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Top Reasons to Bank Offshore in Panama

With financial success comes many greatofficial is caught disclosing client
opportunities and freedoms, but there is alsoinformation.
a dark side with high income earners
subjected to higher income tax rates. In theIn addition to the rock solid privacy and
post 9/11 world, many offshore bankingsecrecy laws in place Panama also provides
jurisdictions have signed tax treaties andasset protection vehicles that are not
disclosure treaties with the US governmentsubject  to  income  taxes.
with the goal of stamping out money
laundering, drug trafficking, terrorism andPanama bank accounts can be secured for as
other  illegal  activities.little as US$695 and come with online banking
access, ATM card, and rock solid privacy
There are a few places left in the world thatprotection.
cater to offshore banking clients by
providing solid privacy and protection laws.Even when banking in countries with good
Offshore banking is a bank located outsideasset protection laws depositors can run into
the  country  of  residence of the depositor.privacy troubles. The Cayman Islands as a
good example. The Cayman Islands has laws
Generally offshore banking provides legal,that send bank officials to jail for
financial and tax advantages to thedisclosing information to the IMF, CIA or
depositor. The Bahamas used to be a haven forTreasury  Department.
offshore banking but since they introduced
stricter banking laws that give the banks theIn recent financial news a bank owner from
discretion to provide 45% of their collectedthe Cayman Islands named John Masterson
information about their clients toallegedly reported over 1 year worth of his
authorities  who  ask.bank's records to the United States
government that got a lot of US taxpayers
On the flip side of the coin the Republic ofinto hot water. If the banking secrecy laws
Panama has total banking secrecy laws inof the Cayman Islands were strictly enforced
place in spite of pressures from the IMF andin this case, Mr. Masterson would be serving
US government asking them to report anya long sentence in jail. Mr. Masterson
suspicious activity to local authorities.currently lives free so anyone considering
Banking secrecy laws in Panama protectoffshore banking beware, no offshore setup is
clients through the use of fines, employmentperfect.
termination and even imprisonment if an



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