Anyone that has earned any real wealth in the past 20 years knows that it is getting harder and harder to protect and/ or keep it. At one time “offshore” was just a buzzword – now it is a necessity! In the not-so-distant past, the British Virgin Islands, Turks and Caicos the Isle of Man, Grenada and Swiss Bank Accounts were all acceptable offshore options. In truth, they are not anymore.
Fortunately, even in today’s complicated financial world, you have a relatively simple option: Panama. Every day Panama is becoming more famous as a preferred offshore domicile. Why? Allow us to introduce you to Panama’s offshore system.
Asset Protection: Since 1920, financially savvy persons and entities have chosen Panama as the domicile for protecting their wealth and earnings. Your combination of a Panama corporation asset protection or company (International Business Corporation or IBC), a Panama Private Interest Foundation and a Panama offshore bank account are a proven strategy for enjoying your anonymous asset protection. The “Panama solution” ensures you privacy and security, no or low taxatioIn practice, anonymous asset protection does not involve hiding assets, nor is it based upon secret agreements or fraudulent transfers. It is based upon proven combinations of business and financial planning techniques.
Incorporation: Panama Corporations feature Bearer Shares, so shareholders have anonymity and privacy. Panama’s corporate secrecy laws are the most comprehensive in the world today. A Panama offshore corporation or company is not a “letter box” entity such those that are commonly formed in the British Virgin Islands and elsewhere.
Foundations: Panama Private Interest Foundations incorporate Private Protectorate Documents and Private Letters of Wishes. This allows the foundation “Guardians” and beneficiaries to remain anonymous and private. The Panama Foundation assets and bank accounts cannot be sequestered or frozen during litigation or other legal actions.
Banking: Panama uses the actual U.S. Dollar as national currency. Panama has no currency-exchange controls or restrictions so capital can flow freely in and out of the country. Panama is famous as an international banking center, with nearly all of the major players having a local presence here. Panama has no Mutual Legal Assistance Treaties for sharing banking information with other countries. Panama does not recognize outside court rulings. Within the country, revealing banking information to third parties is a crime which is punishable by imprisonment.
Taxation: Panamanian IBC’s and Private Interest Foundations are liable for no – or very low – income, capital gains, share or shareholder, inheritance or sales tax (to name a few). Panama does not have tax treaties with any other countries and has enacted comprehensive legislation designed to keep your assets and information anonymous and secure. Income does not have to be reported to the Panamanian government.
Domicile: Panama is a sovereign, democratic, nation. It has had a stable economy with low inflation for nearly 20 years.
Attorney – Client Privilege: Forming Panama IBC’s and Foundations requires that a Panamanian lawyer or legal firm acts as your Resident Agent. All of your affairs are covered by Attorney-Client Privilege, which means that we cannot reveal anything about you or your affairs without your specific permission.
Is this sounding good to you? Maybe you should schedule time during your visit to Panama for exploring the full range of offshore benefits this country offers you, no capital restrictions, estate planning and protection, and more.