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Fall/Winter 2003: This is the third and final issue of OFU published in 2003 and also the final issue to be published. It covers the period from October to December 2003. There's no doubt offshore banking has undergone many changes in the past several hundred years, but none have likely been as dramatic as those that have taken place recently in only a few years.

In June 2003, for example, the OECD's Committee on Fiscal Affairs issued its 2003 Progress Report on Improving Access to Bank Information for Tax Purposes. One of the main objectives of the report was to establish a standard of access to bank information, namely, that "all Member countries should permit access to bank information, directly or indirectly, for all tax purposes so that tax authorities can fully discharge their revenue raising responsibilities and engage in effective exchange of information with their treaty partners."

Needless to say, these objectives have serious implications for offshore banking clients, but, as Jason Lidero explains in his article Bank Account Access, implementation of the objectives has not been smooth.

The FATF was also active this summer issuing its revised Forty Recommendations to combat money laundering. And, of course, recent changes under Patriot Act have caused tricky reporting obligations for holders of foreign accounts.

Closer to home, Ralph Sherman let's us in on the well kept secret of Maine's limited purpose banks. Created as part of the universal bank charter law, this vehicle allows individuals and companies, whether US or foreign, opportunities to participate in a dynamic financial services sector. Our feature this issue examines many of the recent changes to offshore banking and some of the attractive financial planning options that still exist.

Offshore banking is not the only product to emerge from intense scrutiny with new opportunities. The US Treasury Department issued two revenue rulings this summer specifically designed to curtail private placement life insurance used as a so-called "wrapper" for other investment income. Despite the new IRS rulings, Lewis Saret explains in his article PPLI: Alive and Kicking that financial planning involving private placement life insurance still offers attractive opportunities.

Spring 2003: This is the second of three issues of OFU published in 2003 and covers the period from May to September. If you ever wondered about the legitimate uses of OFCs in legal offshore planning structures, this is the issue for you.

In many cases, the standards of transparency in the offshore financial centers now exceed those applicable in most OECD jurisdictions. As stated in this issue by Cayman Islands lawyer Anthony Travers, recognition of these improvements is long overdue. "If there were any degree of probity in the debate," says Travers, "some pause for reflection would be appropriate to allow many of the onshore jurisdictions time for their legislation to catch up."

Certainly, there were individuals in the 1990s who relied on banking secrecy and opaque corporate structures to avoid declaring assets and income to tax authorities. However, the overwhelming value of assets in the offshore finance industry is attributable to legitimate uses of financial structures and planning techniques.

In Protecting the Offshore Corporate Veil, we look at the importance of respecting the corporate integrity of offshore special purpose vehicles. And we examine the benefits of creating a business presence in Madeira through a serviced office facility.

Ever wondered about starting up an offshore fund? We have the five biggest mistakes made in starting an offshore fund and how to avoid them.

We also look at the advantages and disadvantages of holding intellectual property offshore and how modern companies can benefit from the Internet and offshore financial centers.

The April 15th deadline to participate in the IRS's Voluntary Compliance Initiative has come and gone. Now what? We let you in on what the IRS didn't tell you about their tax amnesty program. And you may be surprised by our ten outrageous facts about the income tax.

Winter 2003: This is the first of three issues of OFU published in 2003 and covers the period from January to April. In this issue, we report on many positive developments for the offshore finance industry, ranging from a growing backlash against the non-resident interest reporting rules and the anti-corporate inversions project in the US to the stalling of the EU's savings tax initiative and the likely failure of the OECD's global forum. Despite the encouraging turn of events, however, few doubt these projects will be abandoned. Some are likely to be buried this year, only to emerge in a new form down the road. These various initiatives are summarized below and discussed in numerous articles throughout this issue:

OECD efforts to prevent offshore finance centers from using tax rates as a competitive factor;

OECD efforts to seek exchange of information on request in tax matters;

EU efforts to seek automatic information exchange in tax matters;

FATF efforts to improve money laundering prevention measures;

US efforts to hold the correspondent banking system as a hostage for information on account holders;

US efforts to seize the system through which all credit card transaction are processed; and

US efforts to negotiate tax information sharing agreements with offshore finance centers.

Closer to home, the US mid-term elections were a positive development for tax competition, financial privacy and fiscal sovereignty. A new US Treasury regulation could drive billions of dollars out of the US economy. We also look at the hurricane of US legislation that has the power to forever change the offshore legal practice. The IRS announced its new audit strategy for 2003 and revealed a shift in compliance priorities. And we offer you a sampling of judicial proceedings undertaken in 2002 against promoters of abusive tax schemes.

You want to know how offshore insurance is being used to provide sophisticated risk management solutions for corporations, agents, insurers and re-insurers. We’ve got the answers in this issue. And with more than 100 new insurance companies having set up here in the past two years, we tell you why Bermuda is the place to do business.

In our cover story on the art of safe offshore planning, we look at new regulations that give guidelines for safe planning using private annuity contracts. We also look at the current situation of asset protection trusts as an offshore planning tool. With the addition of New York and Texas, six states will compete for domestic APT business. And we provide a comparison of the advantages between domestic and offshore APTs.

September/October 2002: This is third and final issue of OFU published under the title of Vault magazine. It is also the last issue of OFU published in 2002. In this issue, we have a wealth of stories to offer. One of the larger developments of the summer was the Financial Action Task Force's 13th annual report. We tell you which four jurisdictions the Paris, France-based organization removed from its money laundering blacklist and which ones remain.

So, what exactly is all the fuss about? Well, Charles Dillon takes an in-depth look at money laundering, by some accounts, the third-largest business by value in the world. Dillon compares the anti-money laundering regimes that exist in Hong Kong, the United Kingdom and the United States.

Another thing that has been hot lately is gold. We explore whether gold and precious metals are worth their weight. We also take a trip Down Under to explain how the Perth Mint Certificate Program lets investors stash their precious metals in Australia.

And for our Special Focus section, we visit Switzerland. As Henley & Partners' Christian H. Kalin tells us, there is much, much more to this alpine nation than just private banking.

We sit down with Urs Roth, chief executive officer of the Swiss Bankers Association, to talk about Switzerland's world-famous bank client confidentiality. "I think it's important to stress that bank client confidentiality was not some instrument we devised to attract foreign business here," Roth says. "It's part and parcel of our democratic tradition and opinion polls regularly show the vast majority of the Swiss people to be in favor of it."

Something else that has grown more popular in Switzerland over the past 20 years is Swiss annuities. "Single premium Swiss annuities have been, and still are, among the most attractive programs offered worldwide to conservative, long-term oriented investors seeking peace of mind for a part of their assets," Frank R. Suess writes in his article, "Alpine Haven." Seuss explains why more and more investors seeking safety are looking to these vehicles.

Another country investors are looking to is Belize. The Central American jurisdiction has been making huge strides with its investment offerings, including Belize City's new US$20-million first offer tax-free municipal bond.

They date back to medieval times and their concept has been shaped over the centuries. Domestic and international trusts are among the most flexible and efficient of legal structures and are increasingly used in a wide range of private and commercial applications. Even though the situation has changed considerably over the past few years, as Jersey-based trustee G. Alan Evans writes, "there are still many valid situations where international trusts can play an important role in the international structure of private wealth and commercial transactions."

But that's not all! This issue also features informative articles on the state of financial services in the Bahamas, offshore intellectual property and much more.

July/August 2002: This is the second issue of OFU published under the title of Vault magazine. Back by popular demand for our special focus is Bermuda. We take a look at its booming international financial services sector as companies continue to flock to the island in droves. We find out what it takes to incorporate a company in Bermuda and we profile TFS Capital, a US-based investment advisory firm that chose Bermuda as the jurisdiction from which to launch its first offshore offering. And, of course, no look at Bermuda would be complete without discussing the island’s successful e-commerce industry.

In the conclusion of a two-part series on captive insurance, read about how to select a captive domicile. We also provide a comparison of three of the leaders.

Despite the pressure the United States Internal Revenue Service is placing on Visa to cough up the records of offshore credit card holders, the cards still serve a useful purpose. In "Getting a Second Chance at Credit," we take a look at the phenomenon of people who are looking at offshore credit cards for credit solutions.

In the hands of the Organization for Economic Cooperation and Development and the Financial Action Task Force, blacklists have simply become a political tool. Well, at least that's the argument David McNair puts forth in his article, "Checking the List." McNair calls the OECD harmful tax practices blacklist and the FATF anti-money laundering blacklist a "misguided attempt at international policy gone bad."

In this issue of Vault, you'll also find out which country ranked as the most stable emerging market in the world in a recent Lehman Brothers and Eurasia Group stability index. And we discuss Hong Kong's economic prospects, which appear to be on a rebound.

In addition, read about the IRS's latest fishing expedition, and discover one of Europe's best locations for tax-advantaged residence and yachting.

May/June 2002: This is the premier issue of Vault, which combined our popular and highly respected Offshore Finance U.S.A. and Offshore Finance Canada magazines. This issue features an in-depth article on the commitments jurisdictions recently made to the Organization for Economic Cooperation and Development to eliminate so-called harmful tax practices. The OECD has been after the jurisdictions for some time now, and when the deadline finally rolled around, many of them promised to improve transparency and establish effective exchange of information ... on one condition.

We also take another look at the Enron debacle. The collapse of the Houston, Texas-based energy trading giant has raised some more questions about offshore finance, including the growing trend of companies relocating in offshore jurisdictions like Bermuda.

In the first part of a two-part series, you will discover the ins and outs of captive insurance. If your corporate insurance goals consist of reducing your annual premium payments, while still ensuring your insurance coverage remains adequate, captive insurance might be the solution for you.

Switzerland is one of the most picturesque countries in the world. It is also an excellent location for business and tax-advantaged residence. And our resident investment maven explores the world of ethical, or social investing, where investors can make a healthy profit while making a difference. You'll also find fascinating articles on golfing in Bermuda and the Caribbean, and the recently enacted USA Patriot Act and its effects on correspondent banking, as well as a few surprises.

March/April 2002: In our cover story, we profile Michael Ryan, who brings passion and professionalism to offshore luxury resort development. Ryan's latest project is the Ritz-Carlton, Grand Cayman Resort and Residences in the Cayman Islands.

William Vigal and Mary Simon tell you how by using tax treaties, the Spanish holding company allows for a very low overall net tax paid on business profits. Sophia Harris explains how structured finance transactions are breaking new ground in unconventional markets.

A number of jurisdictions have been celebrating their e-commerce accomplishments lately. E-banking in the Caribbean, for example, is ready to take off; the Netherlands Antilles' E-Commerce Park has opened for business; Mauritius has dreams of becoming an IT hub; Bermuda's new Certification Service Providers Authorization Scheme could become the first such offshore scheme to become recognized by the EU; and offering many advantages for e-commerce, Panama is wired for the future.

We also visit Costa Rica, which is fast becoming the sportsbook capital of the world, as bookies are leaving the traditional sportsbook hotbed of Las Vegas and setting up here.

We take an in-depth look at the USA Patriot Act, which creates unprecedented restrictions on offshore banking and finance. Charles Dillon explains how the United States Treasury requires businesses to fight terrorism.

Alternative investments can be profitable and fun. We tell you how antique maps, collectible toy cars and fine wine can make you rich.

Are offshore funds too hidden to benefit from securities class action lawsuits in the US? Randall Steinmeyer tries to answer that question.

And we look at the collapse of American energy-trading giant Enron, which sent shock waves offshore and ignited fears of another backlash against offshore finance jurisdictions.

January/February 2002: We visit some countries that have hopes and dreams of becoming offshore centers. We also take a look at some of the new and emerging online gambling jurisdictions, such as the Isle of Man, which maintains a strict regulatory regime for the granting of its online casino licenses. The Isle of Man is also dreaming of becoming the world's leading offshore e-commerce center.

More and more online casino operators are also wising up to the importance of responsible gambling. We profile the Duluth, Minnesota-based North American Training Institute, a leading proponent of responsible gambling that is leading the charge.

Are economic citizenship programs doomed to become a thing of the past? We try to answer that question. But even if they're not, economic citizenship programs must undergo some fundamental changes, according to some experts.

We also sit down with Kevin Dunn of Montenegro's Trinity International Bank to talk about the challenges of providing financial privacy in an increasingly hostile environment.

In addition, we examine intangibles, any type of which-trade name, patent, copyright, franchise, customer, goodwill, etc.-can be useful when doing offshore planning. We also explain a number of the practical issues involved in licensing international intellectual property.

And what's the next emerging market hotspot? You might be surprised. As you'll discover, it could be right under our noses.

November/December 2001: We examine the impact the September 11 terrorist attacks on the United States could have on the offshore finance industry and banking secrecy. The attacks have also raised concerns about encryption technology. And we explain the new US anti-money laundering legislation enacted shortly after the attacks.

A number of offshore jurisdictions have taken steps to keep up with the dramatic growth in e-commerce. The Bahamas, for example, is gearing up to take advantage of the new economy, while new initiatives in Bermuda aim to increase awareness of that jurisdiction as an innovative and leading e-commerce player.

Central America is also proving to be fertile ground for e-commerce. After a relatively slow start in the offshore e-commerce race, Belize has found its legs and is ready for e-business. A recent global e-readiness survey also revealed that Costa Rica is ready, willing and able to participate in the new economy. And in Panama, the government hopes new e-commerce legislation will attract call centers and other e-businesses.

We also tell you about the International Monetary Fund becoming the latest international organization to examine offshore finance centers.

Gyroplanes have been called the "third wave" of transportation and they soon could revolutionize the way international investors, offshore professionals, business executives and others travel around the Caribbean.

And we take a look at the fine art of naming international business companies, letting you in on some of the tricks company formation agents use in their search for names.

September/October 2001 (SOLD OUT): We take a look at the commercial real estate market in the Caribbean, which has been undergoing a transformation lately. Now, finding prime commercial office space there is often easier said than done. We explore the potential trade war brewing between the European Union and the United States over the US foreign sales corporation regime. With global e-commerce revenues expected to reach $3 trillion by 2004, jurisdictions are making changes to legislation in an attempt to cash in on the action. Barbados, for example, has taken an aggressive new approach in developing its IT industry.

Wayne and Scott Turner are feeling the heat after the father-son team resigned from their investment company in May to face fraud charges.

We take a look at a new task force in the United States that hopes to influence US Government policy on the complex issue of information exchange. The Financial Action Task Force released its updated money laundering blacklist in June. We tell you which jurisdictions were removed from the list and which were added.

And we visit Toronto, Canada to report on the third annual Global Interactive Gaming Summit and Expo, which attracted over 800 delegates from more than 40 countries.

July/August 2001 (SOLD OUT): Some offshore jurisdictions are rolling out the red carpet for Hollywood, offering incentives in an attempt to get a piece of the projected $60 billion that will be spent on film production next year. They used to be a cornerstone of the offshore finance industry, but bearer shares have become a dirty word lately. We examine the risks offshore professionals must weigh when dealing with bearer shares and the alternatives that exist for Americans looking to mix tax planning and privacy. We also watch the high-stakes race to become the first US jurisdiction to legalize online gambling. Who will win? Nevada or the US Virgin Islands? And Swiss bank accounts are now available on the Internet. But how can banks perform due diligence on customers they may never meet and what will it do to Switzerland's reputation as a banking haven for the privileged?

May/June 2001 (SOLD OUT): We take an in-depth look at the cryptography industry. Why aren't most encryption software companies based in the United States? We reflect on the relaxation of US cryptography regulations and attempts to regulate e-mail encryption. We profile Vince Cate and his views on the cryptography industry and the formation of the International Financial Cryptography Association. We examine smart cards and how they will affect future business, now that they are heading offshore. Offshore centers in the Bahamas, Gibraltar, Guernsey and the Netherlands Antilles are refining their e-commerce laws to lay out foundations to serve Internet businesses. And St. Kitts is fine-tuning its laws to keep up with the growing global online gaming market. Finally, with the much anticipated KPMG report now complete, the overseas territories wade in with positive spins.

March/April 2001: We focus on the varying aspects of offshore online gaming, from starting an online gaming company to the incredible jackpots offered. Learn about the seven lucky steps to setting up an online gaming business and how Antigua is blossoming into an online casino haven.

We look at Maxlotto.com, which is offering the world's first $100 million dollar jackpot and we explore how an online gaming company can offer an "out of this world" jackpot-think creative insurance policies.

We also cover the steps necessary for building a captive insurance company and look at the advantages of setting one up. We probe into the benefits of Grenada's economic citizenship program. Last year the program attracted over 500 applicants and we examine why it remains a hot ticket. There are also proposed changes to the tax treatment of split dollar life insurance, which could have fundamental effects on financial planning.

January/February 2001 (SOLD OUT): Offshore credit cards entered the spotlight in a big way when the IRS obtained permission to access certain MasterCard and American Express records. Will offshore centers waive their bank secrecy laws and allow the IRS to investigate offshore accounts of US taxpayers? Does the US have extraterritorial jurisdiction over credit card records in offshore centers? Our cover story articles answer these questions and much more. We also look at the Swiss model for a compromise on information sharing in tax evasion investigations. And emigration attorney David Lesperance offers some solutions for prospective expatriates. An independent auditor of the UK overseas territories recommended immobilizing bearer shares. So what does the future hold for jurisdictions like the BVI? Surprisingly, the outlook is bright.

November/December 2000: We focus on the limited supply of private islands; buying one is a good investment, but finding the best financial privacy still boils down to finding the right jurisdiction.

We profile Barbados Prime Minister Owen Arthur who has emerged as an outspoken critic of the OECD process. We also examine the impact of the new withholding tax regulations which appear to end privacy for holders of US securities, but there are some options. We look at development of a universal code of conduct for offshore investment brokers that would assist clients and professionals with their due diligence efforts, but will it fly? And the potential uses of segregated cell companies that are limited only by the creativity of clients and their advisors.

September/October 2000: We profile the newly-appointed John Bourbon as he guides the Cayman Islands Monetary Authority in a time of unprecedented international pressure for change in the regulation of offshore financial services. We take a look at the struggles that Bourbon and the Cayman Islands face in light of the jurisdiction's recent commitment to the OECD to embrace international standards for transparency, exchange of information and fair tax competition.

We also look at a showdown in the Bermuda insurance industry. Proposed changes under HR 4192 would limit tax planning opportunities for insurance and reinsurance companies domiciled in the U.S., with subsidiaries offshore. We also look at international extradition in our article on extraditing the tax evader, how tougher laws will be enforced and the penalties to be faced.

July/August 2000: A stunning report on the crime fighting financial duo Martin Kenney and Irving Cohen. They carry out research and obtain information on big-time financial criminals, and make it possible for the public to recoup their loses with asset recovery, strategies. We also feature Bermuda's up and running cyber suites of e-business, and give a detailed outline of what an e-commerce suite is. They are primarily geared towards companies whose main operations are computer data-related, And we profile on the Caribbean's Point-Man Calvin Wilson executive director of the Caribbean Financial Author Task Force and his continuing fight against money laundering.

May/June 2000: Feature report on offshore Internet gaming, including the implications of the first US federal prosecution of an offshore online sports gambling operation, a profile of Antigua-based cybercasino Intertops.com and a look at the bizarre case of Cynthia Haines who racked up $70,000 in gambling debts and was then let off the hook - find out how she did it; the future of economic citizenship programs in Belize and Dominica, where the programs have come under considerable scrutiny by local authorities; detailed profile of offshore e-commerce entrepreneur Reynald Katz, who took a time-honored retail business (the duty-free shop) and turned it into a successful offshore e-commerce operation. Less than two years since the start-up, he predicts annual sales of over $100 million.

March/April 2000 (SOLD OUT): An in-depth profile of offshore investigative reporter David Marchant - from a humble career start in a small Welsh coal-mining town, this fraud-busting journalist has become one of the more recognized names in the offshore finance industry; multi-jurisdiction disclosure standards to facilitate cross-border offerings; feature report on offshore reporting obligations including the increasingly common practice of offshore institutions requiring clients to sign bank secrecy waiver agreements; US reporting obligations related to taxation and money laundering; comparative survey of professional reporting obligations in 18 of the leading offshore jurisdictions.

January/February 2000: Feature report on offshore e-commerce, including the nuts and bolts of setting up an offshore e-commerce business; US and international taxation of offshore e-commerce revenues; protection of confidential information in offshore e-commerce transactions; the risks of offshore e-commerce and how to insure them; technological challenges in the global regulation of offshore e-commerce; jurisdictional profiles of the following e-commerce hubs: Anguilla, Bermuda, Barbados, Ireland, Isle of Man, Jersey and Singapore; results from our comparative survey of the 14 leading offshore e-commerce jurisdictions.<br>

November/December 1999 (SOLD OUT): Feature report on offshore insurance and risk management including offshore life insurance; the use of variable insurance contracts in financial planning; US taxation of offshore captive insurance companies; the compliant and legitimate offshore insurance structures; the impact of information technology on the global insurance industry; results from our comparative survey on offshore insurance in 12 of the leading offshore jurisdictions; the use of offshore limited liability companies for asset protection planning; the power of tax-deferred offshore annuities.

September/October 1999 (SOLD OUT): Feature report on privacy and confidentiality in the offshore finance industry, including the selection of a jurisdiction for financial privacy, privacy in offshore banking, the protection of confidentiality in professional relationships, data encryption in e-mail communications and privacy concerns in the use of offshore bank cards; offshore tax planning and tax avoidance on IRA distributions; asset protection planning and avoiding the sham trust argument; offshore trusts and estate planning and the reporting obligations of beneficiaries.

July/August 1999 (SOLD OUT): Feature report on international tax planning and tax treaty networks including the selection of a treaty or non-treaty domicile for the establishment of international business activities; the interplay of free trade zones and tax treaties; international tax competition and a survey of tax features in the leading offshore finance jurisdictions; the regulation of offshore banking in Grenada; offshore securities regulation and the domestic issuer safe harbor; tax planning opportunities with offshore trusts; white lists and black lists of offshore finance centers.

May/June 1999 (SOLD OUT): Feature report on asset protection and wealth preservation, including life insurance in wealth preservation plans, practical tips in offshore asset protection, guidelines on whether an offshore asset protection strategy is the right choice, domestic asset protection trusts, the critical choice of an offshore trustee, asset protection in offshore investments and offshore annuities in the wealth preservation strategy; the lawful avoidance of US assertion of jurisdiction over offshore financial Web site; and the IRS crackdown on abusive offshore structures.

March/April 1999 (SOLD OUT): Feature report on offshore investment funds including the regulation of offshore offers and sales of securities, taxation of investment income from offshore trusts and other foreign entities, investor protection legislation and a jurisdictional survey of offshore fund domiciles – capitalization requirements, restrictions on fund investments, restrictions on foreign investors, margin and liquidity requirements, etc; offshore confidentiality in the premier financial privacy jurisdiction of St. Vincent; and strategies for international financial planning.