Considering the offshore option

This post is also available in: Spanish

By Staff at Panama Offshore Legal Services

E-Mail: Phone: (507) 227 – 6645

Thinking of relocating to Panama? This country offers numerous affordable lifestyle options – at the beaches, in the city, or up a cool mountain – for a lot less.

There is nothing illegal about liquidating one’s assets in one’s home country and moving them to another country. With the worldwide economic problems, including political and debt instability in the United States and Europe, many are considering diversifying wealth to other countries just as a hedge against problems back at home.

Panama now offers more permanent residency options than any other country in the world. Citizens from Canada, U.S., and most European countries can easily relocate their families to Panama.

The most important first step towards going offshore is to open an offshore bank account. The U.S. FATCA law and IRS rules for foreign banks to comply with it make it harder for U.S. citizens to open foreign bank accounts. In spite of U.S. reporting laws, it may be imperative to open an offshore account in case of another U.S. banking crisis, economic downturn, or other lurking problems.

Europeans should be concerned too as the problems in Cyprus, Greece, Ireland, Portugal, and Spain are putting incredible economic pressures on the entire EU.

It doesn’t cost much to set up Panamanian corporations to hold different assets and a Panama private interest foundation that creates an estate planning system for generations to come. The legal entities then open bank and brokerage accounts.

Relocating to Panama can be made easier by consulting with a Panama law firm which knows about the immigration options, business and real estate laws.


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