A Panama IBC can provide legal protection of assets and identity. Panama offers some of the most strict banking and financial secrecy laws available in the world. A Panama IBC is the ideal jurisdiction for international investors and businessmen to operate an offshore corporation.
Panama has some of the strongest corporate secrecy laws in the world. In fact, the legislature has engraved secrecy these laws into its constitution. In addition, it has a solid and reputable banking industry. Notably, many British colonies formerly had robust corporate book secrecy. However, Britain has been instituting regulations in its offshore territories that remove much of the confidentiality. In Panama, however, it clearly remains one of the most secure offshore financial centers. That is, privacy and confidentiality is not only respected, but also vigorously protected by constitutional law. Panama is a sovereign nation. Thus, no other country in the world governs or controls it. Furthermore, it does not have any MLAT’s (Mutual Legal Assistance Treaties) with any other country. In addition, Panama is a well-known and respected international trade and banking center.
Panama also offers the Panama Private Interest Foundation. These foundations are some of the most useful asset protection and estate planning vehicles available today. (However, the Cook Islands trust is even stronger from a purely asset protection standpoint.) Many people who wish to control and maintain ownership of foreign corporations use the Panama Foundation. However, they do not wish to do so directly due to the Controlled Foreign Corporation (CFC) rules in their home countries. So, instead of holding the corporation’s shares in their personal name or in bearer form, they establish a Private Interest Foundation. Thus, the Panama Foundation that holds or owns the shares of their foreign corporation. The objective is to remove ownership from their personal name, to the name of a foreign entity whose ownership is anonymous.
– Non-resident Panamanian Corporations (Panama IBC) do not pay Panamanian tax on income
– No reporting requirements to the Panamanian Government
– Annual government fee for non-resident Panamanian Corporations is only $150
– No minimum capital requirement for establishing the corporation
– No restrictions to foreigners in forming or controlling Panamanian Corporations
– One can issue corporate shares in “bearer” form. (For privacy – he who holds the shares owns them.)
– Shares can be with or without par value
– Meetings of directors & shareholders may be held anywhere
– The accounting books of the corporation may be organized & kept anywhere
– The law does not require the registered agent to keep any records for the corporation
Non-resident Panamanian corporations can open bank and/or brokerage accounts. Panamanian law does not consider doing so as actual trade within Panama. Thus, the income derived from these types of business transactions or investments is exempt from Panamanian taxes. That is, profits on stock trading or interest earned through the Panama IBC are not taxable within the country. However, keep in mind that US people are taxed on worldwide income even if the money is earned offshore.
Generally, the only documentation on public record is the deed (or articles) of incorporation. This document only provides the names and addresses of the officers & directors plus the Registered Agent at the time of incorporation. The beneficial owners of the corporation are not recorded in the Public Registry. The regulations to not require annual general meetings of either shareholders or directors of the corporation. If shareholders or directors do hold meetings, they can take place anywhere in the world. The associated parties can hold meetings by proxy – via telephone, email or other electronic means. Any resolutions passed are valid regardless of if people sign them on different dates or in different jurisdictions. There is a two hundred and fifty dollar prepaid tax that the government requires. You pay this upon the establishment of your company. This tax is in addition to the setup fee.
– Drafting your Panama IBC articles of incorporation in Spanish and English.
– Tailor-made corporate kit with stock certificates, corporate seal, minutes for meetings and other legal documents.
– Resident registered agent
– Physical address for registered office
– Nominee corporate services
– General power of attorney
– Original documents & certified English translations of documents
– All necessary documents duly apostilled in Panama
There are absolutely no exchange controls or currency restrictions in Panama. Panama is home to one of the world’s largest banking centers and the relaxed banking laws make it easy to move funds in and out of the country.
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I learned a lot about how exposed I was to lawsuits and judgements, I protected my wealth with several instruments.
- J.P. Dumini
I’ve learned that nobody wins in a lawsuit, the only way to ensure that you don’t lose, is to have something in place when you need it.
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