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Panama Tops List of Offshore Banking Destinations

submitted: Dec 11th 2007 | by: MorganHorsteiner
Total views: 14 | Word Count: 363 | | |

Going big time has its fall backs especially where the IRS is concerned. Big income equals larger taxes and this can cause any investor big headaches. Movement of your hard-earned liquid assets is likely to be detected in financial institutions that are part of the anti-money laundering system aimed at disclosing doubtful clients that integrate income from illegal sources into the legit banking system.

There are a few places left in the world that cater to offshore banking clients by providing solid privacy and protection laws. Offshore banking is a bank located outside the country of residence of the depositor.

In general, banking in an offshore center provides legal, financial and tax advantages to the depositor. The Bahamas is an example of a former tax haven that now has stricter banking laws that allow them to disclose 45% of the information they collect about their clients.

On the flip side of the coin the Republic of Panama has total banking secrecy laws in place in spite of pressures from the IMF and US government asking them to report any suspicious activity to local authorities. Banking secrecy laws in Panama protect clients through the use of fines, employment termination and even imprisonment if an official is caught disclosing client information.

In addition to the rock solid privacy and secrecy laws in place Panama also provides asset protection vehicles that are not subject to income taxes.

Panama bank accounts can be secured for as little as US$695 and come with online banking access, ATM card, and rock solid privacy protection.

Another offshore banking haven is the Cayman Islands, which had a reputation for near perfection banking secrecy. Bank officials who report client information to the CIA, Treasury department and even the International Monetary Fund are supposed to face imprisonment.

In recent news a bank owner from the Cayman Islands named John Masterson allegedly reported over 1 year worth of bank records to the United States government that got a lot of US clients into big trouble. If the laws of the Cayman Islands were strictly enforced, Mr. Masterson would be in jail for the rest of his life. Mr. Masterson currently lives free so offshore banking clients beware.

About the Author

Learn more about how to setup a offshore bank accounts or offshore asset protection at the OffshoreLegal.org website. Don't reprint this exact article. Instead, reprint a free unique content version of this same article.

Article Source: Unique Financial Articles

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