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Asset Protection: Using an offshore corporation in Panama instead of a Swiss numbered bank account |
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Panama is a country known to have strict asset protection laws, and with the removal of numbered bank accounts, the country has created such rules that still protect your assets at the same time hindering any third party who wishes to know about your accounts and assets.
One way of doing this is to use a corporation or a foundation to open a bank account. Since this corporation belongs to Panama, it is going to make it difficult for your creditors or third parties to gain access to your information about your assets as it is considered breaking the law if an employee of the bank you are in shared any information about you and your assets. If the creditors say that you own that corporation, it is going to take them lots of money and time to prove this because you can just easily deny that you own the corporation or foundation. Creditors also know this and have to think twice before actually going through the process of proving you are the owner. Proving the foundation exists is definitely much more harder than creating the foundation, as it will take loads of money out of your enemy, when in the end they might not get to prove anything at all. If ever the creditor or any third party gathered enough information, you could still easily transfer all your assets to another location.
Because foundations and corporations in this country are considered to have “no owners,” they also have strict rules that any third party with malicious intents of transferring his debts to a corporation or foundation is prevented.
In the end the asset protection policies of the Panamanian government helps in all corners of the triangle – to help you in your private affairs, and to help you against corporate enemies and frauds.
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