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When looking into where to place your assets offshore, there are a few options. The most notable are Panama and Switzerland. Before making a decision one should look at the important aspects of offshore asset protection. These are; the levels of secrecy laws and their effectiveness, different asset protection vehicles in place in that country and the minimum amount required to hold assets offshore. As far as the levels of secrecy, Panama wins hands down. While Switzerland offshore banking has been around for a long time, they have also signed several tax treaties with other countries. While Switzerland offshore banking has been around for a long time, they have also signed several tax treaties with other countries. The different asset protection vehicles that each country uses distinguishes them and clearly indicates that Panama has the better option.Switzerland uses their old "numbered bank accounts". This is where an account is not identified by the depositors name, but rather by the number the account has been given. Then there are the different asset protection vehicles the each country uses. Switzerland uses their old "numbered bank accounts". This is where an account is not identified by the depositors name, but rather by the number the account has been given. In Panama there is the iron clad foundation/corporation vehicle. This is when a foundation is started with the depositors assets. That foundation also owns a corporation, from which all the business gets conducted. If someone wanted to know where the corporation came from all they would find is that it is owned by a nameless foundation. This has created a layered effect which, along with Panamas strict secrecy laws, makes up the iron clad effectiveness of Panama offshore banking. Switzerland uses their old "numbered bank accounts". In Panama tax evasion is not considered a crime so they will often not break their secrecy laws even for MLAT unless under extenuation circumstances. Tax evasion is deemed a misdemeanor in Switzerland, so they will deal with other governments regarding this issue. As far as the levels of secrecy, Panama wins hands down. The very lowest requirement there is $10,000. Panama has no such restrictions. If you have enough money to want to protect it offshore, then you have enough to Do your offshore banking in Panama. Panama has the best offshore asset protection vehicles in its Foundation/Corporation structure due to its layered effect. It has the strongest secrecy laws and does not participate in any tax treaties. There are no unreasonable minimum deposit requirements, as there are in Switzerland, so anyone who needs their assets protected offshore can do so safely. With these comparisons the choice is easy. Panama has won all three rounds against Switzerland and should emerge as your offshore banking destination of choice.
Article Source: http://www.philvault.com
To learn more about panama asset protection or panama bank accounts go to Offshorelegal.org.
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