Offshore Banking and Tax Reductions - Alex Ni

1. Choosing your "Tax Haven"

There are many Tax Haven's around the world but Aussie Finance™ recommend's Panama's bank's due to the fact that the Panama Canal is vital to world trade and is used by many of the developed countries around the world and so economic/trade sanctions against Panama would result in trade grinding to a halt. Another factor is that whilst Switzerland used to be the world leader in offshore banking and tax reductions, this is now longer the case as many Swiss banks have caved in to pressure from the United States and bank secrecy from Switzerland is now virtually nil. Panama has no tax treaties and does not consider tax evasion to be a crime and so does not co-operate with other countries regarding the issues of Tax Evasion.

2. Opening an Offshore Bank Account

 The best way to open an offshore bank account within Panama is through a lawyer whom is skilled with offshore banking and asset protection as this provides you with "Attorney Client Privilege". With "Attorney Client Privilege" your information is protected and your lawyer may not divulge this information to a third party.

3. Panama Bank Secrecy

Panama is the new "Switzerland".  Switzerland was once well known for numbered bank accounts but as of now, these are no longer available. Panama does not have numbered accounts, but it does have the next best thing.  Panama has bearer share corporations which can legally own a bank account.  These corporations have no ownership records.  The person in possession of the share certificates owns the corporation, and therefore the bank account.

4. Personal VS Corporate Bank Accounts

A corporate offshore bank account provides a much higher degree of privacy.  A personal bank account in Panama may seem secure because it is protected by banking secrecy laws but in fact it has one giant weakness: Wire payments coming in and out of the bank account will have your name on it which can be a big issue if you wish to remain 100% anonymous.

5. What services you can get with an Offshore Bank Account

A. Online Banking

B. Ability to send/receive wired payments

C. A Visa Debit card which can be used almost anywhere

By Alex Ni