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Panama Tops Switzerland For Banking Privacy
Once upon a time a person could get a Swiss numbered bank account and rest assured that their assets and privacy would be fully protected from government entities.
Once upon a time a person could get a Swiss numbered bank account and rest assured that their assets and privacy would be fully protected from government entities.
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.
With virtually no laws in place to prosecute tax evaders and bullet proof banking secrecy laws, Panama has usurped Switzerland as the top country for legal offshore asset protection.
In addition to this, Swiss Banks now typically require a $250,000 deposit to open an offshore bank account. Panama bank accounts can typically be set up with a deposit requirement of a mere $1000.
All hassles for a much coveted Swiss account. Thanks to a USA-Swiss Tax Treaty, both countries can share information. Though the Swiss banking system is quite safe to store your money, the major problem in bank secrecy has eroded through the years.
Protecting your assets with offshore financial instruments can be a complicated and tricky proposition. Diligent research should be performed prior to committing to any one destination in particular.
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.
A Panama foundation for example, can have a bank account or own a Panama bearer share corporation.
With a layered Panamanian asset protection strategy in place, if a foreign entity secures judgement against you it will be very difficult for them to prove your ties to the foundation since your name does not appear in any of the foundation’s documents.
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.