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Posts Tagged ‘asset protection’

With the passage of time offshore banking has highly become a vital segment of the international financial system. In simple words it can be termed as a practice of working with an offshore bank. Now the question arises- “What is an offshore bank”? An offshore bank entails to a bank which is located in a different country other than where the depositor lives.

The depositors are inclined to deposit in the offshore banks because they are actually located in such a jurisdiction where they can avail substantial financial as well as legal benefits. Offshore banks furnish a continuity of services which are associated with financial management including fund management, corporate administration, and trustee services, deposit taking, money transmissions, creation of provision of foreign exchange, trade finance, credit facilities and investments.

Those people who have to frequently travel or have to change their place of residency from time to time can take the services of offshore banks. The offshore banking is widely popular among the people due to various factors like asset protection, asset management, business expansion, estate planning and so on. The most important factor is that it provides anonymity with regards to your financial matters. You can also open an account in the offshore banks as a savings account and can also make investments or take loans as well.

This sort of banking services has been highly appreciated and used legally used by myriads of individuals and corporations worldwide. What more, you can have an account in an offshore bank in the names of your own Belize corporations and your name will not be mentioned anywhere. With this method, you get the opportunity to store your hard earned money in anonymity and save it from people who have filed a lawsuit against you and are striving to take your money. You can also store money for future emergencies.

People are highly tempted to buy properties in Panama and those who are the proud owner of the Panama properties, then require someone trustworthy to protect and manage their assets. The offshore banks are a great help and they will manage and protect your assets efficiently. The most vital point is that you need not require the Panama Residency proof to open an offshore bank account. You will be provided much higher interest rates than offered in your native country. So, protect your money and assets with offshore banks!

This is an asset protection scenario for those that may be in serious risk from potential financial enemies. It is a very secure strategy so it is only indicated where the assets and the risk are substantial.

This strategy involves using an anonymous Panama Bearer Share Corporation that is owned by a Panama Foundation. Some of you may someday find yourself in a position of financial distress. This can be as a result of divorce, civil judgments, bankruptcy, or you might even find yourself as a victim of a kidnapping, blackmail, extortion or whatever. You could find yourself being sued (illegally) in some court that is a dictatorship, or very corrupt country you do business or reside in. You may reside or do business in a jurisdiction that does not recognize Panama Foundation assets as separate form your own and the courts in these jurisdictions may try to get the Foundation assets placed in their own country where they can confiscate them, lawfully or maybe not so lawfully depending on the country. This is often done through an order to repatriate funds to the jurisdiction you live or work in. If you fail to comply with the order to repatriate funds you could be held in contempt of court. You must have plausible deniability to avoid complying with such an order. So what is done is done BEFORE any such event occurs, timing is a most important point. Foundation instructions are written to prevent repatriation or forced transfers of funds. One way to prevent this is through the use of a Foundation Protector. The protector can be anyone you appoint. This person must approve any withdraws of funds from the Foundation bank account. This Protector is not a beneficiary owner of the Foundation or Bank account and this person is not a signatory on the bank account. The Protector is thus not capable of withdrawing any funds from the bank account on their own so you do not have a fraud risk. The signatory on the bank account is capable of withdrawing funds BUT before the withdraw goes through the Protector must approve of the transaction. Now if the Protector, through the Foundation is given standing instructions to not approve any transfers if you are in distress such as you are being sued, in divorce, in bankruptcy, have been kidnapped, are being blackmailed, are a victim of extortion, etc then you can not comply with any repatriation orders no matter what you do. If the Protector lives and works outside of the jurisdiction ordering the repatriation or transfer of funds then they can not be ordered to comply by the court attempting to accomplish the repatriation. As an alternative the Foundation can have instructions that call for your removal as signatory on the Foundation bank account in the event you are in certain categories of distress all clearly spelled out including notification procedures for the Protector and then you would need to provide an alternative signatory and beneficial owner of the account. Other preventative measure could be to prevent wire transfers going to certain countries if you are in distress, or money could only be transferred to a list of certain bank accounts in case you are in distress.

Another way to twist and turn things is to have the financial institution act as the Trustee and thus be the signatory on the account. You would then be the protector. You not being the signatory can not withdraw any funds initiate any wire transfers. There needs to be an arrangement for someone to give instructions to the trustee to initiate payments out of the account. Since you are the protector no money can leave the account without your consent in writing with a password by fax or through an online banking password for the protector. You would need to sign a private banking document with the financial institution stating that you are the beneficial owner of the account since it is not lawful for them to be the beneficial owner. This is a private banking document covered by bank secrecy laws in Panama. In any event you would not be a signatory on the account.

Different measure can be built into the Foundation to suit your needs.

Feel free to consult with us for a suitable strategy to protect your assets.

http://www.panamalaw.org/foundation_protectors.html

http://www.panamalaw.org/panama_financial_services_corporation.html

http://www.panamalaw.org/asset_protection.html

For more information, please visit:

http://www.panamalaw.org

email at: panamalegal@hush.com

The offshore services industry is constantly plagued by negative press depicting it as a way for rich people to cheat on their taxes. Offshore company formation can be done for legitimate business reasons and Panama is a top choice worth taking a look at.

What is Offshore Corporation Formation?

Forming an offshore company simply means incorporating a business in a country other than the one you reside in. It does not have to mean incorporating in a tax haven. You can incorporate a business in the UK which would be offshore to you if you lived in Canada for example.

The media at large has had a field day with the offshore industry and in particular, tax havens, seemingly only reporting about them when a serious crime has been uncovered. Since these tax havens make their money promoting privacy it does not make sense for them to fight the media onslaught since this will bring unwanted attention to them and their clients which is the opposite effect they are looking for.

Why Form an Offshore Company?

There are a number of positive benefits that can be realized through offshore company incorporation. The lion’s share of people that are drawn to offshore company formation are seeking greater privacy in their financial dealings, increased layering for asset protection purposes and a reduced tax burden on capital gains.

Forming your business offshore does not preclude you from paying your fair share of taxes on income in your home jurisdiction. The advantage of having an offshore business is once you have paid the taxes in your home country and moved this money to an offshore tax haven, your money can grow there tax free. In general, tax havens will not charge a capital gains tax nor will they tax foreign derived income.

Why Incorporate in Panama?

Incorporating a company offshore also provides many privacy benefits in your financial dealings. Specifically, the Panama IBC, can be incorporated in bearer share form. Ownership of the company is anonymous and the ownership of this corporation can be transferred simply by passing the physical share certificates to another person.

Bearer share corporations can own real estate, boats, cars, bank accounts, trading accounts among other assets. This “anonymous” ownership provides a layer of privacy in that your personal name is not associated with any of the transactions for the business nor in any public registry. Panama also offers the ability to layer asset protection by having a Panama foundation own the corporation. As with the bearer share corporation the Foundation ownership can remain private and is virtually untouchable even by the court system since Panama foundations have no owner.

Depending on what services and level of privacy protection you desire there are quite a few different scenarios you could pursue when considering Panama to form your offshore company.

The first step would be to do some internet research trying to identify good sources of unbiased information about offshore company formation in general and then specifically about Panama. As you research you will start to get a feel for the industry in Panama as well as identify potential service providers.

For the best results it is definitely worthwhile to invest in the services of a Panama lawyer or law firm to help you with your corporation formation. Your first and strongest layer of privacy protection can only be achieved if you use a law firm to form your offshore company. Any communications between you and your law firm are covered by attorney client privilege.

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