Sovereignman.com takes the selling of offshore info to new heights ($$$)
and Simon Black have quickly become the most popular site for "sovereign individuals" in a very short time. Simon claims to be a former US Intelligence office, or perhaps a current IRS Criminal Enforcement Officer, who dishes out partial information on second passports, offshore banking, offshore investing, offshore corporations and more. While no one is sure who he really is, he is an excellent marketer and knows how to string along the audience before the big whammy.
In addition to his annual membership of $395, the real objective of his marketing is to sell a CD for $1295 with information on how to obtain a second citizenship, open offshore bank accounts, form offshore companies and protect yourself from big brother. The unfortunate fact is after you have paid out the $1295 plus the $395 annual membership fee for pure offshore information you then have to buy the offshore corporations and then likely need to pay for the offshore bank account as well. In fact most of the information he offers can be found on Talkgold Offshore Forum here using the below link and is completely free, http://www.talkgold.com/forum/forumdisplay.php?f=22
It use to be normal for online firms to sell this sort of offshore information for $49-$129 but the sovereignman.com has taken his prices to a new level by tapping into a new market of wealthy, unhappy Americans willing to pay almost any price to get out while they can. But like the free information he offers on his site, he only sells half truths.
For example, his second passport programs are described as a way of escaping the clutches of the IRS & US government and opening doors to new offshore investments, unlimited banking that is currently prohibited for US citizens. However what he does not tell you is that your second passport will show "United States" as your place of birth and this fact alone may preclude you in the same way your current US passport does from offshore banking and investing unless the person has in fact renounced their US citizenship and for high net worth individuals, pay the wealth tax required to get out.
Most Americans we have spoken with prefer to take the approach of relinquishing their citizenship rather than renouncing their citizenship as they want the right to return to the US to take advantage of Medicare, visit family, etc. What they will find out though is not only can they not accomplish what they wish after paying Simon's $1600 for information as well as the fees to obtain their new passport including lawyer and country fees as high as $250,000 for a family. But worse yet because of FACTA regulations requiring Foreign Financial Institution report US citizens accounts, those that are able to successfully open an offshore account will be reported to the IRS who will could charge them with tax evasion and extradite them back to the US, or at the very least require the payment of penalties for failure to report their offshore account if they did not based upon the fact that they used their second passport.
Perhaps Americans should consider buying solutions rather than just paying for information.