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Making a decision as to where you will protect your assets can be difficult. Asset protection in Panama is the best alternative to Switzerland today.
While Switzerland is well respected with a long history, it no longer lives up to it's reputation. Many people struggle with deciding between the reputation of Swiss asset protection, and the many benefits available in Panama today. Panama now offers what Switzerland was once famous for but has now closed down due to pressures from the United States.
Switzerland minimum balances are $10,000 for a small bank, $25,000 for a medium bank, and $250,000 for a large well established bank. Panama banks on the other hand expect a very small minimum deposit.
Swiss banks do not like a large deposit followed by a declining balance over several months. If this happens, by about the 4th month, your account will be closed. A Panama bank will allow this type of behavior without any questions.
Today, the only real advantage Swiss banks have is their overwhelming size and stability. The problem is that they have become so large and respected they are really not an offshore jurisdiction anymore. They even require United States citizens to provide their social security number when opening a bank account! Panama, of course, does not require this information, since they do not co-operated with tax authorities anyway. (Panama has no tax treaties with anyone.)
Swiss financial institutions co-operate with tax authorities from other countries for tax evasion type cases. Panama does not consider tax evasion a crime and as such does not co-operate with any such investigations.
Switzerland banks have huge sums of money under management. To the average depositor, interested in protecting their hard earned assets, this can be an attraction. On the other hand, as people become educated they realize that Swiss bank secrecy is now an artifact of the past. Panama is the fastest growing offshore jurisdiction, with large well established banks, ready to protect your assets.
by : Elance
Making a decision as to where you will protect your assets can be difficult. Asset protection in Panama is the best alternative to Switzerland today.
While Switzerland is well respected with a long history, it no longer lives up to it's reputation. Many people struggle with deciding between the reputation of Swiss asset protection, and the many benefits available in Panama today. Panama now offers what Switzerland was once famous for but has now closed down due to pressures from the United States.
Switzerland minimum balances are $10,000 for a small bank, $25,000 for a medium bank, and $250,000 for a large well established bank. Panama banks on the other hand expect a very small minimum deposit.
Swiss banks do not like a large deposit followed by a declining balance over several months. If this happens, by about the 4th month, your account will be closed. A Panama bank will allow this type of behavior without any questions.
Today, the only real advantage Swiss banks have is their overwhelming size and stability. The problem is that they have become so large and respected they are really not an offshore jurisdiction anymore. They even require United States citizens to provide their social security number when opening a bank account! Panama, of course, does not require this information, since they do not co-operated with tax authorities anyway. (Panama has no tax treaties with anyone.)
Swiss financial institutions co-operate with tax authorities from other countries for tax evasion type cases. Panama does not consider tax evasion a crime and as such does not co-operate with any such investigations.
Switzerland banks have huge sums of money under management. To the average depositor, interested in protecting their hard earned assets, this can be an attraction. On the other hand, as people become educated they realize that Swiss bank secrecy is now an artifact of the past. Panama is the fastest growing offshore jurisdiction, with large well established banks, ready to protect your assets.
by : Elance
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