Some of the world’s best asset protection laws are 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. Consider asset protection in Panama. In Panama your money and your other assets are your business and no one else’s.

Panama Banking and Asset Protection Laws

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.

If the individual sets up a Panama bearer share corporation for even further asset protection then under the law 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 and Asset Protection Laws

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 exercise all of this asset protection lawfully. 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 under Panamanian law.

A Panama bearer share corporation 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 and Asset Protection Laws

Use 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. Standard asset protection advice under Panama law 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.

Panama Attorneys and Asset Protection Laws

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. 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. For more information on Panama asset protection laws please contact ABPanama.