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Security And Privacy Make Panama The Top Offshore Destination
Gone are the days when legendary tales of Swiss numbered accounts and the anonymity that cloaks the identity of Sophie Neveu from religious agents bent at killing anyone within her bloodline.
Gone are the days when legendary tales of Swiss numbered accounts and the anonymity that cloaks the identity of Sophie Neveu from religious agents bent at killing anyone within her bloodline.
Switzerland, once the top tax haven in the world has bowed to international pressures and now complies with global tax treaties to provide information for criminal investigations.
Offshore banking experts have changed their tune and now tout Panama as the top offshore banking jurisdiction. Panama has excellent bank secrecy laws and virtually no laws punishing tax evaders.
That award used to go the Swiss executives who gobble wine and cheese and now look down at those who wish to safe keep their wares from the tax authorities. Nowadays, a Swiss bank will require you a minimum of $250,000 for large banks and $10,000 for those on the minor league.
Thanks to a USA - Swiss tax treaty, bank secrecy laws in Switzerland have been rendered almost useless. Panama has no such treaty with the United States or any other country in the worlde.
Choosing an asset protection strategy should always begin with proper research.
What makes Panama particularly attractive as an offshore entity is the ability to utilize a number of investment vehicles such as; corporations, trusts or foundations in a layered strategy completely shielding a person and their assets from personal liability.
Foundations in Panama, for example, have the ability to open a bank account as well as own a Panama corporation for layered asset protection.
The ability to layer Panamanian asset protection structures makes it very difficult for foreign entities who secure judgement against you to collect the damages.
Other tax benefits that come with the package are the absence of capital gains tax, tax offshore-derived income and yes, inheritance taxes. Unlike the conventional corporate laws that require that corporations be heavily guarded by a regulatory agency such as the Securities and Exchange Commission (SEC), corporate privacy laws protect you completely in Panama.