Tag Archives: Panama

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

Banking

Consider Panama For Your Offshore Banking

Lots of Law Firms could have been established in the Republic of Panama for offshore incorporation. Their objective had been to make sure you deliver legal expertise in order to Republic of Panama within an cost-effective way so that all people may often be assisted. This offshore incorporation has, so far, been a successful undertaking that will has improved thousands of Panamanians since the opening of the particular law firm.

No issue wherever you will be based, offshore incorporation can offer an entire array of excellent help for your organization. They concentrate on providing their clients by using quality, efficiency, as well as sincerity. There isn’t any job too big or possibly small-scale which they cannot care for for the organization. Top quality service can be the only thing provided for their offshore clients. Their own job seriously isn’t done unless their clients happen to be entirely satisfied.

There are lots of benefits of dealing with a good offshore incorporation. One of the greatest greatest things about working together with this type of organization is that the Republic of Panama has no money constraints, even though the U.S. dollar will be the circulating method. The Panamanian government doesn’t require that you record almost any docs to begin an offshore incorporation apart from the final of the year business taxes which keeps this company current.

Many customers enjoy the truth that interested parties don’t have to be present for your putting together of an Panama firm, making setup uncomplicated for many persons. Additionally, whenever it will come time to have a meeting, shareholders can certainly connect with in any country, not just Panama.

The details of a great offshore incorporation tend to be considerably distinct from whatever that you will find required in the United States. Shares can be nominative or to the bearer, something is undoubtedly uncommon in the states. A shareholders personal information is never disclosed. Corporation shares are generally given by way of private docs. While doing so, a shareholders comprise the great power belonging to the organization. Meaning that the organization can’t do a single thing but without the vote of approval from your investors.

A good investors vote ought to be required for any significant change of things. Some include, but are not limited to; sales, lease or disposable of capitol belongings, changes of reports of incorporation and dissolution of the corporation.

There are many reasons pertaining to creating a offshore incorporation. Panama is among the foremost jurisdictions regarding setting up an offshore corporation due to it’s lax methods to business. It is deemed a business hub of the world.

A lot of the types of businesses that are usually set up in Panama consist of; vessel and ship possession, having businesses in real estate, trading companies, tax preparing, asset protection as well as a hold organization together with possession in other entities. Panama is certainly prosperous with business opportunities for most every endeavor. This is a leading merchant in the marine world regardless if you are considering its use for buying and selling reasons or ship ownership as it is a main thoroughfare for ships which range from far east.

Panama is quickly emerging as a financial powerhouse. However, getting into this economy requires having someone with the know how and authority to operate within. For this reason law firms that will manage a Panama corporation or a maritime law firm are extremely important. With these professionals on you side you will either miss the opportunity to invest in this growing economy or worse yet loose money from not knowing the system.

Banking

Panama Offshore Banking Provides Security

A Panama banking account is usually a place where folks can easily set their money in a risk-free location. This kind of account was established to be confidential making sure that individuals can have a secure bank account. Other accounts that are not offshore may be accessed by different people, plus they are not as protected as Panama banking accounts.

This offshore account is in an area which has banking secrecy that allows folks to get peace of mind knowing that their funds are in a financially sound location. They do not have to bother about somebody else getting accessibility to the account as things are discreet regarding the account holder, which includes their name, address, and telephone number.

Panama banking enables individuals and businesses to have their cash in a private area. Different banking institutions internationally might be facing the risk of failing, but an offshore banking account in Panama will be risk-free. Companies and individuals can find more in an offshore banking account with Panama by getting in touch with numerous attorneys.

Panama banking accounts may be created for many different reasons. An individual may want to find a way to guard their money in the case of new taxation treaties, divorce, bankruptcy, or any other scenario where someone would wish their money to be safeguarded and hidden. Regardless of the reason, people will wish to have an account they know will be protected.

After a person or firm creates an overseas bank account in Panama, they will be able to perform their banking from anyplace on the planet. They can use the web to view their account, making it a practical method of banking. An individual will have to visit Panama to sign documents on the account if they’re approved.

The bank just demands all the info and signatures of the prospective account holder, and they are able to evaluate if they would like to admit that individual or corporation. Starting an account in Panama can take as much as two weeks. As soon as an account is funded, the money will stay in the account unless the account owner chooses to put it to use.

Anybody starting a Panama banking account will need to think about acquiring a attorney to help them with the account opening procedures. This is so they know about different facets of their accounts. People will let their own lawyer speak for their behalf in establishing a bank account. If someone applies for a bank account, they’ll commonly learn in a couple of weeks if they’re able to have the account.

Many services law offices could provide include introductions to investment and brokerage accounts, asset protection and privacy, personalized tax planning advice, and several other services. All a corporation has to do is to become identified with a lawyer to take full advantage of these types of good Panama banking services.

Panama is quickly emerging as a financial powerhouse. However, getting into this economy requires having someone with the know how and authority to operate within. For this reason law firms that will manage panama offshore banking and a panama offshore company are extremely important.

Banking

Banking In Panama Offers Many Advantages

Banking involves a whole lot of trust between the bankers and the depositors. The common opinion about trust though is that this can be built only if there aren’t any hurdles that would make it impossible for continuous and immediate contact. For this reason, long distances between the banker and the depositor most likely are not very favorable to build this kind of shared trust.

Due to the World Wide Web, people can communicate, trade paperwork, and also conduct financial transactions instantly. Because of this, it has become feasible for people and banking institutions to create working relationships even if they’re separated by many miles. Individuals and firms coming from any part of the world are now able to link up with the Panama banking sector.

Panama is among the handful of countries throughout Central America with a stable peace and order situation. It features an exciting economy and its banking industry is viewed as one of the best in the region. The Panamanian government is incredibly supportive of the banks. The laws and regulations that cover the banks and their operations plainly protect the interest of the depositors and of the bankers as well.

Panama banking secrecy laws are exceptional and are also regarded as just about the most extensive and most trusted in all of Latin America. Depositors are, therefore, guaranteed protection from deceitful individuals and groups who want to gather details about their accounts. The nation’s attorneys are usually specialists in these laws and are highly efficient at protecting the interests of depositors and banks.

In order to open an account in almost any respected bank in Panama, a depositor from abroad may possibly have to visit the country one time and for a very short period. The reason for this is that both the bank and the depositor may promptly start building trust for each other by actually meeting in person. A meeting will happen and documents will be completed.

During the entire process, a foreign depositor, whether individual or corporate, will not need to bother about the details. A Panama banking attorney can be there to aid the individual or the corporation’s representative. The attorney, however, must be hired initially from among the nation’s top law firms that concentrate on the banking industry. The law firm may be contacted online.

Once an account has been opened, the depositor can promptly reap the benefits of many services provided by the bank. The lawyer that helps the depositor may be able to provide legal and corporate services also that will establish the relationship with the bank on a solid and legal ground. Aside from bank introduction services, this will also ensure directors and nominees services, asset protection and privacy and others.

For companies, starting an account in Panama banking firms might take about two weeks. However, even while this process is still undergoing, the corporate account holder can be assured of its security already. Though this is necessary to present all the necessary information, secrecy is constantly upheld.

Panama offers many advantages that businesses can take advantage of. For example, establishing a private interest foundation or offshore incorporation in Panama has the potential to save lots of money. However, it means you need people that know the laws and can process the documents.

Banking

Why Banking In Panama Makes Sense

Banking demands lots of trust between the bankers and the depositors. The most popular view about trust though is that this is built only when there aren’t any obstacles that would cause it to be impossible for constant and immediate communication. For this reason, long distances involving the banker and the depositor are probably not very favorable to build such shared trust.

With the internet, anyone is able to connect, exchange paperwork, and even accomplish financial transactions in real time. For this reason, it has become possible for individuals and banks to establish working relationships even when they’re separated by thousands of miles. Individuals and firms coming from any part of the globe are now able to link up with the Panama banking sector.

Panama is among the handful of countries in Central America that has a stable peace and order situation. It possesses an attractive economy and its financial industry is considered as among the best in the area. The Panamanian federal government is extremely supportive of the banks. The laws and regulations which cover the banks and their procedures clearly safeguard the interest of the depositors and of the bankers as well.

Panama banking secrecy laws are exceptional and are also thought to be probably the most extensive and most trusted in all of Latin America. Depositors are, therefore, guaranteed protection from unscrupulous individuals and groups who wish to obtain information about their accounts. The country’s attorneys are generally experts in these laws and therefore are highly capable of protecting the interests of depositors and banks.

To open an account in any reputable bank in Panama, a depositor from abroad might need to go to the nation one time and for a rather short period. The reason for this is that both the bank and the depositor may instantly start building trust for each other by essentially meeting in person. A meeting will happen and forms will be filled out.

During the entire process, a foreign depositor, whether individual or corporate, will not need to bother about the details. A Panama banking attorney will be there to aid the individual or the corporation’s representative. The lawyer, however, has to be employed first from among the country’s top rated law firms that concentrate on the banking sector. The law firm may be contacted online.

As soon as an account has been opened, the depositor can instantly reap the benefits of quite a few services supplied by the bank. The attorney that assists the depositor just might provide legal and corporate services also that will establish the relationship with the bank on a sturdy and legal ground. Besides bank introduction services, this will also ensure directors and nominees services, asset protection and privacy among others.

For corporations, starting an account in Panama banking firms could take about two weeks. However, even while this process is still undergoing, the corporate account holder can be assured of its protection already. Though this is needed to present all the right information, confidentiality is constantly upheld.

Panama is now being considered the stablest company in South America and is quickly emerging as a financial powerhouse. However, getting into this economy requires having someone with the know how and authority to operate within. Without Panama lawyers or a maritime law firm on you side you will either miss the opportunity to invest in this growing economy or worse yet loose money from not knowing the system.