Finance
Panama: The Benefits of This Jurisdiction for Your IBC
Panama constitution provides the highest levels of banking and corporate secrecy/privacy laws in the world. With Britain's proposed regulation for removal of bank and corporate book secrecy in the UK offshore territories, it is clear that Panama will remain one of the only secure offshore financial centers in terms of privacy and confidentiality that is not only respected, but vigorously protected by constitutional law. Panama has no mutual legal assistance treaties (MLAT's) for sharing of banking information with any other nation and does not recognize court rulings from other countries. In fact revealing banking information to third parties is a crime in Panama, punishable by imprisonment. There is no such thing as "piercing the corporate veil" in Panama. Panama Corporations offer "Bearer Shares", allowing shareholders to maintain 100% privacy and confidentiality.
Panama is a 100% Tax free Haven. Non-resident Panamanian International Business Corporations (IBC's) and Private Interest Foundations do not pay tax on any of their income (as indicated below), nor do they have any reporting requirements to the Panamanian government on non-Panamanian source income:
- No income tax.
- No capital gains tax.
- No interest income tax.
- No sales tax.
- No tax on issuance of corporate shares.
- No tax to shareholders.
- No stock sale or transfer tax.
- No capital stock tax.
- No property tax.
- No estate tax.
- No gift tax.
- No stamp tax.
- No succession tax.
- No inventory tax.
For more information about setting up your IBC in Panama, please visit our website: http://www.confidentialbanking.com/jurisdictions-panama.html
Richard Price is a partner of Liberty Enterprises Inc., a resource for offshore banking services. For more information about offshore banking, please visit the website http://www.confidentialbanking.com |
Richard Price
Tags: Panama jursidiction, Panama IBC, offshore jurisdictionsSimilar articles
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