What makes Panama the most favorable offshore jurisdiction for investors?
Posted: Feb 27, 2017
To determine which offshore jurisdiction is best for your business, you will consider a number of factors. You will think about privacy and protection, professional services and investment management options available, banking options, tax filing and payment obligation, available work force if you want to conduct business, and more. You should research on every aspect to make sure you are choosing a trusted offshore jurisdiction for doing business or investment.
An offshore jurisdiction that will offer you maximum benefits is Panama. In the current business scenario, many investors are considering offshore jurisdiction Panama for this reason. One reason that makes jurisdiction a preferred choice is their excellent banking system. Panama City is the second largest international banking center in the world next to Switzerland. Approximately, 150 international banks are located here and they are equipped with a modern and technologically advanced banking system. Some of the leading banks present in Panama are Citibank, HSBC, Dresdner Bank, Bank of Tokyo, Bank of Boston, Global Bank, MultiCredit Bank, ABN Amro, Banco Aliado, BIPAN, and Lloyds TLB Bank. The Panamanian government has enacted strict bank auditing guidelines in order to monitor banking practices, credit guidelines, and overall banking administration. The banking system in offshore jurisdiction Panama is set up to ensure depositors the security of their deposits, similar to the US banking system.
The offshore jurisdiction Panama is also a tax haven for investors. The IBCs and Private Interest Foundations do not have to pay any tax on their income nor do they have any reporting requirements to the Panamanian Government. If you set up an IBC here, you will not have to pay any income tax, capital gains tax, property tax, capital stock tax, estate tax, succession tax, inventory tax, gift tax, and more. According to the experts helping investors and businesses set up IBCs, and set up an offshore bank account, Panama provides the most favorable and most flexible incorporation laws available in the world. The corporations set up here do not require Paid-In Capital. Also, there is no time limit in which the authorized capital must be paid fully. Also, the corporations directors, and shareholders can be of any nationality and resident of any country.
The circulating currency in Panama is the US Dollar and there are no currency exchange controls. It has no restrictions on funds flowing in or out of the country. Along with that, offshore jurisdiction Panama has strict privacy laws and stable government and economy. All these factors make Panama one of the best offshore jurisdictions for investors and businesses that want to expand their business at offshore locations.
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