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Top Tax Havens: Panama & Switzerland
submitted: Apr 10th 2008 |
by: JosephBreckenburger
Total views: 8 |
Word Count: 514 |
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In today's world the burden of taxes for those who have accumulated great wealth can be overwhelming causing them to seek out relief through offshore tax havens. The most famous tax haven and still one of the best for investors is Switzerland with Panama gaining a lot of ground in recent years.
Panama and Switzerland are both great at gaurding your personal and financial data since the reputations they have built are literally worth billions of dollars to uphold. Since Switzerland has tightened it's restrictions and now requires a larger investment Panama has picked up the slack from the mid sized and smaller businesses since they do not have the capital requirements that Switzerland does.
Panama does not have any tax treaties with other governments except for the the United States which is only enforced in extreme cases. Since Panama has bearer share corporations without necessarily the true owner's identity attached to the corporate documents proving a tax offense can be costly and difficult. Switzerland recently amended their tax treaties and with certain countries under foreign pressure to do so.
This is not to take away from Switzerland's mystique as a tax haven of choice. It is located in Europe, it was the first tax haven formed, it has a stable economy and government with neutral politics. In short it is the most secure place in the world to keep your money so long as you qualify to meet their requirements. With so many scams popping up in the Carribbean knowing your money is safe in a bank in Europe may be worth it even if their rules are more strict.
Many investor's are surprised when they learn that banks in Panama are actually quite massive operations. They are legitimate and real banks for locals and foreigners alike. They are not fly by night operations set up solely to grab investor's cash. You can walk in to a bank in Panama and be treated to the same level of service as you would expect in North America or Europe. Many bank towers dot the cities skyline, often times more than 50 - 60 stories in height. This is shocking for many investor's who think Panama is a third world country not to be trusted as a tax haven.
Panamanian banks do provide a higher level of asset protection, if only for the fact that they operate without any tax treaties from other countries and will not release an individuals information. The only case of bank secrecy being lifted in Panama is in the case of a severe criminal investigation, and even then the agency looking to lift the secrecy will have to make a strong case and go through the proper channels.
For anyone who is looking to invest their money for legitimate reasons and want to reduce their tax burden both Panama and Switzerland are tested and true tax havens with many benefits on offer. Choose the tax haven that you are most comfortable with but remember, it's much less expensive to set up in Panama than Switzerland.
About the Author
Learn information about switzerland as a tax haven or offshore asset protection at the author's website.
Article Source: Unique Financial Articles
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