A Panama Lawyer and Immigration

It is relatively easy to gain residency in Panama but by law you need a Panama lawyer to do the paperwork.

Panama has numerous routes by which a foreigner can obtain long term residency. From a social security check in excess of $500 a month to cash payment of $200,000 for a home, Panama law allows foreigners to gain a residency visa renewable indefinitely.

A Panama lawyer is necessary to explain the old Panama residency law and the new law.

As of February 2008 Panama has passed a new immigration law. Tourists will get back a 90 day visa but a 60 day extension will only be given to those applying for residency. For those who apply for Panama residency before September 2008 the rules will be same as the old law. After September 2008 it will still be possible to gain residency but it will take more money and you will have to renew your visa more often.

As of June 2008 the details of the new law are being finalized. Check with the ABPanama website for new information.

A Panama Lawyer and Asset Protection

A Panama lawyer specializes in privacy of assets and asset protection as well as immigration issues. Panama’s banking laws and the structures of Panama Foundations and Bearer Share Corporations favor asset privacy and protection.

A Panama Lawyer and Asset Protection Vehicles

Use your Panama lawyer to set up a Panama bank account, a Panama bearer share corporation and a Panama private interest foundation. These vehicles provide great asset protection and 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 Panama lawyer chooses the corporation directors complete with signed letters of resignation.

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 a Panama Lawyer 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.

Panama Bearer Share Corporation, a Panama Lawyer and Asset Protection

Why a Panama bearer share corporation? For those who prefer to hold their wealth in anonymity have a Panama lawyer 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 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 privacy.

The Panama bearer share corporation your Panama lawyer 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.

A Panama Lawyer, Panama Foundation and Asset Protection

A Panama lawyer 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.

A Panama foundation can own assets anywhere in the world. 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.

Contact ABPanama if you need help locating a Panama lawyer.