Panama is making an exit from the offshore banking business. No longer can you open a bank account in Panama and operate it from abroad. Banks now require a physical presence, tax filings, a business license, and an office address in Panama. Panama has been under a lot of international pressure over the last 2
If you’re living in Panama, making multiple visits to the country in a year, or are spending more than 90 days in Panama over a 12 month period, you must get a visa. The government is cracking down on people “living” in the country without a residency permit. Per the U.S. Embassy in Panama: “The
The top two international asset protection structures are the offshore trust and the Panama foundation. These tools are very different from one another and I don’t think of them as competing solutions. Even so, I’m asked all the time, offshore trust or Panama foundation? In this article I’ll try to explain the differences. A properly
Here’s how to get residency in Panama using your IRA or other US retirement account. If you want to get residency in Panama through investment, you can use your retirement account in one and only one opportunity. First, let me mention the rules in play when you make an investment and get residency in Panama
I’m asked just about every day to compare Panama residency with a second passport program from somewhere in the world. The caller usually has $200,000 to $500,000 to spend or invest and wants to know whether they should go for residency or a second passport. Here’s what you need to know about residency and second
If you want to plant a major flag offshore, think about residency in Panama. For those who qualify, the best residency in Panama is the Friendly Nations Visa . Of the 8 or 9 visa programs Panama is running at any given time, the best Panama residency program is the Friendly Nations Visa. Here’s why
If you are a US or EU citizen, it’s very easy to get residency in Panama. I write about this all the time while singing the praises of Panama’s various visa programs. For example, the Friendly Nations Visa will allow you to live and operate a business in Panama for about $8,500. Forget investing in
Bearer share companies have gone the way of the dodo. Here’s the offshore company hack to create a bearer share company like structure to maximize privacy and protection. First, a word on bearer share companies. Back in the day, bearer share corporations allowed for anonymous ownership of assets and bank accounts. Whoever held the shares
The international money lending license came into its own in 2010 when the US began pushing out payday and other lenders of last resort. A number of offshore jurisdictions welcomed them with open arms and the battle with American regulators was on. By 2012, many of these lenders moved from offshore licenses to those issued
If you’re an American living, working, or investing in Panama, the Panama tax system is your friend. The Panama tax code may allow you to live tax free in Panama and, possibly, in the United States. This Panama Tax Review will explain how to reduce your worldwide tax bill. Before getting in to specifics, it’s
Panama 2015 looks to be a great investment with continued growth of 7%. While the tiny economy will face a number of challenges, chief among them is competition to its canal, expect solid returns to continue. First, a brief mention of Panama’s 2015 banking sector. Significant amounts of wealth will continue to flow in to
The Panama Foundation has been approved as the “owner” of a U.S. retirement account in Panama. This means that, those who want to invest in Panama, have access to banks or brokerage services in Panama, or hold their retirement account n the most advanced asset protection and estate planning tool available, may now move their
We have been working for months with lawyers, banks, and government agencies in Panama and are finally ready to announce some great news for those seeking asset protection. You may now move your IRA or other retirement account to Panama and in to the best protection and estate planning tool available… the Panama Private Interest
Just about every week someone calls asking about using a Panama Foundation as a charity. This is known in tax circles as the Panama Foundation scam and the internet is filled with it. Avoid the Panama Foundation scam at all costs. It will lead you down a very bad path with the IRS. Here’s how
The Panama Foundation provides the best asset protection and estate planning available… hands down, no questions asked. Here’s why the Panama Foundation is the ticket for those wanting to move assets out of the United States and eliminate the U.S. estate tax. First, let me take a moment to summarize the Panama Foundation as an
Panama vs. Singapore by By Christian Reeves and Lief Simon (www.offshorelivingletter.com) “Panama is the next Singapore,” declared a friend over lunch the other day. He wasn’t the first I’ve heard make the prediction. Since finding its legs after the U.S. military handed over the canal, Panama’s economy has been on an uninterrupted upward trend. Even throughout