According to guidelines and requirements of the Organization for Economic Cooperation and Development (OECD), which require countries considered "tax havens" to adopt certain measures to be removed from their "grey list," the Panama Government has signed Double Tax Treaties with different countries to meet these requirements.
There are lots of offshore banking myths that prevent people from taking advantage of the benefits that an offshore account can offer. Once you know the truth about using offshore banks, though, you can make educated decisions that help you protect your assets from law suits and privacy invasion.
We are pleased to inform our customers that we have been testing for the official launch of our new website for a while.
The all-new improve Delvalle & Delvalle web site, preserve the same characteristics of the old one, which our clients highly praised on the regard to the organization on which the services provided were listed, and the sharpness of the design, which allows visitors to find in an easily and rapidly way, the information they are requesting, but now adding a modern and contemporary touch that reflects our law firm style.
Always keen on optimizing its services and offer its clients the most practical solutions, Delvalle & Delvalle has performed an update on its website that shows a more sophisticated image and adding multiple contact options. The first thing that stands out in the new www.delvallepanama.com (it can also be accessed at www.delvalledelvalle.com) is its more user-friendly design, with a minimalist aesthetic so that every visitor feels comfortable browsing the web page and can find all the solutions he or she may need.
The page now offers contact forms in Word, PDF, and online formats to solicit the Firm’s offshore private foundations and offshore company services. It also provides a new 1800 toll-free line so that Canadian and American residents can contact The Firm.
Due to the growing world economic crisis, the major European countries have decided to take actions against the so called tax havens, requesting that those countries that are considered as such to regulate in a more reliable manner the laws that legalize this matter and to divulge information on people that have carried out offshore operations in their countries of origin. Countries such as Switzerland, Luxemburg, the principality of Andorra and others have been affected by these circumstances.
These major countries have also focused their attention on the Latin-American countries that are considered as tax havens and have applied pressure to their governments for them to comply with certain international cooperation rules and placing them in the so-called black lists if they don’t follow what is established by them.
The Republic of Panama was formed in 1903 when it seceded from Colombia. The country is located in Central America on an isthmus that attracted the U.S. Army Core of Engineers in 1904. The Army Core of Engineers planned to establish a canal that would make it easier for boats to travel between the east and west coasts of North America. The Panama Canal was completed in 1914.
The Panama Canal has had a significant influence on how the Republic of Panama approaches business regulations. As a truly international country that deals with organizations all over the world, Panama created loose regulations that would let offshore businesses perform as they saw fit. Since the country earns most of its GDP from the canal tolls, it simply made sense for Panama’s government to open its doors to more businesses.
To create more incentives that help our country's economy, the Panamanian government has recently approved a law to stimulate the establishment of Economic Groups or Multinational Companies that wish to create branches or subsidiaries in Panama to perfect businesses that benefit their Economic Groups.
1. Panama still has strict laws to preserve secrecy, in regards of revealing who are the shareholders and/or signatories of the accounts.
Is worth mentioned that the only country that Panama has signed an agreement to exchange tax information, is the United States of America. Although the agreement allows the exchange of information, this will only be carried out under the strictest security measures and complying with the provisions of the agreement, meaning that the U.S. authorities cannot request this information directly to the Panama Bank and they cannot require general information (for example they cannot require information of all Americans who has accounts in such bank) on the contrary, the person which are requesting information must have a proceeding already establish in the U.S, the request must be made formally to the Panamanian tax authorities an it must be for a specific citizen, not general.
Due to the recent economic crisis which is occurring on a world wide scale, many recognized Banks from around the world have been affected and even the strongest of which have shown losses in their assets, undergone difficulties and have had to receive help from their governments or have been acquired by other banks. This added to other problems, such as the increasing pressure from the countries of the European Union and the United States of America, for banks in so called fiscal paradises such as Switzerland, to reveal the information and the identities of their clients, mainly due to fiscal reasons rather than proven criminal reasons, have made many people seek Banks outside of their countries, with banking systems that provide the financial and legal security that they need.
If you are thinking about starting your own organization, then you might have considered the possibility of establishing it as an offshore company. An offshore company offers benefits that regular companies cannot match. Before you decide what kind of organization to establish, you should learn a bit about how starting an offshore company might benefit you.