On most of the occasions whenever the mortgage rates fall people run for refinancing mortgage loan. Refinancing mortgage loan can reduce your rate of interest and can help to extend the duration of repayment. It also helps to reduce your periodic payment compulsions in many ways, reduce the risk and helps to liquidate the equity th... Read more
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Gone are the days when legendary tales of Swiss numbered accounts and the anonymity that cloaks the identity of Sophie Neveu from religious agents bent at killing anyone within her bloodline.
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. A better alternative when it comes to offshore banking goes to Panama. 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. In addition to this, Swiss Banks now typically require a $250,000 deposit to open an offshore bank account. Panama bank accounts can typically be set up with a deposit requirement of a mere $1000. While Swiss banks are perfectly capable of storing an offshore clients money securely, the problem with choosing Switzerland to house your assets is the erosion of their bank secrecy laws and in particular a US - Switzerland tax treaty that allows for mutual information sharing. Choosing an asset protection strategy should always begin with proper research. Panama offers offshore investors a number of investment vehicles including; corporations, trusts or foundations which can be utilized alone or as part of a layered asset protection strategy. A Panama foundation for example, can have a bank account or own a Panama bearer share corporation. With a layered Panamanian asset protection strategy in place, if a foreign entity secures judgement against you it will be very difficult for them to prove your ties to the foundation since your name does not appear in any of the foundation's documents. Furthermore, Panama has many other tax benefits for investors including the absence of capital gains taxes, offshore derived income tax or inheritance taxes. Panama has no regulatory agency like the SEC in the US and strictly enforces their corporate privacy laws to protect investors from prying eyes.
Long gone are the days when a person could use a swiss numbered bank account to protect their assets from the long arm of prying government agencies.
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