Recently in Central America Category
Another indictment, handed down on October 30, 2007, charges E-Gold Ltd; Gold & Silver Reserve, Inc.; and their owners Dr. Douglas L. Jackson, of Satellite Beach, Fla.; Reid A. Jackson, of Melbourne, Fla.; and Barry K. Downey, of Woodbine, Md., each with one count of conspiracy to launder monetary instruments.
Subsequent to the indictment, the Department of Justice has seized all physical gold assets stored in Panama until future notice. The case is being investigated by the U.S. Secret Service with the assistance of the IRS and the FBI. The case is being prosecuted by the U.S. Attorney`s Office for the District of Columbia and the Computer Crime and Intellectual Property Section of the Criminal Division. An indictment is merely an accusation and the defendants are presumed innocent unless and until proven guilty.
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by Ronald Edwards
Special Notice: Offshore Banks are not fully licensed banks. Panama Legal Law Firm Never opens accounts for clients at offshore banks anywhere. Article for information only.
Introduction - What we are going to do is describe the legal and mechanical process relating to offshore bank failures. We will discuss what leads up to them, what happens if they fail, and how do the depositors get their money back. The terms and scenarios we depict are generally what happens in the world of offshore banking. In some jurisdictions the terminology and procedures may be slightly different but the general way things proceed will be in line with the scenarios depicted in this article.
Pro Mujer, a leading microfinance and women’s development network in Latin America, is pleased to announce that Pro Mujer Nicaragua has been awarded the 2006 Financial Transparency Award from the Consultative Group to Assist the Poor (CGAP).
New York, NY (PRWEB) March 21, 2007 -- Pro Mujer , a leading microfinance and women’s development network in Latin America, is pleased to announce that Pro Mujer Nicaragua has been awarded the 2006 Financial Transparency Award from the Consultative Group to Assist the Poor (CGAP).
(PRLEAP.COM) Panama City, Panama – Panama International Business Corporations (IBCs) have been an offshore strategy for 75 years. Over recent months, Panama companies - and foundations and offshore bank accounts - have been elevated to a new level in the offshore arena. In response, an American-owned company is helping entities that wish to keep their wealth adjust before it is too late.
by Bruce Stander
When it comes to the taxation of an offshore company incorporated in Belize there is really only one thing to know and that is an offshore IBC is exempt from all taxes and stamp duty! The structure of a Belize IBC is totally non-restrictive. There are many potential benefits to establishing an International Business Company offshore, but few jurisdictions offer the features and benefits that Belize does. Shareholders and directors can be the same person or corporate entity, there is only one shareholder and director required, they do not need to reside locally in Belize and nominee shareholders and directors can be appointed. The country is committed to remaining 100% attractive in terms of its ability to secure the privacy and wealth management of international companies who choose to incorporate and/or bank offshore in Belize.
by Richard Price
With an IBC (International Business Corporation), trading offshore can have many advantages. Your offshore brokerage account can be under your IBC company name, which ensures privacy while trading because your personal name is never revealed. Offshore brokerage houses have been using this technique for years to trade in complete privacy in a tax-free setting.
ACH/EFT: Easy to shut off. 80% of all activity goes over a network controlled by the US gov. The remaining 20% goes over a small group of networks who are part of the NACHA. NACHA issued the memo that lead to the shutdown of Neteller, Click2Pay, and other payment processors the other week. All they have to do is determine which companies are in the gaming eWallet business. That would be as hard as . . . oh, logging into a poker site and taking a gander at the payment processor page.
By Casey Halloran
Panama City, Panama -- In the late 90s, I first began hearing about Panama while living in Costa Rica. There was a groundswell movement of expats who felt that the cost of living in Costa Rica was too high and sought greener pastures, quite literally. They found their lower cost lifestyle a few hundred miles south in Panama’s highlands.
The Belize economy is essentially a bifurcation of two different kinds of people: the locals versus the foreigners. With such a small population that is Belize born and raised, the foreigners are really the ones who have started to dominate the economy on all cylinders. Because of this, many locals feel left behind due to a lack of education, lack of resources, and high crime rate especially in the capital city.
Panamá has a currency arrangement unlike any other in the world. The official currency of Panamá is the Balboa (B/). The Balboa has always been pegged at 1:1 to the US dollar. Further, not one Balboa note has ever been printed. Balboa denominated coins are minted in exactly the same size, shape and value as the US penny, nickel, dime, quarter and half- dollar. In practice, this means that the US dollar changes hands in Panamá as the local currency. In practice, Panamá has always been “dollarized” like the British Virgin Islands, the Turks & Caicos Islands, and more recently, El Salvador and Ecuador. Nevertheless, legally, Panamá’s currency is still the elusive Balboa.
The Panama private interest foundation is considered by many to be one of the best asset protection vehicles in the world. As such it is highly promoted as an effective alternative to an asset protection trust. In most circumstances those claims are true. But, Panama foundations have also been promoted as providing tax benefits for their users as well. This certainly may be true for non-US persons, but is highly doubtful for US taxpayers.
Right now Panamá is a place to watch. With the approval of the new canal, Panamá could afford the downsizing of its offshore financial services industry when the new canal is done. One cannot help but wonder what kind of deals Panamá will have to make in order to get financing for the canal. Lastly, it has been reported that, although Panamá companies only are taxed on their territorial income, starting in 2007, those companies must report their foreign assets, even though they are not currently taxable. This sounds to me like some taxman drawing up a wish list for later…
Panama Real Estate MEDIA is revolutionizing Panama's real estate market by introducing the industry's first network of high-quality English magazines, promotional DVDs and Panama's first-ever all English television series, Hot Properties, brought to you by Panama Real Estate TV.
QUESTION: I have a foreign grantor trust, but from what I have read I have to file a FBAR report when I exceep $10,000 a year. Would the same be true if I had a Panama Foundation? I was told that since I wouldn't own it then I wouldn't have to list it, in fact I could make the PF the beneficiary of my trust.
