Panama vs. Switzerland: Offshore Banking Faceoff
Crystal Chellenberger
Before making a decision of where to place your assets offshore, one should look at the important aspects of offshore asset protection.
These are the levels of secrecy laws and their effectiveness, different asset protection vehicles in place in that country and the minimum amount required to hold assets offshore.
Panama has no major minimum requirement restrictions. If you have enough money to want to protect it offshore, then you have enough to do your offshore banking in Panama. In Switzerland, the very lowest minimum deposit requirement is $10,000.
Tax evasion is deemed a misdemeanor in Switzerland, so they will deal with other governments regarding this issue.
Panama's government has not signed any tax treaties with any other countries.Tax evasion is deemed a misdemeanor in Switzerland, so they will deal with other governments regarding this issue.
In Panama tax evasion is not considered a crime so they will often not break their secrecy laws even for MLAT. As far as the levels of secrecy, Panama wins hands down.
If someone wanted to know where the corporation came from all they would find is that it is owned by a nameless foundation. This has created a layered effect which, along with Panamas strict secrecy laws, makes up the iron clad effectiveness of Panama offshore banking.
If someone wanted to know where the corporation came from all they would find is that it is owned by a nameless foundation. This has created a layered effect which, along with Panamas strict secrecy laws, makes up the iron clad effectiveness of Panama offshore banking.
In Panama tax evasion is not considered a crime so they will often not break their secrecy laws even for MLAT unless under extenuation circumstances. Tax evasion is deemed a misdemeanor in Switzerland, so they will deal with other governments regarding this issue. As far as the levels of secrecy, Panama wins hands down.
The very lowest requirement there is $10,000. Panama has no such restrictions. If you have enough money to want to protect it offshore, then you have enough to Do your offshore banking in Panama.
Panama has the best offshore asset protection vehicles in its Foundation/Corporation structure due to its layered effect. It has the strongest secrecy laws and does not participate in any tax treaties.
There are no unreasonable minimum deposit requirements, as there are in Switzerland, so anyone who needs their assets protected offshore can do so safely. With these comparisons the choice is easy. Panama has won all three rounds against Switzerland and should emerge as your offshore banking destination of choice.
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