Panama specializes in privacy of assets. Panama’s banking laws and the structure of Panama Foundations and Bearer Share Corporations are such that asset privacy is assured. This combination of factors allows you to avoid being the target of fishing expeditions in frivolous law suits looking for “deep pockets.” If you are faced with divorce proceedings in your home country Panama’s legal and financial system may be able to provide you with the breathing space you need to sort out your problems.

Panama Banking, Divorce Asset Protection

Panama has no banking treaties with any other country. Banking in Panama can be easily set up through an attorney in Panama. Although the Panama banking system was not set for the purpose of your divorce asset protection it may help. Information about bank accounts in Panama is hard to find. If an individual sets up a Panama bearer share corporation or a Panama private interest foundation then a bank account can be in the corporation or foundation name.

Panama Bearer Share Corporation, Divorce Asset Protection

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 divorce 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.

Panama Private Interest Foundation, Divorce Asset Protection

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 increased divorce asset protection.

Panama Attorney, Divorce Asset Protection

Use a Panama attorney to set up both Panama bearer share corporations and Panama private interest foundations. This provides greater divorce asset protection as attorney client privilege protects the identity of the individuals who set up and derive benefit from these legal structures. Further divorce 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.

Panama’s various financial vehicles serve several useful purposes. Ask the advice of a Panama attorney regarding divorce asset protection. For a referral to a competent Panama attorney please feel free to contact ABPanama.