In the not-so-recent past, the British Virgin Islands, the Cacaos Islands, the Islands of Man, Granada and Swiss Bank Accounts were all acceptable offshore options. In truth, they are not anymore.



Government agencies such as the IRS and the OECD have forced international asset reporting for taxation purposes. Local despots have made national banks and asset ownership tenuous and sometimes dangerous. Divorce and litigation lawyers are making a great deal of settlement money. Then there are inheritance and estate issues…

Nevertheless, you should not go offshore:

1. If you do not live in Canada, the U.S., Europe, Australia, Venezuela, Colombia, Argentina, Chile, or nearly every major country in the world today.

2. If you want all of your business and financial affairs made public.

3. If you want to pay tax rates of 20%, 30% or more.

4. If your business is not generating a profit and is not expected to do so.

5. If you want to be the subject of ugly, expensive lawsuits that you do not deserve.

6. If you are happily married (and expect that to continue).

7. If you want to work all of your life to generate security for your children and loved ones, only to have them receive pennies on the dollar, if anything at all.

8. If you trust federal officials and organizations to protect your interests first.

If we are depressing you, accept our apologies but reality is reality. Fortunately, even in today’s complicated financial world, you have a relatively simple option: Panama.

Every day Panama is becoming more famous as a preferred offshore domicile. Why? Allow us to introduce you to Panama’s offshore system.

Asset Protection: Since 1920, financially savvy persons and entities have chosen Panama as the domicile for protecting their wealth and earnings. Your combination of a Panama corporation asset protection or company (International Business Corporation or IBC), a Panama Private Interest Foundation and a Panama offshore bank account are a proven strategy for enjoying your anonymous asset protection. The "Panama solution" ensures you privacy and security, no or low taxation, no capital restrictions, estate planning and protection, and more.

In practice, anonymous asset protection does not involve hiding assets, nor is it based upon secret agreements or fraudulent transfers. It is based upon proven combinations of business and financial planning techniques.

Incorporation: Panama Corporations feature Bearer Shares, so shareholders have anonymity and privacy. Panama's corporate secrecy laws are the most comprehensive in the world today. A Panama offshore corporation or company is not a "letter box" entity such those that are commonly formed in the British Virgin Islands and elsewhere.

Foundations: Panama Private Interest Foundations incorporate Private Protectorate Documents and Private Letters of Wishes. This allows the foundation "Guardians" and beneficiaries to remain anonymous and private. The Panama Foundation assets and bank accounts cannot be sequestered or frozen during litigation or other legal actions.

Banking: Panama uses the actual U.S. Dollar as national currency. Panama has no currency-exchange controls or restrictions so capital can flow freely in and out of the country. Panama is famous as an international banking center, with nearly all of the major players having a local presence here. Panama has no Mutual Legal Assistance Treaties for sharing banking information other countries. Panama does not recognize outside court rulings. Within the country, revealing banking information to third parties is a crime which is punishable by imprisonment.

Taxation: Panamanian IBC's and Private Interest Foundations are liable for no - or very low - income, capital gains, share or shareholder, or inheritance or sales tax (to name a few). Panama does not have tax treaties with any other countries and has enacted comprehensive legislation designed to keep your assets and information anonymous and secure. Income does not have to be reported to the Panamanian government.

Domicile: Panama is a sovereign, democratic, nation. It has had a stable economy with low inflation for nearly 20 years.

Attorney-Client Privilege: Forming Panama IBC’s and Foundations requires that a Panamanian lawyer or legal firm acts as your Resident Agent. All of your affairs are covered by Attorney-Client Privilege, which means that nothing about you or your affairs can be revealed without your specific permission.

Is this sounding good to you? It doesn’t to those that want a share of your wealth.

Dennis Smith is an Internet marketing consultant for businesses that want to make themselves known on the Net. This article is for http://www.offshorebusinessresources.com