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
