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Long gone are the days when a person could use a swiss numbered bank account to protect their assets from the long arm of prying government agencies. Unfortunately for people seeking offshore asset protection, Switzerland is now in full compliance with global tax treaties with other countries to provide information in the event of a criminal investigation. Offshore banking experts have changed their tune and now tout Panama as the top offshore banking jurisdiction. Panama has excellent bank secrecy laws and virtually no laws punishing tax evaders. In addition to complying with tax treaties, Switzerland now requires up to $250,000 in deposits to create an offshore bank account for clients. When compared to the $1000 deposit that Panamanian banks require it is easy to see why Panama has become so popular. All hassles for a much coveted Swiss account. Thanks to a USA-Swiss Tax Treaty, both countries can share information. Though the Swiss banking system is quite safe to store your money, the major problem in bank secrecy has eroded through the years. Choosing an asset protection strategy should always begin with proper research. First, open an offshore account with a very strong institution-a Panama offshore entity for example. They can come in a form of a corporation, trust or foundation. The logic seems simple to those taking their business degrees: they are juridical persons separate from those constituting these organizations. Foundations in Panama, for example, have the ability to open a bank account as well as own a Panama corporation for layered asset protection. The ability to layer Panamanian asset protection structures makes it very difficult for foreign entities who secure judgement against you to collect the damages. Furthermore, Panama has many other tax benefits for investors including the absence of capital gains taxes, offshore derived income tax or inheritance taxes. Panama has no regulatory agency like the SEC in the US and strictly enforces their corporate privacy laws to protect investors from prying eyes.
Article Source: http://technologynetwork.info
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