Tag Archives: Exchange

Banking

Panama Standing Firm on Tax Information Exchange and Banking Secrecy

In these changing political times, for those seeking secure locations for offshore protection of assets, Panama remains a top choice.

In a letter to the OECD after the London G-20 meeting at which Panama arbitrarily, (along with Switzerland and a number of other respected offshore financial centers), was placed on a “less than black” list (the Grey List), President Martin Torrijos’ Minister of Commerce and Industry, made clear that his government would only go so far in exchanging tax information.

She condemned the G-20 and the OECD for “…discriminatorily affecting the good name and competitiveness of the international [financial] services offered by the Republic of Panama and that are the backbone of our economy.”

The minister laid down these pre-conditions under which Panama would exchange tax information:

“1) The privacy of persons will continue to be protected and guaranteed against undue interference.

2) There shall be no automatic exchange of information.

3) There shall be no undue triangulation of information furnished among nations.

4) Any exchange of information shall be done based on individual requests supported by a specific and justified principle or law.

5) There shall be a reasonable transitional period with respect to any measure that must be implemented and that has an impact in the international services platform offered by the Republic of Panama, it being understood that the application of any measure shall occur at the same time as similar measures applied in each and every one of the states that are members or not of the OECD and that Panama considers to be competitors in the provision of international services.”

Note the emphasis in the last pre-condition above. Panama will only concede to any limited measure at the same time as similar measures have been applied to all other competitors in the provision of international services. That’s a long list and we doubt that every other competitor will come into conformity. China in the form of Hong Kong and Macau just for starters has signaled no such intentions.

Some commentators have inferred that the pending free trade agreement between Panama and the U.S., which has been pending congressional approval for some time, will be used to pressure Panama into caving in. What is lost in the small print is the fact that this agreement is far more beneficial to the U.S. side then the Panamanian.

Panama exported $ 377 million to the United States last year and 96% of the goods from Panama already enter the U.S. duty free under existing trade preferences. By contrast, Panama currently applies tariffs ranging from 8% to 15% on most manufactured goods, with rates in the high double and even triple digits for U.S. agricultural products.
Panama also bans the import of re-manufactured goods. That’s a potentially lucrative market for U.S. industrial and consumer exports, including cell phones, computers and earthmoving equipment.

We have read many uninformed, misleading and self-serving articles even on supposedly well informed asset protection websites predicting the demise of Panama as an offshore financial center. We quote from one:

“Since the G20 meeting the Panama company has been under quite a bit of fire from the US Government and Congress. Currently the US and Panama have a reciprocal free trade agreement between the two and the US government wants to do away with this agreement until Panama either hands over information on Americans in the jurisdiction which means doing away with their banking privacy laws or taking drastic measures to change legislation which makes Panama a fiscal paradise. The US has always had a strong hold in Panama even after their retreat and the handover of the Panama canal. Many Americans who currently own or are the beneficial owners of a Panama Company have been looking for safe alternatives before the house of cards begins to fall down around them”.

Apart from the erroneous fact that the free trade agreement has yet to be ratified and the fact that the U.S. has not had a strong hand in Panama since it removed its forces 10 years ago and has been denied even the use of one of its former bases just for drug interdiction and intelligence purposes, we would say just the opposite is the truth.

Also, Americans with Panama companies are not looking for other alternatives fearing everything is about to come tumbling down. Au contraire…. they are looking to Panama as one of the last few bastions with clout and independence to continue their long standing policies.

The smaller nations are inevitably more vulnerable and with much smaller economies open to bribery. Those other alternative jurisdictions, many of which we offer such as Belize, Nevis and the Seychelles, will have had to go the way of the OECD wishes first before Panama will even consider implementing any changes. Therefore if Panama goes it will be because every other offshore financial center has already agreed to do so. We consider that eventuality highly unlikely based on the current scenarios before us.

Use the following link to find out more information about why to bank offshore in Panama, see the Panama Tax Haven article: http://www.offshore-protection.com/panama-tax-haven.html

Sovereign Management & Legal can help you with Offshore Bank Formation Services, contact us here: https://secure.offshore-protection.com/contact/contact-us.html

Finance

Exchange Rate Calculator – Rare Combination Of Finance And Technology

Normally, it is always art and technology that yield unprecedented results in any walks of life! But, when technology shakes hand with finance, the results are incredible. One such example of such a great shake-hand is exchange rate calculator. It is a great combination of technology and finance. Exchange rate calculator satiates the need not only of those hard core finance professional who need to be in constant touch with fluctuating foreign currency rates, but also for those who are amateur in currency rates field.

Let us have a look at this wonderful technological revolution that has changed the way people now look at foreign currency rates and the way they deal with constant change and fluctuating currency rates! There are many online exchange rate calculators that give the visitors exact amount of the conversion. For example, if you want to convert British pounds in Euro, it is just a click away! Havent this wonderful online exchange rate calculator has made life incredibly easy and relaxed! However, it is precisely because of end number of such currency exchange calculator out there, it is necessary to choose the one that is reliable and the one that constantly updates foreign currency rates. But, it is wrong to assume that these types of exchange rate calculators are needed only by financial professionals.

In a world, where now people have become netizens rather than citizens, exchange rate calculator is needed by investors who invest in foreign properties, travelers who love to explore the foreign lands, students who go to study in foreign universities, news organizations who are not only dealing with foreign investments but also providing financial news of the foreign country. This list can be endless, but it is sure that the scope and the magnitude of the modern life has made exchange rate calculator indispensible for the modern age! Though, most of the Forex websites make this currency exchange calculator available to the consumers at no extra cost, it is advisable to use the exchange rate calculator that keeps itself updated constantly.

Another interesting phenomenon of the modern world is iPhone and other smart phones that have made the desktop almost obsolete. There are many companies that have made the phone applications offering exchange rate calculator. Now, when you have the currency exchange calculator at your finger tips to know the foreign currency rates, doesnt it feel like world at your feet? Ops, world at your finger tips rather! Okay. But, there is one catch! Oh, what is that? Why is it that nicest things have always this element called catch? Do not panic. Just a small thing to consider! Though, some of you need exchange rate calculator for personal knowledge of foreign currency rates, there are some who might be dealing with serious business of foreign currency rates. In this case, it would be utterly risky to just rely on this handy tool called exchange rate calculator.

The precise reason is the calculator can get you the exact figure of any conversion, or any foreign currency rate. But, it does not and cannot interpret various meaning involved in it. And, therefore, you need to hire professional foreign exchange rates service providers to do the job for you. They can use this exchange rate calculator in a way that not only churns out the exact amount, but also interpret meaning for various clients. And, it is this sensible use of exchange rate calculator by these professional foreign exchange rate service providers that can help you make the most of your money!

Darrel Abbott has an extensive experience in writing about exchange rate calculator and its benefits.

Finance

The Growing exchange of Finance

Exchange Rate is defined as exchange using their currencies to gain access to various businesses or transaction it is the valuation of both the currencies so that the exchange is in proper manner . The exchange rate differs from country to country , the rate depends on the financial conditions of the nation . The exchange rate helps in online or manual dealings . The exchange rate is is also one of the important part of the share market to be involved in trading with it . The finance grows with the exchange rate . The simple definition is that when there is less amount of currencies in if the demand is high of that particular currency then automatically the value increases of that exchange .

Like wise exchange in Share bazaar is not exactly evaluating the rate but it is an entity that provides a platform to all the investors or stock brokers . The stock exchange can be in electronic formate that helps the many people get connected to the market to go on with the trading with out much of hesitation and is also convenient as one can access the market sitting from any place all you need is the Internet connection and a phone line and you can operate your trading at ease .

It can be very fascinating to learn that most of these trade finds its way back to the days of Roman Republic that successfully started and founded the base of the sophisticated network and system of trade and businesses .

The stock exchange has been one of the most successful and useful set up to the business world and at the same time its a great achievement for those common man who can now invest their money in the direction they want and can get a fast return .

The share bazaar of India has been one of the most successful business model that benefits the both ends bringing in opportunity to both ends .

The model of Stock market was a great achievement because now like any other businesses that always has risk and profits Share bazaar had the same advantage just that now you could sell your share like your property but like property would take time this transaction is much faster and with electronic Stock market it is far more easy and convenient .

The general out look and understanding is that the market exchange rate largely depends on the change and fluctuation of the economy and also it depends on the stability of the company .

 

Know more about stock exchange and Exchange Rate

 

Money

Foreign Money Exchange

When running a business, one thing that can be extremely beneficial is globalization and online business. By globalizing and making your presence established online, you can attract a huge base of potential customers and clients, rather than just the people who visit your store. Setting up your business online is a great way of generating more income, but may take more staff to keep up to speed. Ultimately in the grand scheme of things, the internet is a great way to expand because you can reach out to more clients and be of more service. When it comes to the internet, the idea of globalization is a big idea to process. Not only are you making your business available for more clients and customers, but your business may prosper in a foreign nation. One thing to consider when doing international business is that you will be dealing with countries that don’t use the same currency as you. For example, if you run a business in the United States, your currency is in dollars, while the business in Europe uses Euros. To do business, you must understand the Foreign Money Exchange. This is a ratio that is computed by factors such as how well that country’s economy is doing. In order to be most successful, one must understand the foreign money exchange rates and be able to do business when you can make the most on your country’s currency. The more your form of currency is worth than theirs will help you gain more for your goods and services provided, or pay less for what they have to offer.

There are several ways to transact these deals, but most often they are done through banks. This is the oldest form and that is why it is the most popular way used today for international business.

Banks will give you information about both currencies and the exchange rates, and will help you complete the deal. One bad thing with banks is that they have hidden fees and charges which isn’t good for business. Some banks have been reported to take up to 4% of your money in a hidden charge, which can be very substantial. To avoid this, business can be done through international payment specialists. Here a company will help process payments without hidden charges to speed up business and make it less costly. You may buy currency in a lump sum, purchase it a fixed rate and pay later, or watch the market to see when is desirable to purchase foreign money. These alternatives are very beneficial, and require just a little bit of work from your end. They are easy and can be just the trick to help your business be more successful and financially rewarding. For more information on foreign money exchange, please visit www.smartcurrencyexchange.com and get ready to save while building a more lucrative business.

 

They are easy and can be just the trick to help your business be more successful and financially rewarding. For more information on foreign money exchange, please visit www.smartcurrencyexchange.com and get ready to save while building a more lucrative business.