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Articles Regarding Asset Protection in Panama; Panama Banks, Foundations, Corporations, and Attorney Client Privilege in Panama
Panama specializes in privacy of assets and asset protection. Panama’s banking laws and the structures of Panama Foundations and Bearer Share Corporations favor asset privacy and protection. This combination of factors allows you to avoid being the target of fishing expeditions in frivolous law suits looking for “deep pockets.” Read these asset protection articles and learn more about Panama and asset protection.
This asset protection article describes how setting up a bank account in Panama provides a level of privacy for your bank account not seen in other countries. Panama has no tax treaties with other countries. The privacy of a Panama bank account makes fishing expeditions from your home country very difficult as assets in a Panama bank account are very hard if not impossible to discover.
Privacy of Panama Banking and Asset Protection Article
Bank employees or employees of the Panama banking commission are subject to criminal penalties if they should reveal any private banking information found out in the normal pursuit of their duties. This is spelled out in Panama law.
Read this asset protection article as to why a Panama bearer share corporation? For those who prefer to hold their wealth in anonymity a Panama bearer share corporation may be one of the world’s best vehicles for asset protection. Such a corporation can do business, hold assets, buy and sell assets, and do all of this in privacy. Any income derived off shore from Panama is not taxed in Panama. Any banking done in Panama is anonymous as Panama has no banking treaties with other countries and for asset protection the bank account will show the Panama bearer share corporation as the owner of the account and not you. Combining such a corporation with a Panama private interest foundation provides exceptional asset protection.
Use a Panama private interest foundation as a holding entity for asset protection and privacy according to this asset protection article. Overseas assets of a Panama foundation are not taxed in Panama. The only taxation related to a Panama foundation would be if the foundation owned a business operating in Panama. In that case the business would be taxed, not the foundation. The foundation could receive post-tax dollars from the business. Consider joining a foundation with a Panama bearer share corporation for increased asset protection.
The Foundation’s assets can only be frozen if the foundation itself is accused of doing something illegal it its own business dealings. Standard asset protection advice for a Panama foundation is to use the foundation as a holding company. If a company owned by the foundation has to deal with legal issues they do not spill over into other foundation business.
The use of a Panama attorney or law firm to set up both Panama bearer share corporations and Panama private interest foundations provides greater asset protection as attorney client privilege protects the identity of the individuals who set up and derive benefit from these legal structures of asset protection. This asset protection article goes on to say that further asset protection is afforded by the fact that the law firm or attorney chooses the corporation directors complete with signed letters of resignation. These individuals will not know the name of the person holding the corporation’s stock certificates.
Likewise for a Panama foundation the person who registers the paperwork, the founder, as well as the foundation council are chosen by the law firm and have no knowledge of the identity of the “protector” or the “beneficiary” of the foundation.
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