Consider a Country's Stability Before Opening Offshore Corporations - How Panama Law Benefits Offshore Clients
How Panama Law Benefits Offshore Clients
Offshore clients benefit from Panama law because the government has laws protecting individual privacy.
Panama currently has a tax treaty with the United States. This means the Panamanian government can share tax information at the request of the United States. Despite this treaty, Panama puts a lot of faith in privacy. That often means it will not turn over any account or financial records unless it has solid evidence showing that the someone is using an offshore account for illegal purposes.
Panama law and Panama law firms understand that many people keep their money in this jurisdiction because they want to take advantage of lower tax burdens and looser regulations. It is completely legal for someone in the United States, Asia, Europe, or other areas to open create offshore organizations in Panama.
More often than not, the Panamanian government will not turn over information unless there is serious evidence of illegal activity.
Also, keep in mind that Panama only has this treaty with the United States. Panama has made no promises to share account and financial information with governments in other countries.
It is completely legal for someone in the United States, Asia, Europe, or other areas to open create offshore corporations in Panama.
A good law firm can fill you in on the details so that you fully understand your rights. Just because you're not a citizen of Panama, doesn't mean you don't enjoy protection of certain laws.
That's a huge benefit for offshore clients that many jurisdictions do not offer.