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Author: Charlie Franklinson
Article source: http://www.articledeshboard.com/. Used with author's permission.
In Panama, Your offshore assets are protected by the government secrecy laws, the tax laws and the one two punch of the foundation/corporation identity protection structure. They pride them selves on having a beautiful city, a world land mark in the Panama Canal, and amazingly secure, thoroughly covered offshore asset protection.
Panama offers the best asset protection strategy in the world. An anonymous foundation to hold assets and own a corporation to conduct business operations is the icing on this cake. If your name is not listed on the director lists for either one of these structures, your involvement in the safe charge of your offshore assets can remain anonymous!
Not every country has tax evasion as one of it's laws, and Panama does not. There is also asset protection due to the fact the there is no income tax on income earned outside of Panama. So asset protection in Panama is a powerful tool when planning your tax budget. Your offshore assets are better protected because the avoid the income taxes of your native country.
With Panama's secrecy and tax laws, lack of tax treaties, and strict guidelines when it comes to MLAT, are there any ways for the authorities to get a hold of bank records? Yes, and these are in the form of court orders. While the courts have a lot of stipulations to uphold before they will break the banking secrecy laws of Panama, there are some instances where it is warranted. These instances are those of serious criminal matters such as drug trafficking, money laundering, terrorism and child pornography.
The icing on this cake is that Panama offers the best asset protection strategy in the world. An anonymous foundation to hold assets and own a Corporation to conduct business operations. If your name is not listed on the director lists for either one of these structures, your involvement in the safe charge of your offshore assets can remain anonymous!
So, as you can see, with Panamas secrecy laws and lack of tax laws and treaties, and amazing foundation/corporation asset protection structure, Panama is clearly the place to go to your offshore banking needs.
To learn more about asset protection in Panama or to apply for a panama bank account please visit the OffshoreLegal.org website.
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