Panama and USA to Sign Tax Treaty for Exchange of Tax Information
- Author Aurelia Masterson
- Published December 29, 2010
- Word count 758
Source - Panama to Sign Tax Accord With U.S. in Bid to Win Free-Trade Pact Approval
Executive Summary – Panama and the USA will in November 2010 sign a treaty allowing for the exchange of tax information. In return it seems Panama will get a free trade agreement with the USA. This treaty has been negotiated and concluded. US Treasury Secretary Timothy F. Geithner will be signing the treaty on Nov. 30, 2010. This means that any American signing on any bank account in Panama can have their bank records turned over to the USA. This will include Foundation and Corporation Bank Accounts where a US resident or citizen is the signer on the account. If the account is closed before the enactment date of the treaty then the treaty would not apply since it would be a retroactive law.
Panama Corporation Law – Panama has announced that it intends to diminish the secrecy of the bearer share corporations in January, 2011. Panama looks like it is going to be relying on the Panama Canal for their revenue and not the banks. A substantial amount of international clients in Panama Banks are American. We have no firm statistics but if we were to take a guess we would say between 25% and 40%. The percentage of deposits that these Americans hold is too difficult for us to even guess at. Panama has signed tax treaties with 13 other countries. Panama seems to be leaving the arena of tax havens. How the Panama banks will fare is a good question. In our opinion there is a distinct possibility that the Panama banks may experience capital flight as Americans leave and close their bank accounts. Only time will tell what impact this treaty will have on the banks in Panama.
Suggestions – There are several jurisdictions with no tax treaties with the USA. The first choice is Hong Kong. They have fully anonymous corporations without your name appearing in any public registry or database, well at least the way we set them up. They have bank secrecy. You can hold 10 currencies plus gold in your bank account. The bank we use is a trillion dollar bank that issues the bonds for Hong Kong. There is full online banking. You can have debit cards and Visa cards in USD or Euros. The best news is that the government of Hong Kong insures your bank balances fully to any limit. In our opinion this is better than the FDIC insurance. You do not have to go to Hong Kong to open the account. For more information go here:
Hong Kong Bank Accounts and Hong Kong Corporations
Another Choice is Belize. Belize has no tax treaty with the USA. They offer online banking and you can hold four currencies in your account. There is bank secrecy. We use Nevis LLC corporations to open up the Belize bank accounts and these corporations are more anonymous than anywhere else. Nevis has no public registry. If one wishes to bring a court action in Nevis to discover ownership or any other sort of civil action one needs to post a $25,000 cash bond with the court. This bond will go to pay costs and legal expenses of the prevailing party. Legal actions in Nevis are seldom instigated by foreigners. For more information about Belize Bank Accounts go here:
Bank Accounts in Belize
Another option is Ecuador. Ecuador has no Tax Information Exchange Agreements with any nation. Ecuador has no Mutual Legal Assistance Treaty with the USA. Ecuador uses the USD as their currency, same as Panama. Ecuador has anonymous bearer share corporations. Ecuador has bank secrecy. The bank has online banking. The bank will issue credit cards or debit cards. The downside to Ecuador is there is a 2% tax imposed by the government on all funds departing from Ecuador. The offset to this is that it is possible to obtain 6.5% to 9.5% on CD time deposits in USD. For more information on Ecuador Banking go here:
Ecuador Bank Account & Anonymous Corporation in 24 Hours from Now!
There are many nations that are not signing any Tax Information Exchange Agreements. Many of these nations do not offer viable banking options to foreigners not living in the country. Some of these countries are Peru, Guatemala, Paraguay, Bolivia, Nicaragua, Venezuela, Cuba, Saudi Arabia, Kuwait, Iran, Cambodia, Russian Federation, mostly all of Africa and many other countries. We estimate about 40 countries have opted out of signing any Tax Information Exchange Agreements. Blacklisting all these nations would be out of the question.
For more information in general go here:
http://www.panamalaw.org/
Aurelia Masterson writes for http://www.panamalaw.org
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Keeping Cool This Summer: Air Conditioning Installation Services in Milwaukee
- A DIY Guide to Fixing Your Garage Door (with a Call to Garage Door Magnolia When All Else Fails!)
- Can a Bent Garage Door Be Bent Back into Shape? Don't Panic, Call Kiki Garage Door!
- How Can I Tell If My Garage Door Opener Sensor Is Bad?
- Maximizing Profitability: The Economics Behind Customizable Design Assets
- Exploring the Hidden Gems of Si Racha, Thailand
- DIY vs. Professional Movers: Pros and Cons in 2024
- MK Web Celebrates Top Position in Bourne's Premier Web Design Rankings
- The Road to Sobriety: Understanding Substance Use Disorders
- MotorKote Ultimate 40/60 Synthetic Hyper Mix 5W-30
- Exploring Denver on a Dime: A Frugal Travel Guide
- Top 10 Ways Production Scheduling in Business Central Transforms Manufacturing
- Strength Training and it's Incredible Benefits for Fat Burning
- Enhancing Home Security with Aluminum Shutters: A Focus on Weatherwell Elite
- 5 Easy Ways to Make Oral Hygiene Fun for the Whole Family
- Transforming Plastic Extrusion Machines into Recycling Powerhouses
- Unraveling the Potential of Plastic Extrusion Machines
- The Rise of Plastic Recycling Machines: A Step Towards Sustainability
- Strawberry Cheesecake Ice Cream: OMG! Unreal!
- The Advantages of Using Professional Home Cleaners in Ilford
- 8 Compelling Reasons to Hire Professional Home Cleaners
- The 12 Steps Narcotics Anonymous Program To Recovery
- Send Money to Tanzania: Effortless Transfers with SafariRemit
- Stylish Savings: 10 Frugal Ways to Stay Fashionable in 2024
- Fly Cheap With FlightPapa To Any City
- How Collaborating with a Software Development Company Can Propel Your Business Forward
- A Comprehensive Guide to Choosing the Best Hair Transplant Method
- 15 Frugal Tips for a Memorable Wedding Day
- Credit Union vs. Bank
- Explore the Advantages of Renewable Energy: Wind, Solar, Biomass, Hydropower and Geothermal Energy