| Bank Account - One of the first places to | | | | it would thus be illegal for the bank to |
| start with asset protection is with an | | | | respond. They would not even respond to say |
| offshore bank account in a favorable | | | | they are not going to respond. So if a |
| jurisdiction. A favorable jurisdiction is one | | | | national government requests information |
| in which bank secrecy laws are in place | | | | regarding a serious criminal matter (that is |
| without a lot of loopholes found in many | | | | also a crime in Panama) using the proper |
| formerly good jurisdictions that have gone | | | | channels in government on both sides and it |
| bad. Bank secrecy laws in Panama call for | | | | is one of the four categories of crimes, then |
| prison sentences and/or fines for any bank | | | | it has a chance of eventually being complied |
| employee, officer or owner who divulges any | | | | with assuming they push hard enough. In |
| information about a bank account or account | | | | Panama all tax violations are not crimes just |
| holder(s). This generally tends to curtail | | | | civil offenses. If it is a civil matter from |
| any leaks of information. The only way the | | | | another country, it will almost assuredly |
| bank can legally divulge any information | | | | never result in any information being |
| about you or any bank account associated with | | | | produced. If private attorneys or local |
| you is by court order from a court in Panama. | | | | (non-national) courts request information or |
| Panama has no tax treaties with any country, | | | | action the chances of anything coming of it |
| does not allow any fishing expeditions from | | | | are just about zero. |
| foreign governments, all tax offenses in | | | | |
| Panama are civil offenses not criminal and | | | | For further information click here: |
| Panama does not pursue fiscal offenses. | | | | |
| | | | Panama as a Tax Haven Considerations: |
| In the USA most private detectives have | | | | |
| little or no trouble getting bank account | | | | Another aspect of a favorable jurisdiction |
| information for clients. Their methods are | | | | like Panama is that there is no income tax |
| highly illegal but we never hear of any of | | | | applicable to you, your corporation, or |
| them getting prosecuted. There are some | | | | foundation if you chose to use one. In Panama |
| offshore jurisdictions which tout bank | | | | there is no income tax corporate or personal |
| secrecy but there are no laws on the books | | | | for offshore derived income, no inheritance |
| concerning this matter. This is the case with | | | | tax, no probate tax, no capital gains tax, |
| a fairly popular Caribbean jurisdiction, | | | | etc. This of course eliminates any filing |
| Belize. | | | | requirements with Panama and by default |
| | | | eliminates any chance of a return being |
| For more information on Panama Bank Accounts | | | | audited. Panama companies which do not carry |
| click here: | | | | out activities within the Panamanian |
| | | | territory and which do not obtain income from |
| Panama Anonymous Bearer Share Corporation | | | | a Panamanian source, are only subject to the |
| This is your second layer of protection. In | | | | payment of a fixed annual tax of $300.00 |
| Panama there is no recording of the owners of | | | | dollars. It doesn't get any better than this |
| the bearer share corporation anywhere. There | | | | and even if you have an office in Panama, |
| is no registry to look such things up in with | | | | Phone in Panama, Bank Account in Panama etc. |
| or without any court order. The ownership of | | | | this does not change anything as long as your |
| the corporation is based on the physical | | | | income is derived from outside of Panama. |
| ownership of the stock certificates. These | | | | Examples: You have a website and conduct |
| corporations are 100% anonymous. This means | | | | e-commerce and sell goods/services from a |
| when wires travel through the various wire | | | | Panama Server but to people who are all not |
| systems no one can determine who the natural | | | | in Panama then you are good in that all your |
| persons are behind the corporation. If you | | | | income is offshore derived, you are just |
| title real estate to the corporation it makes | | | | collecting it in Panama but it is coming in |
| the real estate anonymous. The corporation | | | | from non-Panamanian sources. You have a |
| can also own boats, cars, collectibles, and | | | | restaurant in Panama - whoops no good now you |
| stock trading accounts in addition to bank | | | | are conducting business in Panama and your |
| accounts. | | | | income is from Panama people. Where your |
| | | | company is domiciled is not the key, the key |
| For more information on Anonymous Panama | | | | is where your income comes from. |
| Corporations click here: | | | | |
| | | | For more information click here: |
| Panama Private Interest Foundation The third | | | | |
| piece of your asset protection structure is | | | | Banking Privacy |
| an anonymous Panama Foundation. One of the | | | | |
| nice things about Foundations is they have no | | | | One of the greatest advantages of having an |
| owner. They are anonymous and the foundation | | | | offshore bank account in a favorable |
| can have confidential instructions to carry | | | | jurisdiction like Panama is that no one needs |
| out the detailed wishes of the founder. It is | | | | to know it exists. The bank does not check |
| like a will and trust in one only better. If | | | | with any credit bureaus or like agencies |
| you have your Panama Foundation own your | | | | since that would violate the bank secrecy |
| bearer share corporation it positions you to | | | | laws of their country. So the chance of |
| say you do not own the corporation because | | | | anyone knowing you have the account is pretty |
| the Foundation does and you could say you do | | | | low especially if you check your statement |
| not own the Foundation as well. Remember the | | | | online. We always advocate never having bank |
| other side would probably never figure out | | | | statements mailed to your home country. |
| who owns the corporation, in other words they | | | | Panama bank secrecy is very tight, actually |
| may never have any idea that the foundation | | | | the best in the world right now. If a Panama |
| exists. If the foundation has a name | | | | Bank were to release any information |
| unrelated to you why would they assume it is | | | | pertaining to you and or your bank account |
| yours? In Panama the assets of a Panama | | | | without your authorization it would be a |
| Foundation are not subject to sequestering, | | | | criminal and civil penalty they would be |
| which means the bank account can not be | | | | facing plus you could sue the bank for any |
| frozen pending some court case. | | | | damages as a result of such an occurrence. |
| | | | |
| For more information on Panama Foundations | | | | For more information click here: |
| click here: | | | | |
| | | | Personal Bank Accounts |
| Governmental Pursuit of Funds | | | | |
| | | | Today you will need to show some form of |
| What happens if the government of some | | | | identification to any bank in the world to |
| country attempts to attach your money in | | | | have your name as a signatory or beneficial |
| Panama? The world is full of dictatorships | | | | owner on any bank account. This is a |
| and non-democratic regimes. Well this again | | | | universal treaty that is complied with all |
| is a different matter. These cases start with | | | | over the world. The ID required typically |
| a request for information. The request is | | | | takes the form of a photocopy of a passport |
| made through the embassy officials in the | | | | and is notarized. Sometimes it can be faxed |
| bank's country. It is a formal procedure | | | | in, sometimes mailed or courier sent, all |
| requiring the requesting country to cite | | | | depending on the bank involved. The days of |
| specific reasons for the information which | | | | unidentifiable numbered bank accounts are |
| usually means providing evidence of a | | | | long gone. If you hear of a bank that will |
| criminal case filed in their criminal court | | | | open an account without identification rest |
| system pertaining to a handful of serious | | | | assured it is not a real bank. The same for |
| crimes in cases concerning Panama (real | | | | Visa or MasterCard, they always require the |
| serious money laundering, narcotics | | | | same type of identification as the bank |
| trafficking, child pornography and | | | | account. Anonymous Visa or MasterCards is |
| terrorism). The country would have to show | | | | something that no longer exists. Same with |
| Panama why they need this information, why it | | | | corporate credit cards. Now they always have |
| is essential to the case and explain why the | | | | to have a persons name on them in addition to |
| information can not be obtained any other | | | | the corporate name. This is mostly so a store |
| way. These requests are not favored by Panama | | | | clerk can ask for ID to prevent use of stolen |
| and they will comply if the T's are crossed | | | | credit cards. ATM cards are often issued |
| and the I's dotted. It usually takes from 6 | | | | anonymously with no name on the card. Some do |
| months to two years for such requests to be | | | | use this type of account as a sort of |
| granted, if they are granted at all. Granting | | | | anonymous bank account having funds wired |
| such requests for a non-criminal case does | | | | into these ATM accounts but this is not a |
| not fit the terms of the MLAT. The offense | | | | solid solution and does not take the place of |
| concerning the criminal case in the courts of | | | | a real bank account since funds can only be |
| the requesting country must also be a crime | | | | taken out via ATM machines and your ATM |
| in Panama. All tax offenses in Panama are | | | | account is normally just a sub-account of the |
| civil, not criminal. | | | | master account holder who really has control |
| | | | over your money. It is always safer and |
| The courts in Panama would eventually issue | | | | easier to open up a bank account using a |
| an order if they felt the requirements were | | | | corporation. Remember the money in the |
| satisfied which the Panama police would | | | | corporate bank account belongs to the |
| fulfill by getting the bank records and they | | | | corporation in Panama and it will be |
| would deliver the information to the | | | | difficult for a financial enemy to attempt to |
| requesting country's embassy. An order | | | | transfer a personal debt over to a |
| typically is for information only. A request | | | | corporation. Just proving you in fact do own |
| to actually tie up the funds in the bank is | | | | an Anonymous Panama Bearer Share Company can |
| much rarer and harder to obtain. Panama would | | | | be a major hurdle that stops a lot of |
| not respond to a government that is not a | | | | litigation before it starts. Having a Panama |
| national government such as a city, state or | | | | foundation own the corporation makes this |
| province, or territory. Let me give you a | | | | even harder for potential financial enemies |
| hypothetical example. The bank officer gets a | | | | since you could then say you do not own the |
| phone call from an attorney representing the | | | | corporation and since a Panama Foundation has |
| state of Texas. The state attorney says he is | | | | no owner you would not be lying. They will |
| inquiring about a Mr. John Brown bank account | | | | face a tough burden of proof, a statue of |
| and identifies the John Brown he is | | | | limitations, substantial legal expense, years |
| interested in. The bank officer then says Sir | | | | in court and many other obstacles trying to |
| I am sorry but if I even acknowledged that we | | | | collect personal debts from a Panama |
| did or did not have an account for such a | | | | Corporation or Foundation, especially when |
| person I would be a criminal under the laws | | | | both are used. Remember assets like bank |
| of my country and then politely gets off the | | | | accounts belonging to Panama Foundations are |
| phone fast. Or the bank employee can say | | | | not sequesterable in Panama which means the |
| something like "You don't want to make me a | | | | other side can not post a bond and get the |
| criminal, do you". The flustered state | | | | judge to freeze the bank account pending the |
| attorney would then say well I have a court | | | | outcome of the trial. So this means the other |
| order for this information, to which the bank | | | | side comes to Panama, hires an attorney here |
| employee would respond that the order has no | | | | (expensive) starts the action and then guess |
| authority in my country or at this bank. See | | | | what, you may be inclined to move the |
| how it works. If the attorney sends the bank | | | | Foundation assets elsewhere during the trial |
| a subpoena it winds up in the shredder with | | | | so if the other side gets a court judgment in |
| no contact to the agency sending the | | | | Panama and you no longer have assets in |
| subpoena. If pushed the bank would say they | | | | Panama what good does the judgment do them? |
| had no idea who sent the subpoena, whether or | | | | Now this is assuming your financial enemies |
| not is was counterfeit or real, and their | | | | even know about the Foundation. It is not |
| laws do not require them to respond since the | | | | common to see such lawsuits. |
| subpoena was without authority in Panama and | | | | |