Panama is coming under U.S. pressure - incorporate elsewhere please

[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

[Offshore]

Sorry to disagree with you but...Very unlikely that 54 U.S. house members change legislature in Panama for the banking sector and Sociedades Anónimas laws. These members are lead by Charles Rangel, who by the way is under investigation for cheating on his taxes.
No sector in Panama is desperate for this FTA (including Agriculture) which no Country in the area has shown any great benefits signing one.
The banking sector already came out cautioning the government about this. The message has been that the country's banking industry should not be at issue in the trade talks because nobody is going to give up a big industry to make money in a little industry. Something to remember is that on or about the signing of the Panama Canal Treaties in 1977, about 60 US banks marched into Panama to open their doors. It´s not the tax evaders they want, they want the industry:
When it came time to acquire the Panama Canal, the national debt of Panama had grown from $160 million in 1968 to $1.4 billion. Mostly loaned to Panama by Torrijos´ friend Nelson Rockefeller. Charles Bartlett, a columnist, wrote that the Torrijos regime "has put the small nation so deeply in the red that the canal treaty has no supporters more fervent than the American bankers whose hopes for payment rest on a revival of faith in the Panamanian economy." About 39% of the national budget of Panama was required to perform debt service on its loans. The U.S. gave Panama millions of dollars to take the canal. Creditor U.S. banks included the Rockefeller banks: Chase Manhattan Bank, First National City Bank, Bank of America, Banker's Trust, First National Bank of Chicago, Republic national Bank of Dallas and Treaty negotiator Sol Linowitz's Marine Midland Bank --ags). Sol Linowitz Chairman of Xerox Corp and Ellsworth Bunker negotiated the Panama Canal Treaties. Both Rockefeller employees. The flow of cash into Panama is just too big to pass for some powers that be.
Excuses for not signing an FTA with Panama before:
Hillary Clinton said they would not sign as long as the President of the Legislature in Panama was Pedro Miguel Gonzalez, a US fugitive. Accused of killing a US soldier during the invasion of Panama. Wasn´t there a war?
After he stepped down, they would sign the FTA with Panama if only all food products from the US would enter Panama without ANY sanitary or health controls. The Minister of Agriculture and also a negotiator himself walked out over this one.
At the same time Panama had to stop imports of US beef due to an epidemic of contaminated US meat.
Now they want the Anonymous Societies laws changed and the banks. Sure, no problem.

[Offshore]

Former FINCEN agent says : US shell companies - It's time to end the hypocrisy

From a money laundering and tax evasion standpoint, Delaware is not the only American state that has troubling incorporation and limited liability company (LLC) structures. In 2006, the US General Accountability Office (GAO) issued a report, "Company Formations: Minimal Ownership Information Is Collected and Available." (pdf) The report reviewed the legal requirements in all 50 states to set up corporations and LLCs, and found that most states failed to request beneficial ownership information. The GAO found that the absence of ownership information impeded law enforcement investigations of suspect corporations.
My Panama Lawyer: Former FINCEN agent says : US shell companies - It's time to end the hypocrisy

[insidetradellc]

I didnt know that Panama was so bad now, I thought it was the best place to incorporate with a private interest foundation. I still think it is.. Where are your sources?

[Offshore]

Panama´s banking is more solid than ever and the Foundation and sociedades Anonimas laws are not being changed, nor there are any plans to do so.

[Offshore]

By Doug Palmer

Boeing chief urges quick US action on trade deals | Reuters

WASHINGTON, April 22 (Reuters) - The United States risks losing significant export sales to the European Union, Canada and other countries unless it approves three long-delayed free trade agreements with South Korea, Panama and Colombia, Boeing (BA.N) Chief Executive James McNerney said on Thursday.

"Action on these FTAs (free trade agreements), and some others coming down the line, is absolutely imperative in my view for our nation," said McNerney, who was recently picked by President Barack Obama to chair his Export Council.

"I'd get going right now" on the pacts, he added.

In a speech at the Woodrow Wilson Center, McNerney stressed the importance of open markets to U.S. economic growth and said every U.S. president since Franklin Roosevelt has had to rise to the challenge of forging coalitions to support free trade.

"I am hopeful that President Obama will use the power of his position to break through this gridlock that is holding our exporters and their workers back from winning new customers in new markets," McNerney said.

All three free trade deals were negotiated and signed during the second term of Obama's predecessor, George W. Bush.

The agreements have been blocked by Democrats' demands that Panama revamp its labor regime and tax haven laws, Colombia do more to reduce violence against trade unionists and South Korea make additional concessions to open its auto and manufactured goods markets to U.S. exports.

"They are languishing while our competitors are moving forward with our own FTAs with these countries and with new bilateral and regional negotiations to give their exporters and their workers a competitive edge," McNerney said.
Obama told business leaders last week he wanted to move forward

Other Treaties:
Panama - Taiwan Free Trade Agreement.
Canada-Panama Free Trade Agreement: the Agreement will secure access to the government procurement market, including for the $5.4-billion expansion of the Panama Canal and other infrastructure projects.
Panamá - El Salvador
Panamá - República de China (ROC)
Panamá - Colombia
Panamá - República Dominicana
There are more than 180 Countries.

[Offshore]

Panama and the U.S. will sign an agreement to exchange tax information this month.

The tax accord has been concluded and will be signed by Treasury Secretary Timothy F. Geithner on Nov. 30, Roberto Henriquez, Panama’s minister of trade and industry, said today. With that pact secured, the U.S. Congress should approve the stalled trade deal, he said.

Get ready for account holders to start closing their accounts

[macapitalgroup]

Singapore is now the new haven, I have many of my accounts based in Singapore. PM me or email me if you have any questions.

[advinbrit]

Panamanians said that the current law, the new government are more than enough to prevent such violations. U.S. law enforcement officials and legislators concerned that the new government.

[Barron]

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

What about a Nevis LLC these days? Thanks in advance