Offshore Corporation: Panama vs Swiss vs Bahamas Faceoff

Offshore jurisdictions change in their effectiveness over time. Once Switzerland was the king. Now they are a mere shadow of the former offshore self. The same is now true for the Bahamas. After changing their offshore banking laws a few years ago, over 80% of their offshore banking deposits went elsewhere.

The Government of Switzerland has changed the Swiss banking laws to such an extent that no one can really take Switzerland serious as an offshore banking jurisdiction. In fact, in spite of the fact that Swiss bankers still have their noses high in the air, with huge initial deposit requirements, the anonymity factor has been largely eliminated.

The only serious contender today, that is stable, in the writer's opinion is Panama. The government has been stable for a long time. The government has a vested interest in keeping the offshore banking sector completely anonymous. Incorporating a company in Panama can be done quickly (3 - 5 days typically). Privacy laws in Panama are well respected because the government enforces these laws with jail time.

A corporation domiciled in Panama distinct advantages, not the least being the fact that the share certificates can be in the form of bearer shares. A bank account in Panama can be setup to tie to the anonymous bearer share company only. This combination is as good or even better than the old Swiss numbered bank accounts.

Many people, new to the offshore banking world, seek a numbered bank account. They don't realize that, even if such an account were to exist today, it would be largely useless because of changes pushed into place by the USA. In fact, any wire without a a proper beneficiary will not be sent., or it will come under heavy scrutiny. An anonymous bearer share corporation with a bank account, however, can send or receive a wire with complete legitimacy, all the while never revealing the true beneficiary of the funds.

Article Source: Main Articles

Doug is an author and offshore banking and asset protection expert for Offshore Legal. For additional offshore corporation information go to Offshore Legal's website.

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