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Asset Protection and Panama City Attorneys – Getting the Hometown Touch

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As governments in the United States and other countries invade the privacy of their citizens, people search to find privacy and security for their property, possessions and corporate information. While asset protection has become a hot topic in both corporate and private sectors, judges in other countries have damaged the current trust system. While this weakening has negatively impacted trusts in the US, offshore opportunities have become better options; the best country for offshore asset protection is Panama.

When using Panama City, which is the second largest banking district in the world, for asset protection, it is strongly recommended to utilize a Panama City attorney. Panama has the strongest privacy laws in the world and the attorney / client privilege ensures that sensitive personal or corporate information cannot be released to the public without a court order, which is an extremely uncommon occurrence. Some of the most common questions about asset protection in Panama are:

Why use Panama?
Panama is currently the second largest banking center, behind Switzerland, and is also the number one retirement haven in the world. Panama does not tax offshore derived income, capital gains, etc. Tax violations in Panama are civil offenses, none are criminal and Panama has no tax treaties with any country which means that tax problems in other countries cannot be pursued in Panama. Panama City attorneys are actually required to form all corporations in order to protect the privacy of over 400,000 corporations. Panama has enacted numerous laws to secure privacy, bank secrecy and asset protection.

Is Panama Banking Safe?
Panama City claims to have 150 international banks which is a testament to their strong bank secrecy laws. The banks commonly have online banking including the ability to send international wire transfers. With a Panama City attorney, it is not necessary to go to Panama to open a bank account; all that is needed is to supply reference letters and passport copies. It is even reasonable to get up to 7% interest on 5 year deposits. The national currency in Panama is the US dollar so currency issues rarely occur.

What is a Panama Anonymous Bearer Share Corporation?
This is an anonymous corporation which has no registry or database of corporate owners. This means that owners are only identified by paper stock shares and almost completely anonymous. There is no tax on offshore derived income and wire transfers are not associated with natural people for additional security. Panama City attorneys are typically quite skilled at organizing such corporations.

What is a Panama Foundation?
A Panama foundation has a number of advantages. It is like a combination of a corporation, a trust and a will. Foundations can be started by a Panama City attorney and have no real owner. The Panama foundation is anonymous. The foundation instructions are kept secret and its assets, including bank accounts are generally non-freezable. Foundations cannot conduct business, but they can own corporations and real estate which are used for business purposes.

With its secrecy laws and corporate structures, Panama is an excellent location for starting businesses and protecting assets. Panama City attorneys are vital for understanding the methods involved, processing the necessary information and protecting the information and assets of their clients. As privacy loses its protection in the US and other countries, it has found a save haven in Panama and corporations and individuals are able to protect their identities and assets with the help of Panama City attorneys.







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