Panama Offshore Тах Haven
The Republic of Panama which is situated in Central America is one of the world’s most popular offshore havens. Panama also famous for the Panama Canal has an estimated population of over three (3) million people, a real melting pot with a mixture of races which includes African descendents, Mestizos, Amerindians and Europeans. The main language spoken in Panama is Spanish but English is widely spoken as well. Panama has an economy which is largely dependent on manufacturing, commerce, tourism and the country’s international financial center. Panama offshore haven is the international financial centre well known for offshore services such as offshore banking, the incorporation of offshore companies, the registration of ships and vessels, Panama Foundations.
Offshore haven Panama presents clients with means and ways of saving on tax liabilities as tax planning is becoming more important to persons these days. The Panama offshore tax haven allows for offshore companies incorporated in the offshore haven to receive exemptions from local Panama taxes. As an offshore haven Panama dopes not implement local income tax or corporate taxes on Panama offshore companies for incomes which has been gained in countries outside of Panama tax haven. Panama tax system is structured to be territorial in that only income gained in Panama is taxed and even that does not have a high tax rate attached to it.
Panama offshorehaven is known for providing asset protection for persons who have incorporated Panama Trusts, panama Foundations and panama offshore corporations in the offshore tax haven. Offshore legislation in the tax-free haven of Panama is structured to provide company owners as well as owners of offshore trusts and foundations with maximum protection from creditors and foreign court’s rulings. Asset protection is guaranteed by offshore laws in Panama offshore haven.
Aside from asset protection Panama tax haven is well known to provide confidentiality and privacy for its offshore clients. The names of offshore company shareholders is not made part of public records and to provide further privacy company owners have the option of using nominee shareholders and directors when incorporating a panama offshore company. The names of the beneficiaries of Panama international trusts and offshore foundations are not made part of public records in the offshore haven.
Offshore haven Panama also provides privacy for offshore bank account holders in the offshore jurisdictions. International law dictates that banks should know the identity of its offshore bank account holder making it quite impossible for offshore banks to issue anonymous offshore bank accounts panama is still able to provide privacy for its offshore bank account holders. Persons involved in the banking sector in Panama offshore haven cannot disclose information in or about bank accounts in Panama without the consent of the bank account holder. Persons who break this law are subjected to monetary fines up to one (1) million dollars.
Panama offshore tax haven offers the ideal offshore company. Unlike most offshore jurisdictions available today Panama offshore haven offers for incorporation a company which, according to legislation will be able to do business in and out of Panama. Panama companies ware able to operate as offshore companies and can carry out local business. Taxes are only paid on profits generated within the tax haven of Panama. Registrations for these companies are easy to carry out. A registration fee and license renewal fee must be paid by the Panama offshore company. The minimum shareholders required for the incorporation of a Panama offshore company is one and at least three company directors are needed.
In Panama tax haven offshore trusts and offshore foundations can also be formed. These entities are structured to provide maximum asset protection in tax haven Panama. For the formation of a panama tax haven foundation or trust the services of a Panama solicitor or barrister can be employed, The Panama Trust and Panama foundations once registered as Panama offshore entities will benefit from tax exemption on foreign earned incomes. Offshore trusts and offshore foundations in the tax haven of Panama can be formed by persons of any nationality and legislation in the offshore haven provides for the transfer of foreign trusts and foundations to Panama.
Incorporating an offshore company or entity in Panama tax haven has many benefits. The offshore haven has strict laws which provides asset protection, reduces tax liabilities as well as provides privacy and security for offshore business owners in the tax have of Panama. Panama offshore banking is highly regarded in the offshore world as Panama offshore banks provide good services.