| First it needs to be stated that no one
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| | are at stake in the tourism business. We
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| has a crystal ball which predicts the
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| | also have to take into account the
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| future. These thoughts are just opinions
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| | resorts these countries have which create
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| and should be taken as such not as legal
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| | even more jobs and generate revenue in
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| or tax advice. We will try to show the
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| | the form of a hotel room tax built into
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| political positions of the countries that
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| | the rates. These countries also charge a
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| are not in favor of the tax haven
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| | head tax on every person coming into
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| offshore jurisdictions and the position
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| | their country. Bottom line is there is
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| of the tax haven countries. The countries
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| | much more money in the tourism business
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| most outspoken against offshore banking
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| | than there is the offshore business for
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| and offshore corporations are Australia,
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| | the government of these jurisdictions.
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| UK and USA.Today there is a great outcry
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| | The governments of these countries don't
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| from these and other countries about the
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| | make much off of a bank account for
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| tax saving benefits afforded to citizens
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| | instance, actually nothing. They have no
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| of certain countries by going offshore.
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| | income or capital gains tax. The offshore
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| These countries claim that their
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| | corporations would pay a few hundred
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| constituents are cheating them out of
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| | dollars a year in taxes but that was it.
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| billions of dollars of taxes by going
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| | The banks would pay a few thousand
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| offshore. The offshore jurisdictions that
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| | dollars a year for their licenses. So
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| are considered the tax havens say that is
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| | these countries sold out on offshore
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| a nice allegation but we are not your
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| | privacy to protect their tourism. If they
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| collection agency and do not ask us to
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| | did not do so the countries allowing tax
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| change our bank and corporate privacy
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| | free importation from these countries of
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| laws because your constituents do not
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| | tourist bought items might go away.
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| want to pay taxes, this is your problem
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| | Tourists returning from these countries
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| not ours. The actual amount of taxes that
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| | by ship or air might find themselves
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| are avoided unlawfully is a figure that
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| | stuck in long lines while they are
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| one can only take a guess at. Many people
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| | searched and interrogated by authorities
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| set up offshore structures to do business
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| | of various affected countries which would
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| outside of their home country and are not
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| | quickly and seriously discourage tourism
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| in violation of any laws the way they
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| | to these countries. Other countries like
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| conduct their business affairs. Many
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| | Switzerland, Lichtenstein, and Luxembourg
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| people live in other countries and need
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| | sold out due to pressure from the EU. But
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| to own offshore bank accounts, offshore
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| | now we are seeing a reversal in position
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| corporations, offshore real estate, etc.
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| | regarding the EU, not much of a reversal
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| Many people use offshore privacy to
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| | but at least a sigh of OK enough is
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| protect themselves from identity theft,
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| | enough.In recent months the USA was
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| kidnapping, blackmail, and possible
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| | exposed by the New York Times Newspaper
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| extortion.Let me use an analogy to make a
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| | in a scandal whereby they were monitoring
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| point. In Latin America there is an
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| | SWIFT wire transactions for some years.
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| organization of five states called
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| | SWIFT is a private company that enables
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| Mercosur. Mercosur consists of Argentina,
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| | banks to communicate with each other
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| Brazil, Paraguay, Venezuela, and Uruguay.
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| | securely including sending wire
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| Mercosur also has associate members which
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| | transfers. SWIFT machines require a
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| are as follows: Chile, Bolivia, Peru,
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| | separate terminal and line so as to make
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| Columbia and Ecuador. The Mercosur
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| | them most secure. The USA served a court
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| countries engage in free trade and easy
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| | order on the SWIFT people in New York to
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| border controls with no passports, just
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| | turn over all the data they requested and
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| national identity cards for border
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| | gag ordered them to not mention what was
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| crossings. Mercosur recently issued a
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| | going on. It went on for two years. This
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| statement that they would in the future
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| | got the EU nations most upset. While they
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| strive to resist any further attempts to
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| | have not actually prosecuted the SWIFT
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| get them to spend more resources on
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| | people for violating the banking laws of
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| narcotics enforcement that stems from the
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| | the various European nations affected,
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| UN. The UN says its member countries must
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| | there was serious talk of it. Whether or
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| enact certain kinds of laws to control
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| | not obeying a USA court order to violate
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| narcotics and states these laws and
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| | the banking laws of other nations is a
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| insists on enforcement policies. The
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| | viable defense has never been tested in
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| Mercosur spokesperson stated that this
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| | any court, yet anyway. The EU position on
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| was an irrational policy since it has not
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| | this was they must get the USA to
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| worked for over a quarter of a century
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| | understand their banking laws call for
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| and it was severely draining the
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| | privacy. This of course is not exactly
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| resources of their countries. Essentially
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| | giving ground for more privacy invasive
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| they said they were sick and tired of the
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| | laws which is what we mean by a
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| United States which is the nation driving
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| | reversal.Today the most privacy oriented
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| these policies through the UN, making
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| | jurisdiction in the world is Panama.
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| their problems, the problems of other
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| | Panama has 400,000 corporations
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| countries and they were going to
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| | registered there. Panama requires
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| collectively attempt to legalize
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| | corporation formation agents to be
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| narcotics in their own nations to free
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| | lawyers and their know your client rules
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| themselves from this heavy burden of
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| | are strict and call for criminal
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| narcotics enforcement. This has already
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| | penalties if not followed. Panama banks
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| begun to happen in Bolivia, Paraguay,
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| | follow tight anti-money laundering laws
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| Argentina and Venezuela with the abundant
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| | as well as know your customer laws.
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| legal availability of cocoa leaf. The
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| | Panama does still allow for anonymous
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| cocoa leaf has cocaine alkaloids (real
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| | bearer share corporations which do not
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| cocaine) and is commonly used as a chew
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| | require the entry into any registry of
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| like chewing tobacco leaf or made into
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| | any ownership names or identities. The
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| tea leaves. Street cocaine is perhaps 30
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| | anonymous bearer share corporations
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| times as potent and is diluted with
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| | combined with Panama bank secrecy laws
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| harmful substances like turpentine,
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| | make for the best privacy in the world
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| ether, etc. Cocoa leaf is a natural plant
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| | today. Panama foundations are also
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| product used for centuries as a stimulant
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| | anonymous with no owners, beneficiaries
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| by people living in the high altitudes of
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| | or protectors names appearing in any
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| Bolivia, farm workers etc. One can now
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| | registry or database. Panama is also in
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| see coca tea being sold freely on the
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| | no tax treaty with any other country and
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| internet but I would strongly advice you
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| | is fairly unique in this regards. Of
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| not to order any because you may get
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| | course one can ask the question if Panama
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| charged with narcotics importation,
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| | can sustain their practices under
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| seriously because it can be lab tested to
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| | pressure from other nations.First off
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| contain cocaine. So my point is a lot of
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| | Panama does follow the FATF (Financial
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| countries have said ok enough is enough
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| | Action Task Force) practices. Secondly
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| when it comes to narcotics. It is not
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| | Panama does not exactly have a lot of
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| working leave us alone, take care of your
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| | tourism, actually it has quite a small
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| own problem. So Mercosur countries are
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| | amount of tourism and most of their
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| now worrying about their own problems
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| | tourism comes from Latin America not the
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| more and less about the narcotics issues
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| | EU or USA. This means there is no
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| in the USA and other nations. I think you
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| | meaningful tourism that can be taken
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| will see more of the same type of
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| | away. Panama is a small country and 15%
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| thinking when it comes to offshore
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| | to 20% of the workforce is employed by
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| banking, offshore corporations, offshore
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| | the international banks. Panama has
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| foundations, offshore stock brokerage
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| | 400,000 corporation registered there who
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| accounts etc.Offshore jurisdictions have
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| | each pay $300 in annual corporate taxes.
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| to go through all sorts of compliance
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| | This comes to $120,000,000 dollars and
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| that is not needed in say the USA or the
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| | this is for a country of 2.9 million
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| UK. One offshore formation agent went to
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| | people. Also consider these corporations
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| the USA and was able to open eight USA
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| | are paying for resident agents, nominee
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| bank accounts in one day. In Panama a
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| | directors etc. Then we get into Panama
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| bank account can take five days after you
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| | Foundations which also collect $300 in
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| collect and submit the reference letters
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| | annual taxes each year plus nominee
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| and documents. In the USA and UK no bank
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| | council member fees. Panama will and has
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| reference letters are required to open a
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| | resisted attempts to compromise banking
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| bank account, neither are any
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| | secrecy and corporate secrecy.Again let
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| professional references required. In the
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| | us look towards history to see what we
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| USA and UK they do enforce money
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| | can learn, this time focusing on
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| laundering protective measures strictly.
| |
| | anonymous bearer share corporations. The
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| One can buy USA corporations or UK
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| | issue with anonymous bearer share
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| corporations without any of the due
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| | corporations is that when the
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| diligence requirements that are required
| |
| | international wires are monitored it is
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| from offshore jurisdictions. So the
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| | impossible to tell who the natural
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| playing field is not exactly level yet
| |
| | persons are behind the bearer share
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| these countries are screaming for more
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| | corporations sending or receiving the
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| controls not on themselves but on other
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| | wires. The British Virgin Islands used to
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| countries. It seems that the offshore
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| | offer anonymous bearer share
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| jurisdictions will scream enough is
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| | corporations. A few years ago they gave
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| enough if any further controls are
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| | in to pressure from the UK and stopped
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| imposed on them and resist them. Of
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| | issuing new bearer share corporations but
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| course one wonders what further controls
| |
| | they did make allowances for the existing
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| they could come up with that they haven't
| |
| | bearer share corporations to remain
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| already imposed.Let's look at history a
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| | anonymous for 10 years. After that time
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| little to see how things deteriorated in
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| | they would need to dissolve or operate in
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| the past regarding offshore privacy and
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| | a non-anonymous mode. If we want to look
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| offshore banking. Most of the older
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| | on the dark side we can consider Panama
|
| offshore tax havens are also tourist
| |
| | doing the same if international pressure
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| destinations such as Cayman Islands,
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| | ever built up sufficiently to force a
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| Nassau, Bermuda, Grenada, Belize etc.
| |
| | change. So of course those owning an
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| These countries usually have little if
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| | existing bearer share corporation would
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| any natural resources and need to bring
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| | be unaffected for ten years and these
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| in everything they consume. While some of
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| | corporations would probably go up
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| them avoid income taxes instead they
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| | significantly in value on the secondary
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| impose taxes on goods imported. These
| |
| | market. We have absolutely no indications
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| countries got heavily involved in tourism
| |
| | subtle or otherwise that anything is
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| as a way to keep their economies moving.
| |
| | going to change in Panama.It is also a
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| A cruise ship docking at these ports
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| | possibility that some other nations may
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| usually carries 2500 people. Each person
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| | enter into the bank secrecy arena in the
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| probably spends an average of $100 a day
| |
| | near future and some other nations may
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| when in this ports buying t-shirts, duty
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| | return to bank secrecy as well. Only time
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| free liquor, tobacco, jewelry etc. many
| |
| | will tell. Nothing we see gives any
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| spend a good deal more. That is $250,000
| |
| | inkling of an idea that Panama will
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| per cruise ship. These jurisdictions get
| |
| | reverse on its position of bank and
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| from 3 ships per week, to 40 ships per
| |
| | corporate privacy and it appears that
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| week docking there. The money from the
| |
| | things may have already sunk to an all
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| cruise ships exceeds what would be earned
| |
| | time low and offshore banking and
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| from their previous offshore banking and
| |
| | corporate privacy may actually soon start
|
| incorporation activities. Remember a bank
| |
| | to improve, first with the wire transfer
|
| that controls hundreds of millions of
| |
| | system and later on in other areas.For
|
| dollars of deposits can only have 50 or
| |
| | more information on Offshore Banking and
|
| so employees. A thriving cruise ship port
| |
| | Offshore Corporations go to:
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| can have thousands of employees working
| |
| | Martinez is a senior partner at Panama
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| in the shops, restaurants, as tour
| |
| | legal Law Firm.
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| guides, taxi drivers etc. So more jobs
| |
| |
|
