Panama Offshore Legal - Offshore Asset Protection Services
There are a number of factors one must look for when setting up a secure asset protection structure. The tax-free status of the jurisdiction being used is always a major consideration. The anonymity of the corporations and foundations is also important.
Not all Offshore Banks in Panama are Created Equal
The availability of quality banks covered by bank secrecy laws with online banking is of paramount importance. In particular, an offshore bank must provide the ability to send and receive wires through the online banking interface. Shockingly, most banks in Panama fail this test. Banka (name changed for legal reasons), a large bank here in Panama is a perfect example. Banka is a great bank from almost every other viewpoint. They offer online banking, but many customers may be disappointed to learn they are unable to send international bank wires via online banking. In fact, Banka requires that the client sign a form and fedex it into the bank each time they want to send a bank wire. Although Banka is a great bank overall it is undesirable as an offshore bank. The banks we offer our clients have excellent online banking with full wire capabilities.
Beware Offshore Corporation Mills - Deal with a Law Firm only
Attorney client privilege is something that should never be taken lightly. Always deal with a law firm. The offshore banking world is full of fly-by-night operators, who offer bad products and register their client's corporations incorrectly. Recently a customer of one of these "offshore mills" came to us to get a bank account. When we looked up their corporation in the Panama public registry, we were shocked to find the client's name was right there in full public view. This is a very serious issue. Don't trust a "corporation mill" to create your offshore corporation. They might sound slick, but their quality of work is poor and they don't have a law license to lose. Don't be fooled when they tell you they have lawyers on staff. This is NOT the same thing as a law firm! You are not protected by attorney client privilege, no matter what they tell you. If they don't say "Law Firm" on their website there is a reason. They are not not a law firm and are hoping you don't know the difference.
Offshore Company Incorporation, Offshore Corporations
Today there are a multitude of offshore jurisdictions touting themselves as the best tax haven to domicile a corporation in. What one needs to look for when selecting an offshore jurisdiction is the following:
There should be no taxation on offshore-derived income. There should be serious bank secrecy. One must be able to have a bearer share corporation with the shares made out in blank and the possibility of keeping the shares anywhere in the world.
The jurisdiction must be stable and secure. The jurisdiction must be free of tax treaties. A lot of jurisdictions that were once good have in recent years gone bad – Click here to read more about offshore corporations
In today’s world the wealthy people use offshore corporations and the extremely wealthy use offshore private interest foundations. Foundations are the most secure asset protection tools in the free world today. No one owns a foundation but the foundation can own things like real estate, cars, boats, stocks, corporation etc.
A foundation is like a blend of a will, a trust, and a corporation. When selecting an offshore jurisdiction for your foundation one must take into account the following: freedom from taxes including inheritance taxation, anonymity of the foundation, ease of passing assets to beneficiaries, ease of operation and reasonable cost.
Since the offshore bank account is a key component of any asset protection structure we must be diligent to make sure your assets are secured in a solid bank in a stable jurisdiction. There should be tight bank secrecy laws that incorporate serious penalties like prison, fines and the ability for you to sue the bank for any violations.
Banks have deep pockets and do not want to be sued so they will be diligent to comply with bank secrecy under those terms and conditions.
The jurisdiction should not be a Caribbean Island since they are subject to hurricanes and this could mean a loss of communication between you and your bank at a critical time when you need to access your funds.
The banks should have people that communicate with you in a language you can understand.
There should be a good online banking platform available for your use, which allows for the launching of international wire transfers. You should be able to get some sort of a Visa or ATM card that allows you to access ATM machines worldwide. Click here to read more about offshore banking
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