A Panama asset protection attorney 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.” In Panama your money and your other assets are your business and no one else’s.

Panama Attorney and Asset Protection Vehicles

Use a Panama attorney or law firm for asset protection. Use your Panama asset protection attorney to set up a Panama bank account, a Panama bearer share corporation and a Panama private interest foundation. Attorney client privilege protects the identity of the individuals who set up and derive benefit from these legal structures of asset protection. 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.

Panama Banking by an Attorney for Asset Protection

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, Panama Attorney and Asset Protection

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. A Panama attorney well versed in asset protection will help direct you regarding these asset protection laws.

For further asset protection your attorney may suggest you set up a Panama bearer share corporation. Then the corporation and not the individual is the owner of the Panama bank account. The individual is not mentioned in bank records.

Panama Bearer Share Corporation, Panama Attorney and Asset Protection

Why a Panama bearer share corporation? For those who prefer to hold their wealth in anonymity have a Panama attorney set up a Panama bearer share corporation. 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.

Asset protection is enhanced as the Panama bearer share corporation your Panama attorney sets up has no recorded owner. The owner of a Panama bearer share corporation holds physical certificates of stock of the corporation. The Panamanian public registry has no record of the person’s name.

Panama Foundation, Panama Attorney and Asset Protection

A Panama attorney can set up a Panama private interest foundation as a holding entity for asset protection and privacy. 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’s assets can only be frozen if the foundation itself is accused of doing something illegal it its own business dealings. 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.