Thanks To A USA- Swiss Tax Treaty, Both Countries Can Share Information

Category: Finance.

Once upon a time a person could get a Swiss numbered bank account and rest assured that their assets and privacy would be fully protected from government entities.

A better alternative when it comes to offshore banking goes to Panama. Switzerland, once the top tax haven in the world has bowed to international pressures and now complies with global tax treaties to provide information for criminal investigations. Ancient Roman Law lays down the rule that there is no crime when there is no law punishing it- Panama has virtually no law punishing tax evasion. Nowadays, a Swiss bank will require you a minimum of$ 250, 000 for large banks and$ 10, 000 for those on the minor league. That award used to go the Swiss executives who gobble wine and cheese and now look down at those who wish to safe keep their wares from the tax authorities. All hassles for a much coveted Swiss account.

Though the Swiss banking system is quite safe to store your money, the major problem in bank secrecy has eroded through the years. Thanks to a USA- Swiss Tax Treaty, both countries can share information. Protecting your assets with offshore financial instruments can be a complicated and tricky proposition. What makes Panama particularly attractive as an offshore entity is the ability to utilize a number of investment vehicles such as. Diligent research should be performed prior to committing to any one destination in particular. Corporations, trusts or foundations in a layered strategy completely shielding a person and their assets from personal liability.

The ability to layer Panamanian asset protection structures makes it very difficult for foreign entities who secure judgement against you to collect the damages. A Panama foundation for example, can have a bank account or own a Panama bearer share corporation. Other tax benefits that come with the package are the absence of capital gains tax, tax offshore- derived income and yes, inheritance taxes. Unlike the conventional corporate laws that require that corporations be heavily guarded by a regulatory agency such as the Securities and Exchange Commission( SEC) , corporate privacy laws protect you completely in Panama.

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