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WHY
OFFSHORE?
WHY
PANAMA?
WHY
US?
PANAMA LINKS
Confidentiality & Privacy:
Many people move assets offshore simply because they are tired of intrusion into their financial privacy in their home countries. Today, citizens from the US, Canada, UK, Australia, New Zealand, and many other countries have zero privacy in their financial affairs, spending patterns, medical records, etc. One of the main reasons that Panama is one of the most popular jurisdictions to incorporate offshore is because Panama offers the utmost in privacy and confidentiality.
· Panama offers the best bank secrecy laws in the world.
· Panama offers the best corporate book secrecy laws in the world.
· There is no such thing as "piercing the corporate veil" in Panama.
· Revealing banking information to third parties is a crime, punishable by prison.
· Panama has no mutual legal assistance treaties (MLAT's) for sharing of banking information with any other nation and does not recognize court rulings from other countries.
· Panama Corporations offer "Bearer Shares", for shareholders to maintain complete anonymity and privacy.
· Panama Private Interest Foundations allow for Private Protectorate Documents and Private Letters of Wishes, enabling controllers (Protectors) and beneficiaries of foundations to remain completely anonymous and private.
Quote: "Two months after I created my IBC, I got hit with a big lawsuit for something that was not my fault. Instead of spending a lot of time and money defending the suit, I had my lawyer explain to their lawyer that I didn't own anything. And it was all over! They could not verify any of my assets that were sheltered offshore." - Steve Richards, NY, USA.
Tax Minimization:
You can minimize your domestic taxes by using Panama Corporations for international trade, investments, domestic business ventures, etc. Panama is one of the most popular jurisdictions in the world to incorporate because Panama is a 100% tax haven. Panama corporations and foundations offer the following tax benefits:
· No tax reporting requirements.
· No income tax.
· No capital gains tax.
· No interest income tax.
· No sales tax.
· No tax on issuance of corporate shares.
· No tax to shareholders.
· No stock sale or transfer tax.
· No capital stock tax.
· No property tax.
· No estate tax.
· No gift tax.
· No stamp tax.
· No succession tax.
· No inventory tax.
Quote: "I have been able to save hundreds of thousands of dollars in capital gains taxes by investing through a Panama IBC. Plus, my securities portfolio is private and safe from lawsuits or intruders, and my kids will inherit the assets free of taxes or legal issues. I wish I had known about this 20 years ago!" - Derek Little, BC, Canada.
Investment Diversification:
Many people use offshore corporations to take advantage of offshore investment opportunities and diversify their investments internationally. Many countries (such as the US) have laws which restrict their citizens from investing in offshore mutual funds, stocks, or offshore private placement investments. Panama corporations and foundations are not restricted from any type of investment in the world.
Through the insured offshore corporate brokerage account that we offer with our corporate packages, you can invest in any domestic or offshore mutual funds, stocks, bonds, options, money markets, etc. on any major exchange around the globe.
There are several advantages to doing your offshore investment business in Panama:
· Panama is home to the second largest international banking center in the world next to Switzerland.
· Panama's circulating currency is the US Dollar.
· Panamanian banks pay higher interest rates on USD savings accounts and CD's than any other banks do.
· Panama has a very sophisticated, developed, and stable banking infrastructure. To obtain a banking license to operate a bank in Panama, it takes over US$15 million in required capitalization, not to mention additional government fees, regulatory building requirements, extensive references, audits, etc. In other jurisdictions such as Bahamas, St. Vincent, Grenada, St. Kitts, Nevis, Vanuatu, Montenegro, and many other countries, one can obtain a banking license for as little as US$50,000.
· Panama's Stock Exchange is of the most advanced in Central & South America.
· Panama is home to the second largest international distribution center (free trade zone) in the world next to Hong Kong. Other tax havens such as Bahamas, St. Vincent, Turks & Caicos, Vanuatu, Isle of Man, Antigua, etc. are nothing but tax haven island nations who depend on tax evaders and tourism. Panama is a genuine international business trade and banking center, not just a tax haven.
Quote: "When I found out that I could put my money into a Panamanian bank CD paying 9% interest per year, I couldn't believe it. So I flew down to Panama from my home in France and verified it for myself - it was true. I made the deposit and the bank has provided me with great service!" - Pierre Tous, Paris, France.
International Trade:
Panama corporations are extremely useful for international trade. Panama is home to the second largest international distribution center (tax free zones) in the world next to Hong Kong. Many of the worlds largest companies such as (Tommy Hillfiger, Sony, Panasonic, etc.) set up distribution centers in Panama's tax free zones. Since the Panama Canal is strategically located in the center of the Western Hemisphere, Panama is the perfect location for goods to be distributed internationally, and tax free. Panama's tax free zones allow companies to import and export products from Panama without any import or export taxes.
Many companies also use Panama corporations to "triangulate" their international trade business, for maximizing profits.
Let's take a true example of a client of Panama Wholesale Offshore Services, Inc.; A US company imports shirts from Brazil. The US company pays US$1 per shirt to their Brazilian supplier, plus US$0.25 per shirt for shipping, and US$0.25 per shirt for import duties (taxes) to the US. Hence, the US companies total cost for importing the shirts are US$1.50, plus their overhead and operation costs are approximately US$0.50 per shirt, meaning that their total cost of business is US$2. The US company sells these shirts for US$10 each, earning a profit of US$8 per shirt. The US company is then taxed on approximately 38% of the profit, meaning that they pay US$3.04 per shirt in taxes. They generally import and sell 10,000 shirts per month, meaning that they pay US$30,400 in taxes per month!
The US company then decided to triangulate their business using an offshore corporation. By creating an intermediary offshore distributor in Panama, the US company was able to minimize their US taxes, and accumulate wealth offshore in a tax free environment. Now, instead of their US company buying directly from the Brazilian supplier, they order from the Panamanian company for a market up price. In essence, the US company orders10,000 shirts from the Panamanian corporation for US$5.50 per shirt, then pays US$0.25 per shirt for shipping, plus US$0.75 per shirt in import duties, for a total of US$6.50 per shirt. Their overhead and operation costs are US$0.50 per shirt making their total business cost US$7 per shirt. They sell each shirt for US$10, now making a US reportable profit of US$3 per shirt, upon which they pay 38% tax, meaning that they now pay only US$1.14 per shirt, or US$11,400 per month in taxes. That is a monthly tax savings of US$19,000 per month, or US$228,000 per year!
Quote: "Most people don't know the strategies and techniques that are available for minimizing taxes on importing. Triangulating my import business has increased my bottom line by 3 fold just in the first 9 months. The nice thing is that no one knows that I have socked away all this money offshore from my import business except for me. Doing this has really provided me with a lot of security for the future." - T. Williams, TX, USA