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Panama is the Offshore Banking Capital

http://www.offshorelegal.org/

clipped by santiagokick Dec 26, 2007

account accounts bank banking foundations law legal offshore panama swiss

Notes by santiagokick: A lot of information about panama banking and corporations. The articles are buried a little. You need to look on the lower left to see them but there is a lot about offshore banking including panama and swiss bank accounts specifically.

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Offshore Asset Protection – There are a number of factors one must look for when setting up a secure asset protection structure. The tax-free status of the jurisdiction being used is always a major consideration. The anonymity of the corporations and foundations is also important. The availability of quality banks covered by bank secrecy laws with online banking is of paramount importance. Attorney client privilege is something to never be taken lightly and the protection must be tight. Don’t make the mistake of using jurisdictions that used to be good but in recent years have compromised their secrecy and privacy. Click here to read more about asset protection

Offshore Corporations – Today there are a multitude of offshore jurisdictions touting themselves as the best tax haven to domicile a corporation in. What one needs to look for when selecting an offshore jurisdiction is the following: There should be no taxation on offshore-derived income. There should be serious bank secrecy. One must be able to have a bearer share corporation with the shares made out in blank and the possibility of keeping the shares anywhere in the world. The jurisdiction must be stable and secure. The jurisdiction must be free of tax treaties. A lot of jurisdictions that were once good have in recent years gone bad – Click here to read more about offshore coporations

Offshore Foundations – In today’s world the wealthy people use offshore corporations and the extremely wealthy use foundations. Foundations are the most secure asset protection tools in the free world today. No one owns a foundation but the foundation can own things like real estate, cars, boats, stocks, corporation etc. A foundation is like a blend of a will, a trust, and a corporation. When selecting an offshore jurisdiction for your foundation one must take into account the following: freedom from taxes including inheritance taxation, anonymity of the foundation, ease of passing assets to beneficiaries, ease of operation and reasonable cost. Lichtenstein used to be the world leader for foundations but then along cam e the EU with all the information sharing agreements and tax agreements. Click here to read more about foundations

Offshore Banking – Since this is a key component of any asset protection structure we must be diligent to make sure your assets are secured in a solid bank in a stable jurisdiction. There should be tight bank secrecy laws that incorporate serious penalties like prison, fines and the ability for you to sue the bank for any violations. Banks have deep pockets and do not want to be sued so they will be diligent to comply with bank secrecy under those terms and conditions. The jurisdiction should not be a Caribbean island since they are subject to hurricanes and this could be a loss of communication between you and your bank at a critical time when you need to access your funds. The banks should have people that communicate with you in a language you can understand. There should be a good online banking platform available for your use, which allows for the launching of international wire transfers. You should be able to get some sort of a Visa or ATM card that allows you to access ATM machines worldwide. Click here to read more about offshore banking

Offshore Packages

Panama Bank Account $695	Online Banking ATM Card Large bank with billions of dollars under management	Order Now

Panama Bearer Share Corporation & Bank Account $1795 or $1495 without bank account	Fee includes everything: Resident Agent, Registration expenses, Power of Attorney, 3 Nominee Directors with, resignation letters, Annual tax, Register Book, Corporate Resolution, Share Certificates, Translation, Transfer of subscription, Articles of Incorporation CAUTION: Those offering cheaper prices usually exclude the 3 nominee directors and/or the annual tax ($300). Also beware of a scam where the same corporation is sold to more than one person. In most cases it's impossible for you to know that this has happened to you. It's much safer and cheaper in the long run to use our law firm.	Order Now

Panama Foundation with Bank Account $1795	Fee includes everything: Secret Beneficiary Wishes Letter custom drawn up with you and one of our attorneys, Registered Agent, Foundation Protector Agreement, Translation, Resolution from Nominee, Council members to open a bank account, Three Nominee Council Members with Resignation Letters, Power of Attorney CAUTION: Many others list low fees that do not include what is necessary, our fees are Complete. Foundations are usually used in situations where an extra layer of security is required thus having the Foundation own the Corporation.	Order Now

Panama Foundation owning a Corporation with 2 bank accounts! $3300	Layered Banking Secrecy ! Bullet Proof Package! Layered banking secrecy with a foundation owning a corporation owing 2 bank accounts. Completely anonymous. Call for details.	Order Now

Stock Trading Account $495	Uninhibited Stock Growth! Let you money grown in an offshore tax haven. Fully Protected.	Order Now

Offshore Banking Comparison - Editor's Analysis

Editor's Analysis

Many readers enquire each week about which jurisdiction we recommend. Of course this depends on your specific situation. Having said that here is my analysis:

In short my recommendation to most is Panama and here is why...

Belize

With only 5 banks managing 164 million US, Belize is just too small for my liking. It looks promising but for now I recommend a jurisdiction with a longer track record. Heck the first "offshore" bank in Belize was licensed in 1998! At just 9 years old I would recommend steering clear. In contrast Panama has 150 banks ! More on this later...

Switzerland

Switzerland has a reputation that earned it worldwide recognition during the second world war. Boasting numbered accounts, it quickly became the world leader in offshore banking. Unfortunately, due to pressure from the international community (mainly goverments like the United States who were loosing too many tax dollars) the Swiss gave in. They stopped giving out numbered accounts. Today this jurisdiction regularly co-operates with foreign goverments for issues like tax evasion. Panama on the other hand will turn investigating authorities down flat when they come snooping around on tax related issues.

Bahamas

Banking secrecy in the Bahamas is weak. In fact, banking institutions are freely permitted to divulge the fact that a particular person or company does in fact have an account with that bank. Since the Bahamas introduced their new banking legislation allowing the free flow of information 45% of the deposits have left the Bahamas banks. Panama, on the other hand, has complete banking secrecy.

Cayman Islands

The Cayman Islands law seem quite impressive. In fact bank officials that break the secrecy law face imprisonment ! Unfortunately I have a story to tell you about. John M. Masterson was the owner of Guardian Bank. He provided the IRS with over 1 year worth of bank records ! Thousands of US taxpayers found themselves in a very bad situation. Now if the law stipulates jail time for a bank official divulging just one person's banking information, wouldn't you think John would be going to prison for a very long time? So did John go to prison? Nope. In fact, as far as we can tell, nothing happened to him. So the Cayman Islands look good on paper, but in practice I would stay away.

Panama

Panama seems to be the most stable jurisdiction offering banking secrecy. In fact, Panama still has bearer share corporations which are accepted by the Panama banks. This kind of banking secrecy is very hard to come by but Panama passes all the tests. Not only that but the cost of living is Panama is a fraction of that in the United States. Many citizens of the US, Europe and Canada retire in Panama and live like a King. What would be a meager retirement fund in the US or Europe affords a very high standard of living in Panama. In fact, it is common practice in Panama to have servants. A driver and full time house keeper costs only about $400 per month.

Offshore Packages

Panama Bank Account $695	Online Banking ATM Card Large bank with billions of dollars under management	Order Now

Panama Bearer Share Corporation & Bank Account $1795 or $1495 without bank account	Fee includes everything: Resident Agent, Registration expenses, Power of Attorney, 3 Nominee Directors with, resignation letters, Annual tax, Register Book, Corporate Resolution, Share Certificates, Translation, Transfer of subscription, Articles of Incorporation CAUTION: Those offering cheaper prices usually exclude the 3 nominee directors and/or the annual tax ($300). Also beware of a scam where the same corporation is sold to more than one person. In most cases it's impossible for you to know that this has happened to you. It's much safer and cheaper in the long run to use our law firm.	Order Now

Panama Foundation with Bank Account $1795	Fee includes everything: Secret Beneficiary Wishes Letter custom drawn up with you and one of our attorneys, Registered Agent, Foundation Protector Agreement, Translation, Resolution from Nominee, Council members to open a bank account, Three Nominee Council Members with Resignation Letters, Power of Attorney CAUTION: Many others list low fees that do not include what is necessary, our fees are Complete. Foundations are usually used in situations where an extra layer of security is required thus having the Foundation own the Corporation.	Order Now

Panama Foundation owning a Corporation with 2 bank accounts! $3300	Layered Banking Secrecy ! Bullet Proof Package! Layered banking secrecy with a foundation owning a corporation owing 2 bank accounts. Completely anonymous. Call for details.	Order Now

Stock Trading Account $495	Uninhibited Stock Growth! Let you money grown in an offshore tax haven. Fully Protected.	Order Now

Call our office located in Panama: 7 days, 9am - 8pm EST

(507) 6-757-4880 (Dial 011 first from US & Canada)

For your conenience these regional numbers also forward to our office in Panama...	Toronto, Canada	(647) 477-6352
	London, UK	44 20 300-27962
	Paris, France	33 017 666-0300
	Rome, Italy	39 068 772-0498

*Your international dialing code should be inserted first. For instance, to call the London number from North America, enter: 011 - 44 20 300-27962

Thinking of Going Offshore? Panama Corporations

http://www.offshorelegal.org/

clipped by santiagokick Nov 26, 2007

bank banking corporations offshore panama

Notes by santiagokick: I just wanted to see what kind of offshore banking laws were out there if I can earn some money someday :) A lot of stuff about banking in Panama, panama offshore corporations and asset protection.

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