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... Read more
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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.
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. With virtually no laws in place to prosecute tax evaders and bullet proof banking secrecy laws, Panama has usurped Switzerland as the top country for legal offshore asset protection. In addition to complying with tax treaties, Switzerland now requires up to $250,000 in deposits to create an offshore bank account for clients. When compared to the $1000 deposit that Panamanian banks require it is easy to see why Panama has become so popular. All hassles for a much coveted Swiss account. Thanks to a USA-Swiss Tax Treaty, both countries can share information. Though the Swiss banking system is quite safe to store your money, the major problem in bank secrecy has eroded through the years. Choosing an asset protection strategy should always begin with proper research. First, open an offshore account with a very strong institution-a Panama offshore entity for example. They can come in a form of a corporation, trust or foundation. The logic seems simple to those taking their business degrees: they are juridical persons separate from those constituting these organizations. 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. With no capital gains tax, offshore derived income tax or inheritance taxes, Panama is even more attractive to those seeking offshore asset protection.
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