Secret banking in offshore world

10 April 2011

By Kathleen Barrington

Valartis, the Swiss bank that acquired a €600 million Austrian deposit book from Anglo Irish Bank in September 2008, is one of the sponsors of a conference that promises to teach those attending about hidden opportunities in the offshore world.

Valartis is co-sponsor of the Total Wealth Symposium, which takes place in the five-star Hotel Riu Panama Plaza in Panama later this month.

The conference is organised by the Sovereign Society, a US group that promises to show attendees how to lower their incomes taxes, discover little known global investment opportunities and avoid invasions of their financial privacy.

The Sovereign Society says in its promotional literature that it is often contacted by people wanting to know how they could have all the benefits of the offshore world without having to move to another country to do it.

One of the speakers at last year’s conference was Patrick Doherty, a former Anglo Irish Bank employee who is now a senior vice president of international private banking with Valartis Bank’s Austrian subsidiary.

The Irish banker gave a presentation to last year’s conference in Montreal.

When contacted by the Sunday Business Post at his office in Vienna, Doherty declined to comment when asked if he would be speaking at the Panama conference this year.

The decision by Anglo Irish Bank to get rid of its €600 million Austrian deposit book in 2008 came as a surprise, given that the bank was in dire need of deposits at the time.

Anglo has always said the disposal was in line with its strategy of disposing of noncore assets.

Anglo has pointed out that it had previously disposed of other non-core businesses in the Isle of Man and Switzerland.

The Sovereign Society appears to target its conferences primarily at US citizens.

But the society has Irish links, including a business address in Waterford.

Another company called International Living Publishing Ltd, which publishes magazines distributed by the Sovereign Society, has a registered office in Dublin.

The magazines promote living and investing in some of the world’s offshore tax havens.

The magazines have in the past featured articles about the advantage of opening an offshore account with Anglo Irish Bank in Vienna.

One 2006 article said the Sovereign Society’s convenient offshore account partners included Anglo Irish Bank, which required a minimum balance of$100,000 or equivalent.