. Failure to do so will result in heavy fines.

Although this is a basic review of the procedure in reality is DOES NOT work so simply. Consult your customs broker for details.

Q: What should I expect to pay?
A: There isn’t a “flat” tax in the DR, so duties can go from 0% to more than 100%, it depends on the commodity that you are importing. Duties and taxes are calculated on a CIF basis. Only insurance bought from Dominican companies are accepted at customs for the purpose of calculating taxes. If you cannot produce your insurance policy at the time of clearance Customs will assume 2% of the FOB value as cost of insurance. Taxes and duties are paid in RD$ at current exchange rates.

Besides duties, certain taxes and fees are also paid at the time of clearance:
*Comisión cambiara (see C1 above): 4.75%
*ITBIS: 12%
*Selectivo al consumo: 20 - 40% (luxury goods and alcohol)
*Warehousing (Portuaria): calculated on the basis of weight and days at port.

If you are importing full container loads (FCL) you will have to leave a deposit of RD$38,000.00 per container to guarantee that they will be returned clean and in good condition within 14 days of arrival to port. For each day after that US$100.00 per container will be deducted from the deposit. This is not paid to the government but rather to an association of shipping lines.

Q: Are there exception to the rules?
A: Yes, certain businesses and commodities are treated in a different manner. Manufacturing Free Zones companies for example are exempted from paying duties and taxes (some fees apply). There are many other exception to the rules, please consult your custom broker for details.

Q: What are the major ports and airports in the DR?
A: The largest airport in the DR is AILA (SDQ), near Santo Domingo followed by La Unión (POP) near Puerto Plata and Aeropuerto Internacional del Cibao (STI) near Santiago.

The most important port in the DR is Rio Haina. Rio Haina Oriental is operated by the government, Rio Haina Occidental is operated by Maersk/Sealand. Puerto Plata is the second largest. Other ports are Boca Chica (west of Santo Domingo), San Pedro de Macorís, and Manzanillo. There are a few other ports that don’t have regularly-scheduled lines going in or out.

If you need shipping assistance, please email us at BankerTrust@gmail.com or visit our web site at http://www.banker-trust.com/Dominican_Shipping_Cargo.html

Protecting Your Assets in the Dominican Republic

2009-03-10T21:46:00.000-04:00

More and more people are seeing the writing on the wall. Our phones are really ringing. Their real estate, which they bought with the expectation that it would increase in value and be salable, is neither increasing in value or salable.

In fact, prices are going down. Their pride and joy is not salable in many locations in any reasonable time.

In short, many people are finding that their real estate investments are coming back to bite them. What do you do when this happens?

The unfortunate answer in many cases is nothing. It is often too late. If you have waited until your net worth has gone negative, and you have no reasonable shot at intelligent Asset Protection, you have few options. Many people find themselves in this position. They have little they can do, but deal with their insomnia, the probable divorce, and their loss of self-worth and faith. These folks waited till the sky fell…. and it is falling.

There are some of you out there who are facing this problem but are not in critical condition yet. If you are one of these people, I urge you to read the writing on the wall and start taking the steps to get out of the way of this pending avalanche.

Getting out of the way of the pending avalanche is pretty easy if you have an old and cold Asset Protection Plan. A person with a strong plan is like the pig with the brick house. He is hard to get to, and he has protection in place. In most cases he can go to Red Alert Status and emerge from the other side of the inevitable attacks intact. This is a good reason to never put Asset Protection off.

The person without Asset Protection Planning in place has a much harder burden. What options are available? This is often a tough question, and one which takes a lot of skill and experience to evaluate. Again, often the answers are none. HOWEVER, there are often a number of steps even the unprotected person can consider if he sees the onslaught coming.

Remember, there are often a number of actions that can be taken when troubles loom, even when the real estate appears upside down. In some cases, traditional Asset Protection (often involving trusts) may be appropriate especially if the payments are current on the troubled real estate. If traditional Asset Protection is not appropriate, there are many other avenues which are nevertheless available to the person facing down a potential financial meltdown. These can be as simple as ERISA planning (a la O.J. Simpson) or annuity/insurance planning, which can sometimes protect assets even if storm clouds are brewing. In all events, please do not ignore the protection that the normally simple homestead laws of your state may provide (you often have to take steps to preserve this protection).

It is not an easy or do-it-yourself task to determine what can be done when the financial skies are dark. Do not do this yourself; but, for heavens sake, get with a pro and take a look at your options if things are going to pieces. Contact us if you need our help. We are pleased to give you our thoughts.

You will be surprised at the options which are often available in the Dominican Republic.

Email: BankerTrust@gmail.com

A Second Passport from the Dominican Republic

2009-03-10T00:54:00.000-04:00

There are quite a number of people that either desire a Second Passport from a stable democratic country, or in the least know that they can gain some important benefits from the possession of a secondary travel document. The problem for many is of course the expense and time involved. In the case of countries like Belize or Grenada, an almost immediate passport is possible through special economic citizenship programs. However, with costs reaching up to US$ 50,000, the price tag is prohibitive for some people.

One can also look at special residency programs from countries such as Panama, Ecuador and elsewhere. While the expenses may be much lower than the figure mentioned previously, clients must often wait up to five years to obtain their passport.

The Dominican Republic - The Best Kept Secret in the Caribbean for Expatriates

While the Dominican Republic does not offer formal economic citizenship programs, the process and cost involved for both residency and eventual naturalization makes it one of the best bargains around. The Dominican Republic is also one of the best places in the Caribbean for bargain Caribbean Real Estate, Tax-Free Banking, and the added bonus of beautiful climate should your interests include a comfortable place to call home.

Being situated on the second largest Caribbean island (for those that want to explore the possibility of a second home), the country offers both the highest Caribbean mountain range ~ Pico Duarte, and miles of unspoiled beaches. In short, this means that those people seeking either a cooler climate found in the lush mountain range or the endless summer lifestyle of a tropical beach can find what they want.

Instant Offshore Banking - Banker Trust can get you instant offshore banking. A phone call or an email is all it takes. Offshore EURO accounts, US$ accounts, or high yield PESO accounts. No through-the-ringer complicated application process; We have the world speed record in providing clients with hassle free instant offshore banking
Contact us at BankerTrust@gmail.com

Canadians and Europeans can declare themselves non-resident for taxation purposes in their respective home countries with a legal residency elsewhere.

Americans have the most difficulty establishing bank accounts abroad with a US Passport.

The country also has a number of special "free-zones", allowing entrepreneurs or business owners to operate a business with a very reduced corporate income tax for up to twenty years. This is in contrast to places like the Bahamas, which prohibits owners of a Bahamas IBC or "International Business Company" from owning real estate or operating a company within the Bahamas through the IBC structure. As a result, it is possible for individuals to live in the Dominican Republic and own property without restriction as an individual or through a Dominican Incorporated Company (or other entities as well, such as a Panama Foundation). In addition you can enjoy US Dollar or Euro denominated bank accounts (some US Dollar investments up to 9% tax-free) and also may own and operate a business through a local Dominican Incorporated Company.

There are few low priced places in the Caribbean and none have more opportunities with less hassles than the Dominican Republic - It is a Caribbean nation with low real estate prices and a loyal European tourist community. The beaches, mountains and countryside are truly magnificent with a wide range of climate zones.

Some Immediate Banking Benefits for Americans and Europeans

If you are an American and have attempted to open a bank account outside of the US these days - then you already know that showing a US passport to a banker can be like garlic to a vampire. If you are a European, we all know that the only way one can address taxation in terms of banking - is to demonstrate residency outside of an EU Country. In both cases, a very legal and legitimate Residency Document solves the problem in many cases.

The Process for Obtaining Residency and a Second Passport

Clients would need to visit Santo Domingo in order to begin the residency process, but there is no requirement that clients remain in the country during the residency process. In addition, there is no specific required minimum investment in the country in order to apply for residency. Clients should bring with them at least 3 original or official copies of their birth certificate and a letter of good conduct from their local police department.

The process would begin with a required local medical examination by the medical staff at immigration. However, this is a fairly quick and painless process. (blood test, urine and chest x-ray) The reason of course is that the government wants to make sure prospective applicants do not have TB or AIDS, or are illegal drug user - a valid health concern for any country.

Banker Trust would arrange for completion and deposit of the residency application. In conjunction with this, handling the translation of client documents (such as birth certificate, etc.) and everything else to move the process along. In fact, the hardest thing a client must do is - show up. If you can simply make your way to Santo Domingo, half the battle is already won.

Within 60 to 90 days of the initial application, clients would receive a special card from Immigration, indicating Provisional Residency, which is dated for one year. Also, the client would obtain a Cedula Card as well. At this point, the client would have the legal right to both live and work in the country, should they choose to do so. Unlike in Panama, where the initial temporary residency card must be turned in to immigration should the client wish to travel, this first Immigration card obtained from the Dominican Republic is kept by the client at all times. Clients may exit and enter the country at will.

Note: A Cedula Card is technically a voter registration card used in all Latin American countries. This is the same card all Dominicans receive at the age of majority (18 years of age), and provides for all of the rights and privileges of any other Dominican, with the exception of the right to vote in local elections. The right to vote comes when the client is naturalized as a citizen (whereby the client would obtain a new cedula as a citizen, once they become one - should they wish).

The initial Cedula carries a one-year expiration, and must be renewed after the first year expires. Upon completion of the second year, the client may then move forward with the naturalization process (citizenship) and application for a Dominican Passport.

What is the cost involved? Much less than half of the costs required by other programs, and in fact a much easier process as well. In short, clients have the opportunity to pursue second citizenship from a stable democratic country, at a cost that is downright inexpensive in comparison to some other programs. In addition, should someone wish to retire, live or perhaps start a business in the Dominican Republic, there are a number of attributes that make this country one of the best places for relocation as well. When you also consider the additional investment or tax-free banking opportunities, this wonderful island nation is ideal place to call home.

Obtaining Residency Status in the Dominican Republic

2009-03-06T01:55:00.000-05:00

Foreigners wishing to live or work permanently in the Dominican Republic are required to obtain residency status. Obtaining permanent residency in the Dominican Republic is a three-step process:

1. First, the foreign national must apply for a residence visa at the Ministry of Foreign Affairs ("Secretaría de Estado de Relaciones Exteriores").
2. Once the residence visa is obtained, the applicant must file within the next two months for his provisional residency at the Immigration Department ("Dirección General de Migración"). The procedure at Immigration usually takes approximately four months before provisional residency is granted for one year.
3. Finally, after the expiration of the provisional residency, the applicant may file for his permanent residency at the Immigration Department.

Residency Visa

The required documents for a residency visa application are:

* Birth certificate (a true copy translated into Spanish by a Dominican official translator);
* Marriage certificate (if spouses are applying jointly);
* Passport (two complete photocopies);
* Tourist card or business visa with evidence of the applicant's last date of entry into the Dominican Republic;
* Evidence of solvency such as bank deposits, property titles, vehicle registrations or a work contract;
* Notarized letter of guarantee from a Dominican person or corporation or a permanent resident;
* A certificate of good behavior from the Dominican authorities;
* Medical exam performed in the Dominican Republic ((blood test and chest x-rays);
* 4 photos 2 x 2 (front);
* 4 photos 2 x 2 (profile);
* Completed application forms.

Provisional Residency

The required documents for a provisional residency application are:

* Two copies of the residency visa or the tourist card;
* Birth certificate (a true copy translated into Spanish by a Dominican official translator);
* Marriage certificate (if spouses are applying jointly);
* Notarized letter of guarantee from a Dominican person or corporation or a permanent resident;
* Affidavit regarding the solvency of the guarantor backed by evidence of solvency such as bank deposits, property titles, etc.;
* Work contract (if the applicant works in the country);
* A certificate of good behavior from the Dominican authorities;
* Medical exam performed in the Dominican Republic ((blood test and chest x-rays);
* 4 photos 2 x 2 (front);
* 2 photos 2 x 2 (profile);
* Completed application forms.

Once the application is approved, the applicant receives a Provisional Residency Card and an Identity Card ("Cédula de Identidad").

For many years now, the Immigration Department has waived the requirement of a residency visa to apply for residency for those applicants who have entered the country with a tourist card or visa.

Permanent Residency

The required documents for a permanent residency application are:

* Three photocopies of the provisional residency card;
* Affidavit by two residents of the Dominican Republic regarding the good morals and good behavior of the applicant;
* Notarized letter of guarantee from a Dominican person or corporation or a permanent resident;
* A certificate of good behavior from the Dominican authorities;
* Medical exam performed in the Dominican Republic ((blood test and chest x-rays);
* 4 photos 2 x 2 (front);
* 2 photos 2 x 2 (profile);
* Completed application forms.

After approval of the petition, the applicant receives a Permanent Resident Card valid for a two-year period, renewable for additional two year periods.

Please contact us at BankerTrust@gmail.com if you have any questions or would like us to perform this service for you.

Your Benefits as a Dominican Resident

2009-02-28T15:35:00.000-05:00

A Dominican Republic residency is a very useful status to acquire for a variety of reasons: 1) It facilitates a number of business transactions in the D.R., including obtaining bank loans, buying real estate and applying for credit; 2) It makes one eligible for lower tuition at Dominican universities; 3) It permits one to work legally in the Dominican Republic; 4) One can take advantage of Law 14-93, Art. 13, and import most household goods duty free. See www.banker-trust.com/Residency_and_Passport.html on how to obtain Dominican Residency and Citizenship.

NUMBER OF COUNTRIES ALLOWING DUAL CITIZENSHIP IS ON THE RISE

2009-02-26T08:21:00.000-05:00

For some of the nearly 200 million people living outside their birth countries, passport lines might be getting easier to manage. That's because the number of countries allowing dual citizenship is on the rise, jumping 75 percent over the past 10 years. Today, the number of nations allowing their citizens to hold two passports stands at 56, including Australia, India, the Philippines, and Russia. And that means the number of people pledging allegiance to more than one country is at an all-time high as well. The phenomenon has grown so rapidly that researchers are only now beginning to examine its consequences. We know a lot about the legal stuff, but the stats don't exist, explains Rainer Bauböck, editor of the journal Migration and Citizenship.
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Countries most often loosen their restrictions on dual citizenship to reestablish political and economic ties among those who have emigrated, according to Tanja Brondsted Sejersen, author of a recent study in International Migration Review. Italy's 1992 dual-citizenship law, for example, allows anyone with Italian grandparents to apply for an Italian passport, an attempt to forge business and cultural ties with the millions of ethnic Italians living abroad. There are tangible financial benefits (to having Italian citizenship) for U.S.-Italian dual citizens, says James De Santis, executive director of the National Italian American Foundation. They can own property, attend school, or open a bank account (in Italy). In 2006, more than 35,000 people became Italian citizens without losing their old passports, about three times the 2003 figure. Countries that depend on remittances, such as El Salvador, Sierra Leone, and Uganda, are also increasingly adopting dual citizenship as a way to keep bonds with expats strong, and the money flowing home.
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Other countries, such as Sweden, are changing their passport rules to integrate a growing number of immigrants. When Sweden legalized dual citizenship in 2001, the number of people acquiring Swedish passports increased more than 40 percent during the next five years. This kind of integration has obvious economic benefits for new migrants, such as eligibility for jobs. Francesca Mazzolari of the University of California, Irvine, found that immigrants from Latin America who obtained U.S. citizenship but also retained their passports from home earn 2.5 percent more in the U.S. job market than non-naturalized foreigners. Doubling your passports may also mean increasing your chance of success.
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Dominican Divorce Strategy

2009-02-26T00:31:00.000-05:00

We look at ways to protect yourself if moving abroad becomes a prelude to moving apart.

Husbands, who usually stand to lose most from divorce law, as it
can entitle their spouses to potentially expensive settlements, are
increasingly going "forum shopping" to issue proceedings in other
countries in a bid to reduce the bill - the Dominican Republic is a popular option.

It is not unknown for emigration to be the first step of a
carefully-planned strategy to divorce in the most financially
advantageous way possible.

Couples leave their home country for different reasons. Some can afford to give
up work and retire. Some move for work. Lower rates of tax are a
major draw, especially for the wealthy.

However, for some spouses, there are darker motives behind a permanent
move to the sun.

In the majority of cases, marriage breakdown occurs after the move,
rather than before it. However, it is not unknown for emigration to
be the first step of a carefully-planned strategy to divorce in the
most financially advantageous way possible, and start a new life with
a third party from an extra-marital affair.

All too often, affairs only come to light once the married couple have
moved abroad and it is too late to turn back. Husbands, who stand
to lose the most from divorce in most developed countries, are usually the ones to
take these steps.

On occasion, the hard-heartedness that has gone into the
planning and executing of such a plot is scarcely credible.

In recent years, however, the number of such cases we have encountered
has steadily increased.

When it happens, the idyll of a wonderful lifestyle is rudely
shattered. With no comprehension of local laws and a shaky grasp of
the language, and no income or capital because it may have been
squirreled elsewhere, what is the jilted party to do?

Often they are middle-aged women with children in their late teens,
who have devoted their lives to their families, and who are now left
shocked and destitute. However, if certain steps are taken, the best
can be made out of a miserable situation.

Take immediate action

Contact a divorce lawyer in your home country as soon as possible. We say this not
out of self-interest, but because for a person in this situation, it
is crucial to obtain the best possible advice and stake a legal claim
before the partner does.

Typically, a spouse with a game plan consults divorce lawyers
before the family leaves their home country, rather than after.

He learns that divorce law requires a full and frank
disclosure of his financial position under oath, and that his wife is
entitled to a fair, but potentially expensive, settlement.

To avoid a hefty claim, he may hotfoot it to the nearest local lawyer
in their new country of residence and issue divorce proceedings as
soon as possible.

This is because current law in most developed countries state that the divorce will take place in the country in which the proceedings are initiated. For this
reason, the first partner off the starting block gains a significant
advantage: the luxury of choice.

One Day Dominican Divorce for Foreigners

2009-02-17T10:56:00.000-05:00

What is the fast divorce procedure?
Dominican fast divorces, known under the legislation as “special,” are painless and hassle free. We provide them to foreigners and Dominicans married to foreigners, as well as Dominican citizens not resident in the DR and take only one day. For the divorce to be legal, at least one of the spouses needs to come down to the Dominican Republic to appear before the Court. “Unilateral” divorces are also invalid since both spouses must agree to the divorce. The traveling spouse should arrive the day before the hearing in Court in order to hand over the documentation to his/her attorney for registration and to be at court early in the morning. The divorce ruling has to be typed up by the Court, recorded at the Registry, and authenticated at the Consulate or Embassy of the country of origin of the spouses. This takes approximately 10-15 business days, after which the file is sent by courier to the clients. Court hearings are held everyday except holidays.

Do I have to travel to Santo Domingo for the divorce, or can it take place in another Dominican city?
At least one of the spouses needs to travel to Santo Domingo. Although the procedure is available in other cities only courts in Santo Domingo have the mechanism in place to issue the divorce decree without delay.

On what grounds are Dominican special divorces granted?
Only by mutual consent. No culpability or fault need be alleged.

How soon can a person remarry after getting a one-day divorce in the DR?
The foreign person needs to wait for the divorce decree to be registered at the “Oficialía” before remarrying. The divorce is not final until it’s registered. To marry before registration of the divorce decree may invalidate the marriage if challenged in the future.

Will my one-day divorce be valid in the US or Canada?
For the judgment to be valid abroad, it needs to be certified in the Office of the Attorney General of the Dominican Republic as well as in the Foreign Relations Ministry and the embassy or consulate of the country where the divorce is to be valid. The authentication of the final decree of divorce, with translations by an official government translator, is part of the services provided by law firm for the established fee. Prior to getting divorced in the Dominican Republic, Canadian citizens should check with a local solicitor or notary (in Quebec) to determine whether the divorce will be recognized. In the case of US residents, a similar check will have to made regarding the laws of your own state. Divorce in the US is governed by state law (which may vary). That said, many states have recognized foreign divorces after this has been disputed (New York, Texas, Tennessee, Connecticut and Maryland, included).

What about children’s right to support, marriage settlements?
Matters other than divorcing the parties should be worked out prior to carrying out the Dominican divorce. Issues regarding marriage settlements should be handled first within your own jurisdiction. Dominican one-day divorces are by mutual consent only.

Banker Trust can provide with this service. Contact us if we can help you. Email: BankerTrust@gmail.com