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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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