Security and Privacy make Panama the top Offshore Destination

Gone are the days when legendary tales of Swiss numbered accounts and the anonymity that cloaks the identity of Sophie Neveu from religious agents bent at killing anyone within her bloodline.

Switzerland, once the top tax haven in the world has bowed to international pressures and now complies with global tax treaties to provide information for criminal investigations.

A better alternative when it comes to offshore banking goes to Panama. Ancient Roman Law lays down the rule that there is no crime when there is no law punishing it-Panama has virtually no law punishing tax evasion.

That award used to go the Swiss executives who gobble wine and cheese and now look down at those who wish to safe keep their wares from the tax authorities. Nowadays, a Swiss bank will require you a minimum of $250,000 for large banks and $10,000 for those on the minor league.

All hassles for a much coveted Swiss account. Thanks to a USA-Swiss Tax Treaty, both countries can share information. Though the Swiss banking system is quite safe to store your money, the major problem in bank secrecy has eroded through the years.

The good news is, Panama has not signed any treaty of this nature. In the light of all the hullabaloo, the number one lesson to learn is protecting your assets. It all begins with strategy. How do you come up with a really neat strategy anyway?

What makes Panama particularly attractive as an offshore entity is the ability to utilize a number of investment vehicles such as; corporations, trusts or foundations in a layered strategy completely shielding a person and their assets from personal liability.

Foundations in Panama, for example, have the ability to open a bank account as well as own a Panama corporation for layered asset protection.

With a layered Panamanian asset protection strategy in place, if a foreign entity secures judgement against you it will be very difficult for them to prove your ties to the foundation since your name does not appear in any of the foundation's documents.

With no capital gains tax, offshore derived income tax or inheritance taxes, Panama is even more attractive to those seeking offshore asset protection.

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