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 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

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.

Financing in Panama most often means going to the extensive international banking network, which makes it a matter of finding the right bank to suit your needs. However, banks in Panama require that an account be opened or is existing before bank financing can begin. Be warned that Panama banks are very vigilant about opening an account, with a stringent process requiring numerous documents, a face-to-face personal interview, and a sizable initial deposit (as much as ,000), Documents requirements to complete among many others. The best reasons accepted in opening a bank account in Panama include purchase of real estate, business establishment, and a legitimate project. As can be expected, financing in Panama differs from bank to bank depending on specific policies being implemented by the bank. Here is a Panama financing 101 for you. The average terms and conditions for mortgage financing in Panama are 60 to 70 percent of the fair market value or the purchase price, whichever is lowest, or in the cases of those with two years’ residency, as much as 89.99 percent financing. Loan rates range between 5 to 7 percent, with FECI of 1 percent per annum. Borrowing period can be up to 30 years depending on borrowers’ age and net worth for residential purchase, with only 1½ years for construction. As to chattel security, there should be first mortgage over the property. The insurance, which must be issued by a Panamanian insurance company is generally paid for by the borrower, and endorsed to the bank that gets a 1 percent bank commission. As with opening a bank account, financing in Panama requires numerous identification documents such as passport, financial documents like trade reference letters, employment information like salary slips, and property information like deed title; the borrower meets with a bank officer at least once. These requirements might seem at complete odds with the strict bank secrecy laws, but they are meant to assure client transparency with the bank while ensuring the protection of the bank’s interest.

Panama is an international finance center because of many reasons such as bank secrecy laws, investment stability, equal rights and protection among foreigners and Panamanians alike, relative tax freedom, dollarized economy, and a democratic government, among others. These are factors that make financing in Panama a convenient and a wise decision, a second best alternative to actually living there.

of the Super Rich such as the Rockefellers and Rothschilds”

A Panama Private Interest Foundation is sort of a combination of a will, a trust and a corporation best of all, in a sense. Panama Foundations are more versatile and can accomplish more than Trusts plus they are anonymous. It only takes 2-3 business days to form a Panama Foundation. Panama Corporations can be formed in the same 2-3 days even if the Corporation is to be owned by the Foundation. No one owns a Panama private Interest Foundation, so you are not the owner of the Foundation, no one is. A Panama Foundation can own the shares of a Panama Anonymous Bearer Share Corporation, thus removing you from being any sort of owner of the Corporation. Now since the Corporation is owned by the Foundation and you own neither it creates a most beneficial scenario for some people. Add to this you are not the founder of record of the Foundation (we supply a founder), you appear in no public registry or database in regards to the Foundation and the Foundation can even be so created that you are not even a beneficiary, you can just be the protector which is a private position never appearing in any database or public registry. You are not a beneficiary of the Foundation which some governments could view in a similar way to the beneficiary of a trust, not an owner of the Foundation and not really a true person of control, just a protector who protects things to make sure the wishes of the foundation are fulfilled. Foundation protectors do not initiate transactions just oversee them to make sure they are consistent with the wishes of the Foundation thus they are not persons with true control over the Foundation, they just have veto power. Read below to learn more and questions are always welcome. This is serious material that needs to be studied before one can truly appreciate all the thought that went into the legislation creating the Panama Private Interest Foundation with all its subtle and not so subtle advantages that make this the most outstanding asset protection tool in the world today.

Summary of Panama Foundation Benefits:

Protects assets (real estate, bank accounts, stocks, bonds, art and collectibles, corporations, boats planes, cars) from financial enemies and potential financial enemies. A Panama Foundation can own one or more Panama Corporations. This means you can operate an anonymous Panama Corporation which is not owned by you, it is owned by the Foundation. Foundations have no owners. A Panama Private Interest Foundation is a court tested method to keep assets immune from the personal debts of the person starting the Foundation. It prevents forced heir ship. The Panama statues relating to Foundations are based on the Lichtenstein model – “Stiftung”.

According to Panama law, the assets of a Panama Private Interest Foundation are not considered to be subject to sequestration or embargos. This means that the assets can not be frozen as a protective measure before a full trial is gone through. The meaning of sequester is as follows from the legal dictionary: a legal writ authorizing a sheriff or commissioner to take into custody the property of a defendant who is in contempt until the orders of a court are complied with, or a deposit whereby a neutral depositary agrees to hold property in litigation and to restore it to the party to whom it is adjudicated to belong to. The exception to this rule would be if the Foundation itself (not the founder, not the protector, not the council members, not the beneficiaries) did something illegal like for example it illegally broke a lease on a real estate transaction and refused to pay the rent owed, then the Foundation assets could be frozen to the extent of the amount owed under the contract if a judge so ordered and a bond was posted. If the Foundation itself does not directly commit the illegal action then the assets of the Foundation are not subject to freezing or seizure. This gives one great peace of mind when funding their foundation and we suggest to our clients that the Foundation never do anything that could lead to any litigation, think of it as a holding entity. Welcome to Panama.

The foundation can have instructions to dispose of assets in a certain way in the event of you encountering serious legal or other difficulties like being sued, being forced into bankruptcy, being kidnapped and held for ransom, being blackmailed or the victim of extortion, or if in any way you are incapacitated or your ability to function freely is inhibited in whole or in part, etc. There can be secret instructions for a specific person to deal with assets in such an event as the founder sees fit. These secret instructions can appoint a temporary protector in the event you are under such duress with specific instructions as to how he should proceed with the foundation and its assets. This would remove the ability for you to move the foundation assets around, period. This is now something you can not do until you can demonstrate to the person inserted as the temporary protector that the conditions acting as the trigger for the empowerment of the new protector are no longer in place or no longer operative and you are no longer under duress and then as per your instructions you will be the Protector again with all the power returned to you.

Panama Foundations have no owner thus there is no registry in existence that records Foundation ownership in Panama. The Foundation can be a shareholder or owner of a corporation. Thus your Foundation could be the owner of an anonymous Panama bearer share corporation which you use to conduct business. Then you could say you are not the owner of the corporation. Since a Panama Foundation really has no owner you would be telling the truth and in the unlikely event the Foundation came up you could also say you do not own that as well.

Foundations can be used to provide for the financial well being of family members according to your explicit instructions. Once could say my foundation income will go to my surviving spouse but in the event the spouse remarries then the foundation proceeds will go to my eldest child. This would be enforceable in Panama. The Foundation can protect closely held businesses, providing for continuity into second and third generations by preventing property-splitting; to protect and provide for minors or disabled persons or those incapable of managing their own assets; to manage payments of income or distribution of assets to family members or to provide for their education, housing, or maintenance.

The Foundation can manage profit sharing or pension plans for employees, to hold shares, participate in or have an interest in private or public companies; it is a vehicle for the collection of royalties. It can engage in commercial transactions where the proceeds of such are dedicated exclusively to the non-commercial purpose or objectives of the Foundation. Very useful point.

You could have a formal written agreement appointing you as the investment manager or business manager for the Foundation. This agreement would be signed by the Nominee Council members and would be notarized and apostilled if needed. The agreement could spell out your compensation including benefits like use of foundation auto, travel expenses, general expense account, use of foundation apartment or house, use of foundation boat, medical benefits to be paid directly by the foundation to the health care provider or doctor including elective surgery like plastic surgery, paid legal expenses direct from foundation to law firm, etc.

According to Panama law, the assets of a Panama Private Interest Foundation are considered to be “non-embargable”, and “non-sequesterable”, which means that the assets can not be frozen under any circumstances.

The Panama Foundation needs no business license.

The annual tax for the Foundation is fixed at 0, which is included in total subsequent year fees of 5 starting in year two.

The Foundation can serve as a last will and testament.

The Foundation can effectively guard against disputes amongst heirs.

The Foundation can carry on scientific, philanthropic, religious, humanitarian or educational purposes.

The Foundation can have bank accounts.

The Foundation income is tax free under Panama law.

Royalties, copyrights, trademarks can be assigned to the Foundation.

You can assign assets to a Panama Foundation in return for an annuity.

The Foundation can be an investment vehicle for real estate, stocks and bonds. It can hold bank accounts, boats, planes, artwork, collectibles or other assets with highly specific instructions as to how such assets should be dealt with under varying circumstances, all custom designed to meet your specific needs.

Restrictions – In general, Private Interest Foundations may not engage in commercial activities like a corporation but they may carry out commercial activities like owning corporations that are actively engaged in commercial business activities, as long as the profits of those activities are used for the purposes for which the Foundation exists. The Foundation can of course engage in passive investments like stock market investments, mutual funds, bank deposits bearing interest, Forex, bonds etc as long as the proceeds are used for the purposes for which the Foundation exists – for the benefit of the beneficiaries and you can of course be a beneficiary of the Foundation. You could also have an investment manager agreement with the foundation signed by the nominee council members, notarized and apostilled stating your compensation and benefits for managing the investments of the foundation. This agreement would be private and would document your role as an employee with the foundation.

Cast of Characters in a Panama Private Interest Foundation – The Foundation has a Founder, a Council, a Protector, and Beneficiaries.

Founder: The Founder is the person or entity that establishes the Foundation in the Public Registry of Panama. Our law firm provides a Founder for you since the Founder appears in the Public Registry. We provide a Founder who does not know you for your privacy, protection and anonymity. The Founder has no control of any sort over the Foundation and its affairs, and is only recognized as the individual who presented for filing the Foundation articles in the public registry when the foundation was originally registered.

Council: The Foundation’s Council can be thought of as being similar to the board of directors of a corporation. The council members are each recorded in the public registry with their names and identification as council members of the Foundation. Our firm appoints a Nominee Foundation Council to fill the council positions like we provide nominee directors for a corporation. The nominee council members do not know who you are to provide privacy and anonymity for you. Along with each nominee council member comes an undated letter of resignation enabling you to replace the council at any time. Nominee council members have no control over the Foundation assets, can not go to the bank and take money out since they are not bank account signatories. If the nominee council members tried to add, change or delete the bank account signatories the Panama bank would directly contact the existing signatories on the account for permission in which case the signatory would call the police and the nominees would go to jail. The nominees know this, Panama banks understand nominees and this is not a scam that will work. Being a nominee does not come with bank signatory privileges or any other form of asset control. A Panama Corporation can take the place of the nominee council members.

Protector: The Protector is the person or entity who has the real control over the foundation and all of the foundation assets. The Protector is appointed by the Foundation Council at the time the Foundation is created. After the Protector is put into position, the Protector is free to remove and replace the nominee council members whenever they chose to do so without any further permissions or steps needed to be taken. The Protectors appointment can be kept private through a notarized Private Protectorate Document, signed by the nominee foundation council members. This document is not registered or recorded anywhere thus the position of protector is quite private or just about anonymous, not to be found in any government database or registry. As protector you can maintain complete control over your foundation and its assets while maintaining serious privacy. A protector is not mandatory, and one can always use a nominee protector as well. It is possible to insert in the foundation charter or in its regulations that in order for the nominee council members to actually be able to exercise their powers they are required to obtain written authorization from the foundation protector. This means if they tried to do something on behalf of the foundation like enter into a contract they would be required to present the document that names them as foundation council members and this document also limits their ability to act requiring written permission from the protector. In the case of a bank, the bank contacts the existing signatories in the event there is a request to add, remove or change signatories. Same would apply regarding a request to close the bank account.

Beneficiaries: The Panama Private Interest Foundation does not have owners, it has foundation beneficiaries. The Foundations Beneficiaries are appointed by the Protector through either a simple private written set of instructions which will keep your beneficiaries private out of any registry or database. One could instead use a more formal set of Foundation By-Laws. Either way, the privacy and confidentiality of beneficiaries can be assured. This is important to protect against kidnapping, blackmail, extortion, identity theft, frivolous litigation (if ones assets are concealed they are not so much of a target). The Panama Foundation may be set up so that the protector (that would be you) is the sole beneficiary of the foundation until death, at which time the foundation continues but its purpose alters for the benefit of the other beneficiaries you so designate. You could insert instructions that are highly specific like if a certain beneficiary (say surviving spouse) remarried their benefits may shift to another beneficiary (children). Foundations can continue for 120 years. Panama Foundations restrict the ability for the beneficiaries to fight with each other over the estate and wind up not speaking to each other for the rest of their lives.

Letter of Instructions: The Letter of Instructions is a simple letter, written by the Protector, which specifies exactly how the Foundations assets should be handled or distributed upon a triggering event such as the death or incapacity of the Protector. The Letter of Instructions should also state whether the Foundation should continue existing, and have a new Protector appointed, or if the Foundation should be dissolved and how the assets should be liquidated upon the death of the Protector. There is no specific format for the Letter of Instructions, and it can be written or changed at any time after the Foundation is formed, per the Protectors wishes. The Letter of Instructions can be held privately with no filing requirement so there is non-disclosure of details with serious privacy for all concerned. Generally, most people prefer to maintain the Letter of Instructions privately, so that the Beneficiaries and Protector remain anonymous and private.

Foundation By-Laws: The Foundation does not need to have By-Laws, since a Letter of Instructions is legally sufficient for fulfilling the Protectors’ requested testamentary instructions or wishes. However, one could have a more formal Foundation testamentary document, written and signed by an attorney from our law firm, and notarized by a Panamanian notary. The Foundations By-Laws essentially handle the same function as a Letter of Instructions since the By-Laws specifying how the Foundation should respond upon a specific triggering event such as the death or incapacity of the Protector. The By-Laws should also state whether the Foundation should continue existing, and have a new Protector appointed, or if the Foundation should be dissolved upon the specified triggering event(s). There is a legal precedent that the By-Laws must follow. By-Laws content can be modified at any time at the discretion of the protector. The By-Laws can be held privately for anonymity, or can be registered publicly which is not suggested normally.

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

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

For more information, please visit:

http://www.panamalaw.org

email at: panamalegal@hush.com

Offshore derived Income is not taxed and does not need to be reported. You can have a Panama Corporation, and/or Foundation that banks in Panama and has an office in Panama and yet will not pay any Panama taxes if all the income is derived from offshore. Right here is a big reason for choosing Panama.

Bearer Share Corporations are allowed in Panama. Most jurisdictions have eliminated bearer share corporations. They are referred to as an S.A. Corporation having this designation after the corporate name. This means the ownership of the Corporation is not recorded anywhere just the directors (which can be employee professional directors provided by our law firm). These corporations can be used to own or control assets such as bank accounts, stock brokerage accounts, real estate, boats, planes, vehicles, businesses, precious collectibles like artwork, jewelry, stamps, coins, etc. The owner has the stock certificates of the company which can be transferred privately as often as needed with no reportage of the new owners. No one need know who owns the corporate shares except the original owner and new owner. When you think about it ownership could be transferred 10 times in a day. When you send an international bank wire using the S.A. Corporation no one monitoring the international wires as some countries do knows who the actual owners of the corporation are that are receiving the funds. If ownership of a corporation is publicly recorded rest assured it is in numerous databases and can be accessed in seconds to determine who is actually receiving money sent to a corporation.

Panama uses the US Dollar as its currency. No currency conversion costs. No currency devaluation problems or issues like most of the little tax haven countries have. In Panama the ATM machines spit out US bills. Even USA coins are used in Panama.

Panama is stable. It is a neutral country. Panama controls the Panama Canal and does not have a standing army. Most of these small countries never ever use their armies to repel an invading army from another country. These little banana republic countries use their armies to control the people, suspend elections, hold rigged elections, keep dictators in power under the guise of democracy etc.

Panama is in a treaty with the USA regarding the Panama Canal which Panama has sole control over. If the canal is threatened by a foreign power as in an invasion, the USA has the right to come in and protect the canal and the canal zone which is the area surrounding the canal (25 sq. miles only, not the entire country) – think aircraft carrier groups, marine expeditionary forces, air force fighter planes, navy seals, etc. The treaty does not allow the USA to take over Panama per se just the few square miles around the canal, not the banking district. So who is crazy enough to try and attack Panama, a UN certified neutral country, no one. US air force jets could be in Panama within two hours, an aircraft carrier group would probably be there in 24 hours. So we can forget about Panama being invaded by another foreign power, it would be essentially the same thing as attacking the USA directly. The same would apply if a dictator tried to seize control over Panama. The USA would see this as a potential threat to the Panama Canal and take military action, fast. The USA has no authority in Panama. Their Federal Agents have no authority or power. USA courts have no authority in Panama. Panama is a free country that has a treaty with the USA concerning protection of the Panama Canal. Interestingly enough China is involved heavily in commercial operations in the canal ports and also has a vested interest in seeing Panama and the Canal operate freely and smoothly. If anything happened to the Panama Canal shipping worldwide would be interrupted which means there are a lot of nations that want to see Panama operate as a free democracy maintaining it’s neutral status. Panama is at very low risk for revolution or military attack.

Panama holds free elections as a democracy, really and truly. Panama cares about their people. Medical care is affordable, food is cheap, housing affordable with special projects for the working folks to own their homes, homeless people are absent, college is made affordable and many young people attend. Panama has two medical schools, two dental schools, two law schools etc. In Panama 15%-20% of the work force are employed by the 135 banks domiciled there. Since Panama values these jobs do not expect to see any changes in banking laws, same for their corporate laws. Panama has over 400,000 corporations domiciled there. The only information sharing going on concerns bona fide criminal cases on file in a court as a criminal prosecution, serious criminal cases of money laundering and narcotics trafficking, terrorism, and child pornography. Panama has little interest in pursuing fiscal crimes. Income tax violations in Panama are civil offenses only. Panama also serves as a maritime registry for ocean going vessels. Panama is anything but a banana republic. You can feel safe and secure in Panama. Go for a visit if you like.

For more information, please visit:

http://www.panamalaw.org

email at: panamalegal@hush.com

Investor Safety and Panama Property Financial commitment

Panama is inside the midst of an economic boom. Ever because the USA handed over the Panama Canal the world has ceased thinking of Panama as a US colony and increased its financial commitment. Panama has the highest per capita international choice in Latin America. With high ratings for wonderful governance Panama is seen a beneficial place for expense in business enterprise and genuine property. An problem one need have a look at for any expenditure in a very overseas country is buyer safeguard mechanisms beneath community law.

Panama’s banking privacy in addition the asset safeguard mechanisms of Panama Bearer Share Businesses and Panama Private Interest Foundations attract cash to Panama. People who set up and operate Panama companies and foundations have excellent asset protection. Those that invest in Panama in people else’s enterprise ought professional assistance regarding buyer safeguard.

The Accomplishing Company ?nternet site gives indices for disclosure, director liability, and shareholder suits. Panama does not do likewise in this category as in other ease of company areas which include undertaking enterprise with other international locations and ease of obtaining credit. This in all probability has to do with Panama’s asset protection laws. The difficulty of eating ones cake and possessing it too comes to thoughts.

Funding in honest est in Panama with competent suggestions including from ABPanama has proved to be profitable for years. Having somebody with community encounter manage your genuine estate portfolio is often a wise choice. Expenditure in Properties in Panama and leasing to nearby companies avoids any quantity of challenges dealing with area laws and regulations in addition as possessing to sue someone in a overseas country for breach of contract. At the similar time Panama commercial real estate investments will develop with Panama’s economy for the foreseeable future.

Will this include foundation or corporate accounts too? It might, depends on the case and the court. The plaintiff will have to post a 10% to 15% deposit on the amount to be attached. If the defendant prevails in court this deposit can go to the defendant. It may also take months or years to get your money back. This could destroy your business and your personal finances and even bankrupt you all based on just allegations.

Civil Law Suit Games in Panama – If you are in a civil fight in Panama the adversary can post a bond of say 10% to 15% of the cash value of an asset and have it seized. This is called an embargo. It goes to storage until the case is decided in court. Time frame is usually three years or longer. This has been used to take the personal contents out of a persons home including the beds, furniture, TV, computers, linen, towels, dishes, firearms, jewelry etc. There are no exempt items except medicine and some necessary medical equipment as a possible exemption.

So think if they take all your furniture, refrigerator, clothes, beds etc and also lien your bank accounts what are you going to do? They could also garnish a car or a boat this way and put it into storage. What a nice court system. Asset protection in Panama has a lot of problems. If you do not live or operate a business in Panama the risks are lower but still there.

Preventive Detention – If you are charged with a crime in Panama you can be arrested and held in preventive detention until the trial, figure three years. If you are a foreigner unlikely to return if allowed to leave, you will not be able to post a bond. Having a pensionado or residency status does not mean you are not foreigner. A Panamanian citizen is not a foreigner, and pensionado or residency status is a foreigner.

If you are a Panamanian with roots and family in Panama you can generally post a bond to avoid preventive detention if in fact they even get to considering preventive detention. It is guilty until proven innocent. Preventive detention has better conditions than regular jail but it is still jail. They do not give you health care coverage in jail. Think about your health if your money runs out and you are still in jail.

Search Warrants – The police in Panama do not need a search warrant for any reason to search anything. This can include your home, your person, your car, your vault box, your business etc. Ok if you trust the government, I guess.

Crime of Passion – If you catch your spouse with another person being intimate you can kill one or both of them as a crime of passion and not be prosecuted. The crime must happen as soon as you catch them. You cannot like go to a friend’s house, get a gun and return in that this would be premeditative. You could do this with a girlfriend or boyfriend but could be more risky than with a spouse. So you can get away with murder in Panama.

Gun Rights – You can get permission to own and or carry a gun in Panama as a permanent resident or pensionado. It takes most people three years to get a permanent residency so what do you do for the year years. Panama has a high crime rate. To get a gun you need to supply DNA from blood. Then the gun goes in for ballistic sampling. Process can take several months. Who do they share your DNA with? There have been some close calls regarding people losing many of their gun rights. Something that can happen at any time completely or in a diminishing capacity.

Panama Residencies – Panama has no clear or easy path to citizenship. The law reads that after one has a permanent residency for five years they can apply for citizenship. On average this is granted to about 2 ½ people a year. It usually takes 2-3 years to get permanent residency. Your residency card cannot be used to open bank accounts; they still want your passport from the home country. These residencies are treated as long-term visas in reality. If the conditions used to obtain the residency change your residency can be cancelled even though they call it a permanent residency do not be so sure about it. If you marry a Panamanian you get a “permanent” residency but if you divorce you lose your residency status.

Other countries treat permanent residents almost like a citizen without voting rights. Not Panama. You will need your passport from the home country for everything legal like opening bank accounts, signing leases, buying a house, writing a check, buying a car, boat, etc. Your residency or pensionado card is not considered to be a valid ID by most. Panama has the absolute hardest and tightest immigration laws anywhere in Central or South America. Every country has a direct real path to citizenship but Panama.

Crime in Panama – Panama used to be a safe country. This changed by 2008. It is not a safe country anymore. You hear of ATM robberies, kidnappings, home invasions, burglaries, and street crime. You wake up in the morning and read all about the drug busts, which seem to be never ending. Then you read of people caught at the airport with a few million dollars in the luggage, undeclared of course. The drug traffickers kill each other with regularity. They are found dead in their palatial condos with a bullet in the head. They get shot in the street.

Once on via Espana near the big church in 2008 across the street from the Crowne Plaza there was a typical drug execution. A drug type walked out to his car and two guys came up on a motorcycle and sprayed about forty rounds at him in broad daylight. Bullets hit the buildings. Women standing there were traumatized as they saw the body dancing from the impact of the bullets. The shooters then drove away on the motorcycle blowing kisses at the crowd like an opera singer. They were never caught, as far as I know.

There were several different drug related shootings in front of a big El Cangrejo hotel in a period of two or three months. People get home invaded in private homes and sometimes in new condos with security. Suspects are usually the security guards. They tie the people up, beat them, force them to open safes, rape is optional. Women are afraid to go to the malls due to people jumping in the car with them and doing who knows what. Panama crime is now up there with any third world country.

Street Beggars – They are there and lots of them. They can get aggressive, hang on cars windows, if they get their hand in the car try to force window down, try to clean your windshield. They will be more aggressive with a foreigner trying to get more of a handout from a foreigner.

Police in Panama – Well they are present. You will soon be annoyed at their roadblocks. They look in car and check papers. It soon becomes a real pain. They go to restaurant and tourist districts at night and check people’s papers. Used to be a foreigner could stay in Panama for years with an expired visa, now off to immigration jail. Fines and then you leave. If they see a crime being committed they will engage the perpetrators. They will not turn a blind eye. If they do not see the crime being committed it is a safe bet they will never catch anyone.

Their investigative resources leave a lot to be desired and they move slowly. They do not have sophisticated labs or crime scene analysis. If you are experiencing a break in and call, well I think one way or the other it will be over before they arrive, if they ever arrive. Forget calling if you do not speak Spanish. Always make sure you know who you are opening the door for even in a condo with security. They corrupt someone’s maid to buzz them into a building and then try to get into several homes. Homes invasions are traumatizing to say the least. Make sure your maid does not set you up by leaving the back door open, losing her key etc.

Fire Department – Their fire department has no equipment to do anything about a fire in a big high rise. They may be able to get up maybe 15 or 18 floors but higher than that you better have your own way out. They are not going to come in and get you if you are up 35 floors. What if you are 50 floors up?

Ambulance – If you are not a citizen you are not entitled to use their ambulances. Take a cab, drive yourself or walk. If you happen to be bleeding out try direct pressure. If you cannot walk not sure what to tell you. You could get a private ambulance service, not cheap and you pay by the month not by the call.

Hospitals – They probably are not going to take your health care insurance if from a foreign country. You may be able to get reimbursed but it probably will not work for payment to the health care provider. If you go to the ER to see a doctor you pay before you go in for the ER visit. Then the doctor evaluates you and orders tests etc and then you pay a second time. Same thing if you are there with two broken legs. No credit card or cash, no treatment. They do not have to take you in. If you are a citizen then you go to a public hospital for free. Please note all the funeral parlors and hearses across the street from the public hospitals.

Real Estate Crash – Panama real estate used to have stable prices, say in 2005 and before. In 2006 they started to creep up. Prime real estate was 00 a sq meter. In 2008 at peak same real estate was selling for 00 to 00 a meter. They started to build a massive amount of condos. The thought was they could get prices up to 00 a sq. meter or even ,000. This didn’t work.

Did they do anything wrong? You bet. They over built. Many of the projects failed and are little more than holes in the ground now never to be completed. Many projects cancelled. The gov’t also saw fit to tighten up the immigration laws making the already bad laws even worse. Of course this encouraged the real estate crash. It is felt the next round of price drops will be severe. When it is over real estate will return to 00 a sq. meter or perhaps lower. Panama has bad weather. Hot and humid nine months a year. The traffic is so bad it land locked. Parking is getting worse.

The rainy season is seven months. There is a lot of water to look at in Panama City but it is polluted and you cannot swim in it. There is no useable beach in Panama City. Electric bills in the wealthy neighborhoods run about 10 times higher than where the poor folks live. Expect high utility bills. There used to be good views from the condos. Now you are going to see the neighboring buildings and watch them look into your condo. Also the people on the floors above you can see into your condo. No privacy. Leave your windows open a few hours a day and then you get to clean the black soot off of the floors.

Maids – A large amount of the maids are dishonest. They steal. They steal bulk foods, makeup, clothes, jewelry, lots of things. There is a maid shortage so their wages are up high. They get one-month vacation after 11 months of work. Nice. They get about 18 or 19 holidays in addition each year. When was the last time you had six or seven weeks paid vacation a year. Does this tell you why there is almost no manufacturing in Panama? They get sick days. If you fire them or they quit, expect it to cost you some money. They almost automatically take you to the labor department. You will lose; only thing you can do is control damages.

You need to take the employment agreement to them for approval when hiring. When you fire them, you go back to labor board and get them to approve settlement pay. Guaranteed to make you pull your hair out. Many phone rooms came to panama and got busted out by the insane socialist labor laws. The owners get sick and tired of getting dragged to the labor board by bad and dishonest workers. Maids will rob from you and then take you to the labor board. Report this police. Do not go to labor board hearing. Tell labor board police are looking for the maid and to call them if she shows up, and they will.

Gringo Pricing – If you are obviously not a local they will raise prices on you. If you speak Spanish this will not help. If you use your driver or other person to help you they will tell the store they want 10% or they will tell their client to shop elsewhere. Panama has been dealing with foreigners since 1913 and they are extremely good at fleecing them. Panamanians have an unspoken code and stick together against foreigners, always. They are never really your friends, you just think they are.

Drug Use in Panama – Drugs are there and maybe 1/10 the price in North America and EU. They have drug tourists who come there, rent a house, buy bulk quantities of drugs and then invite their friends down for extended drug binges. They are in Bocas del Toro and other places. They risk big jail sentences but since they are just users they will probably just get thrown out of country after they say where they got the drugs.

Prostitutes – Prostitution is a legal activity in Panama. You will see prostitutes on the streets. You will see mens clubs and so forth. If you are a married couple make sure the wife knows about this before coming.

Outside Panama City – This is full blown third world. Only the city is modern.

Summary – Panama used to be safe, no more. Panama used to be cheap, no more. Panama used to have easy immigration, no more. Panama used to leave people alone and let them do what they want especially in business, no more. Labor used to be cheap in Panama, no more. There are a lot of central and South American Countries where you can do better.

Gun Rights – You can get permission to own and or carry a gun in Panama as a permanent resident or pensionado. It takes most people three years to get a permanent residency so what do you do for the year years. Panama has a high crime rate. To get a gun you need to supply DNA from blood. Then the gun goes in for ballistic sampling. Process can take several months. Who do they share your DNA with? There have been some close calls regarding people losing many of their gun rights. Something that can happen at any time completely or in a diminishing capacity.

-Aurelia Masterson, http://www.panamalaw.org

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Discussion – Can Panama support these high-end stores? We have had Nautica and Hilfiger for some time down here and they seem to do well but they are hardly high end stores, high middle class products would be more descriptive of them. Do we have enough people willing to spend $900 on a purse or sunglasses, which is thrice what the average worker makes in Panama in a month? We have had Cartier and Rolex stores in Panama City for some time. There is also a Maserati, Ferrari and Porsche dealership as of recent in Panama City. We do see a fair amount of Porsche Cayenne SUV’s running around but precious few Porsche cars. It is very rare to see a Maserati or Ferrari but if you go to the causeway on a Sunday afternoon you will see the car collectors do their drive by just for an excuse to drive the car. We do not have a Bentley or Rolls Royce Dealership. Maybe I should say – yet.

High End Goods and Crime – Panama has no car jackings, or if there are any no one ever hears about it. There is no place to go with all the traffic the thief would surely be caught within blocks. People would see the crime, get on their cell phones and the police would soon show up on motorcycles and that would be the end of it. Now what happens if women start to carry $1900 Vuitton purses? Will kids make a running grab for them hoping to sell them for $50 in the local neighborhood? Will the kid be able to tell what is an expensive purse and what is not? Will the kids need a Fagan type guy to train them and to fence the goods? Of course the contents of a $1900 purse would be of interest to the thief as well. Panama City has had a number of enterprising vendors who managed to get Vuitton franchises without even having a storefront (just kidding) and they have placed a lot of Vuitton, Chanel looking products into the country, which may confuse the thieves. What if people take to wearing $20,000 gold and platinum wristwatches in Panama? How will the thieves react to that? One can make a temptation readily for some thief by wearing a $20,000 watch in a country where the average wage is $300 a month.

What Next – Well if Vuitton and Chanel are here we can expect the rest of the high-end designer labels to start opening up? They generally do not like to want to miss out on a market that brands like Vuitton and Chanel are in. Are we going to see Bloomingdales, Saks Fifth Avenue, and Neiman Marcus opening up here? I would think you could safely bet on it. I would think antique dealers and art galleries will soon follow. Then we will see ultra high end branded restaurants charging outrageous prices for small portions of food like Emerils. We already have rumors that the Hilton Hotel people are going to open up in Panama City and more high end branded hotels can be expected.

Implications – It could be that Panama real estate is just on the way up and the peak prices are far from what they are now. All these high-end retailers have site location analysts that are good or else no one would use them. If they are giving the green light to Panama this is significant information. Panama real estate may be selling for $5,000 a sq. meter or more before you know it. One of the arguments against the high prices has always been the lack of an infrastructure. The city is cleaning the bay, which will actually create something like a useable waterfront. They have plans to manage the traffic. The houses are going up. The hotels are coming in. The airport is being expanded at this time. A cruise terminal is being built. The Canal is being expanded. The Causeway is already developed and looks as good as any Causeway anywhere in the world. This could be it, put on your seats and take the ride the might just get off the ride a lot richer than when you got on.