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Gone are the days when legendary tales of Swiss numbered accounts and the anonymity that cloaks the identity of Sophie Neveu from religious agents bent at killing anyone within her bloodline. What was once the top offshore tax haven in the world has become cooperative with global tax treaties that will smite any potential tax offender due to mounting international pressure to comply. A better alternative when it comes to offshore banking goes to Panama. Ancient Roman Law lays down the rule that there is no crime when there is no law punishing it-Panama has virtually no law punishing tax evasion. In addition to this, Swiss Banks now typically require a $250,000 deposit to open an offshore bank account. Panama bank accounts can typically be set up with a deposit requirement of a mere $1000. While Swiss banks are perfectly capable of storing an offshore clients money securely, the problem with choosing Switzerland to house your assets is the erosion of their bank secrecy laws and in particular a US - Switzerland tax treaty that allows for mutual information sharing. The good news is, Panama has not signed any treaty of this nature. In the light of all the hullabaloo, the number one lesson to learn is protecting your assets. It all begins with strategy. How do you come up with a really neat strategy anyway? What makes Panama particularly attractive as an offshore entity is the ability to utilize a number of investment vehicles such as; corporations, trusts or foundations in a layered strategy completely shielding a person and their assets from personal liability. A Panama foundation for example, can have a bank account or own a Panama bearer share corporation. Even third party creditors who secure judgment against you in your home country will have trouble collecting. Other tax benefits that come with the package are the absence of capital gains tax, tax offshore-derived income and yes, inheritance taxes. Unlike the conventional corporate laws that require that corporations be heavily guarded by a regulatory agency such as the Securities and Exchange Commission (SEC), corporate privacy laws protect you completely in Panama.
Article Source: http://technologynetwork.info
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