Quote:
Originally Posted by FreedomOffshore
THE WAR ON HIGH PROFILE PANAMA HAS BEGUN
54 U.S. house members sign petition to stop Panama FTA
While the headline does not sound too good for the proposed Free Trade
Agreement between the United States and Panama, the reason for this petition is that Panama is one of the world’s best places for asset protection.
Manufacturing Business Technology Magazine published an article on
February 26, 2009 regarding a Press Release from the office of Maine Rep. Mike Michaud.
This petition signed by 54 members of the House was sent to President
Obama. I am only including the paragraph about Panama:
"Panama FTA. We also believe that Panama is not an appropriate U.S. FTA
partner. A Government Accountability Office study identified Panama as one of only eight countries and the only current or prospective FTA partner that was listed on all of the major tax-haven watchdog lists. Panama has long been a key target of both the Organization for Economic Co-operation and Development and other tax transparency entities for its resistance to
international norms in combating tax evasion and money laundering. Indeed,
Panama is one of few countries that has refused to sign any tax information exchange treaties. We applaud your co sponsorship last year of S. 681 (The Stop Tax Haven Abuse Act), which designates Panama as an Offshore Secrecy Jurisdiction targeted for that legislations restrictions on the use of offshore tax havens and abusive tax shelters to avoid U.S. federal taxation. Panama is one of the top locations for multinational firms subsidiaries many
created for the sole purpose of avoiding taxes."
Conclusion: If you are from Europe or North America it is better to have your incorporation and banking in a low profile and privacy minded jurisdiction in the South Pacific and in selected areas of Asia and the Australasia area where fewer Americans are viewed as going for their offshore needs. Stay away from Europe and the Americas and the Carribean if you are European or North American please.
FREEDOM
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What about a Nevis LLC these days? Thanks in advance