If you are thinking of an asset protection strategy think of 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. A strategy for protection of your assets starts with a competent Panama attorney who will explain Panama corporations and private interest foundations.

Panama Banking and an Asset Protection Strategy

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 Your Asset Protection Strategy

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.

For another level of bank account privacy for your asset protection strategy is that Panama law specifies that any regulatory activities of the banking commission be carried out on a collective basis and not on individual accounts.

If the individual sets up a Panama bearer share corporation for even further asset protection 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 and an Asset Protection Strategy

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. 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 is an excellent asset protection strategy.

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 Strategy

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 could receive post-tax dollars from the business. Consider joining a foundation with a Panama bearer share corporation for your asset protection strategy.

A Panama foundation can own assets anywhere in the world. This includes real estate, companies, bank accounts, patents, personal assets such as cars, etc., stocks and bonds, royalty rights, and collectibles such as coins and stamps as a partial list. The anonymity of the Panama Foundation fits well with any asset protection strategy.

Panama Attorneys and Asset Protection Strategy

The use of a Panama attorney is the basis of an asset protection strategy in Panama. Attorney client privilege protects the identity of the individuals who set up and derive benefit from these legal structures. The strategy for asset protection is improved by the fact that the law firm or attorney chooses the corporation directors complete with signed letters of resignation.

For advice on choosing a competent Panama attorney feel free to contact ABPanama.