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By: Staff at Panama Offshore Legal Services
E-Mail: email@example.com Phone: (507) 227 – 6645
Advocates of global asset protection recommend not placing all eggs into one basket. Economic and political problems and crisis can occur anywhere in the world at any time.
Asset protection experts recommend setting up residency, banking, assets, and business in different countries. One mistake expatriates make when leaving their home country is to do all of these in their new country. If a crisis hits that country all of the assets which are located in the new country can be subject to seizures, lockouts, and new taxes.
On the other hand, obtaining new residency (and possible citizenship) in one country while opening bank accounts in several tax haven countries (to minimize taxes) and having a totally internet-oriented business are all good ways to be protected from future crisis should they arise. Assets can be moved into several countries to minimize any economic or political turmoil involving any one of them.
“Going offshore,” as experts call it, really involves more diversification than simply moving to a new country. Some countries are better than others for diversifying one’s assets. Some countries are better for investing, but not banking. Others are easier to obtain residency in but may not have good banking secrecy laws or protect one’s privacy when conducting business.
Panama has many advantages for being the key to global diversification. Its strong economy withstood the global economic collapse in 2008 and has demonstrated continued growth ever since. Panama has very good banking secrecy laws assuring the upmost in privacy. There are many banks operating in Panama from around the world offering a variety of services and currencies. Panama’s corporate and private foundation laws are amongst the best in the world for setting up anonymous corporations and private interest organizations. There are many investment opportunities which are in real estate, government reforestation programs, and the purchasing or starting of a new Panama business, programs tied to Panama immigration visas and permanent residency leading to full citizenship.
Income and corporate taxes can be totally avoided if the business is conducted outside of Panama’s borders. An internet-based business pays no taxes as long as all of the customers are located outside of Panama. Trade deals involving countries other than Panama can also earn tax-free profits. Businesses located inside the various trade free zones such as in Colón and tax incentives areas such as the City of Knowledge and Panama Pacifico can all legally pay much less tax or none at all.
Panama can be a springboard for a truly diversified global presence and protection of assets. Consult with a Panama law firm knowledgeable of international tax haven jurisdictions before beginning this journey.