These days, there is a rise in new fuel-efficient hybrid car products for sale. Due to this rise the government is compelled to apply taxes. Those who are planning on buying a hybrid car should not be at a loss though. The Internal Revenue Service has already legitimized a handful of hybrid car brands and models for a tax credit. T... Read more
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Choosing an offshore jurisdiction in today's offshore banking world can be difficult. Often the choice comes down to Switzerland and Panama when you are looking for a place to protect your assets.
Switzerland is the established, well respected jurisdiction, while Panama is the up and coming jurisdiction. So many people ask struggle with this choice that we have decided to produce this article to help you make your asset protection decision. Switzerland minimum balances are $10,000 for a small bank, $25,000 for a medium bank, and $250,000 for a large well established bank. Panama banks on the other hand expect a very small minimum deposit. Financial institutions in Switzerland are particular about how you operate your bank account. If you deposit a large sum of money and then withdraw money each month, showing an overall declining balance you will be asked to leave the bank after a few months. Bankers in Panama do not have a problem with a declining balance. Swiss banks are stable and well respected, but it comes at a price. In fact a Swiss bank require US citizens to provide their social security number! Such a requirement make bank secrecy almost a joke. Banks in Panama, on the other hand, have no such requirement. Switzerland banks are required to co-operated with other country's tax authorities. They have many tax treaties allowing tax information to flow freely. This makes them a poor offshore jurisdiction choice. Panama on the other hand does not co-operate with anyone regarding banking information. The only time this is broken is for criminal investigations, and then, the burden of proof by the requesting country is extremely high. (Tax evasion is not a crime in Panama and no MLAT requests are honored for tax evasion cases.) Swiss banks are larger than Panama banks, with respect to the amount of money under management. This makes little difference, considering that the Panama banks also manage huge sums of money.
Gripe about paying your taxes? If so, you are one of millions of Americans. The odd thing, of course, is millions of us also fail to get the tax refunds we are do!
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