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Panama Replaces Switzerland As Offshore Destination Of Choice |
By:
Norman Kargill |
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Panama Replaces Switzerland as Offshore Destination of Choice
Norman Kargill
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.
A better alternative when it comes to offshore banking goes to Panama. Ancient Roman Law lays down the rule that there is no crime when there is no law punishing it-Panama has virtually no law punishing tax evasion.
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.
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.
Panama offers offshore investors a number of investment vehicles including; corporations, trusts or foundations which can be utilized alone or as part of a layered asset protection strategy.
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.
Furthermore, Panama has many other tax benefits for investors including the absence of capital gains taxes, offshore derived income tax or inheritance taxes. Panama has no regulatory agency like the SEC in the US and strictly enforces their corporate privacy laws to protect investors from prying eyes.
Get more information about http://www.offshorelegal.org/bullet-proof-asset-protection.html offshore asset protection and http://www.offshorelegal.org/asset-protection/panama-offshore-asset-protection/swiss-asset-protection-vs-panama-asset-protection.html Swiss vs Panama Offshore Banking You are welcome to reprint this article - but get your own http://www.uberarticles.com/?id=16034&b=79 unique content version here.
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Article Source: http://www.statssheet.com/articles/article61516.html |
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