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Non-Tech : Shorting with Offshore Accounts -- Ignore unavailable to you. Want to Upgrade?

To: Bill Jackson who wrote (76)	2/25/1999 10:02:00 AM
From: Philip S. LaMar Jr., J.D.	Respond to of 127

Dear All: In regard to Bill Jackson's posting, he has touched on several important points regarding the offshore industry. There are a number of disreputable providers and some homework is required before taking such a step. The Barrington Group, Inc. welcomes office visits 8-5 weekly, and on weekends for visitors who travel from outside Panama. We can also assist with travel arrangements. The Barrington Group, Inc. functions in a consultancy capacity and at no time has access to client funds. Rather, we assist in establishing entities and opening bank and brokerage accounts. Some clients are interested in personal structures while others seek simply to expand their domestic operations to new jurisdictions and we assist with incorporation and licensing. Many of these are attracted by the Free Trade Zone in Colon, Panama. For a limited number, we also do ship registration. At this time, we are working on a piece that will be published on a number of forums (including our own) which addresses what to look for in an offshore provider. One of our chief recommendations is that individuals never place funds in an offshore provider's own "family of funds." Even if a provider is trustworthy, few are qualified to manage other people's money. Further, this often leads to co-mingling, misappropriation and hidden fees. We always recommend that clients place funds with major banks (no brass-plate institutions in the Caribbean) or in insured brokerage accounts through licensed brokers. Clearly, we want business, but even if someone chooses to do business elsewhere, we sincerely hope that he or she heeds this piece of advice. In regard to the IRS, we work with outside attoneys so that all transactions are legal. Unlike many providers, we never claim to be able to "save you from ever paying taxes again." Tax deferment and confidentiality are services that we can provide. We are happy to provide references of accountants and lawyers with whom we work in several jurisdictions for clients who need this extra measure of comfort. Any provider with whom an individual works should be willing to do the same. Finally, we are always receptive to working with individuals' domestic attorneys and accountants so that all strategies are clear and the client feels comfortable with our consultancy services. Philip LaMar, Jr., JD