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What is the definition of Offshore?
Simply explained it is a country that you can bank, borrow and invest that has laws and regulations more favorable to the country that you currently operate. For example a businessperson from the UK or Canada decides to set up a manufacturing facility in Panama because the labor laws are a lot easier than at home. An added benefit is to operate in better weather conditions.. You physically don’t have to move, it’s only your business to take advantage of benefits that your own country cannot provide.
Wealth, Asset Protection and Avoidance of Abhorrent Taxes
Is not just for the super wealthy. Here are some examples of both corporate and individuals who are taking advantage of the Offshore Havens to grow their wealth and protect it. Virtually every Fortune 500 company has tapped into the Offshore treasure trove. Here are just a few and many of them in Panama….McDonald’s, Nike, Wal-Mart, DuPont, Dell, Microsoft, Jardine Matheson, IBM etc. Some individuals like Rupert Murdoch (publishing, entertainment conglomerate), Sylvester Stallone, Mick Jagger, Charlie Watts (Stones drummer), Robert Plant (Led Zeppelin) and Micky Arison (CEO Carnival Cruise lines) and then all the other thousands of well known and not so well known individual’s who have taken advantage of the Offshore Havens.
Why do Offshore Tax Havens exist?
Offshore tax havens are countries that fulfill needs of serious investors and entrepreneurs that require privacy, kinder, more hospitable place to do their business deals. The results have been tremendous for small poor tiny countries that are now growing financial centers in the Caribbean and South Pacific.
So you decide to go Offshore now what?
|Where do I go to?||Location there are so many havens today, but only a few that I would ever live in, so it that’s important Think Panama.|
|Structure||Corporation (bearer shares), Foundation/Trust or both.|
|Cost:||If the annual maintenance costs of your arrangements far outweigh the benefits of the protection, why bother? Your goal is to save money.|
|Assets:||Transferring assets offshore doesn’t necessarily mean physically moving it. You decide where you want to maintain the assets.|
|Protection:||The Offshore umbrella will keep you and your assets secure as long as you make sure you keep the umbrella opened. In other words, keep your organization in good working order and stay under the umbrella.|
Wealth Protection Services in Panama
A tax haven jurisdiction is one in which bank secrecy laws and corporate privacy laws are in place and the jurisdiction does not tax offshore derived income or capital gains and there is no inheritance tax. In recent passage of agreements between Panama and the USA, there are some issues for individuals that are US citizens that can be detrimental if they have bank accounts in Panama. The agreement Panama had signed is to get itself off the blacklist of offshore tax havens, the organization of economic development. PanOffshoreLegal's attorneys' and consultants can help in the safety and protection of all assets.
Wealth Protection Planning and Strategy
Asset Protection strategies generally begin with an offshore entity with a bank account in a privacy oriented tax haven jurisdiction. To bullet proof the asset plan one needs to use an anonymous offshore corporation, an offshore trust, and/or an offshore foundation like the Panama Private Foundation. Otherwise, bank wires will have one's personal name as the sender or receiver, which effectively destroys bank secrecy.