How Secure are Your Bank Account and Assets?
But are you really safe?
In the last few years, laws such as
the Patriot Act in the US have been approved that
effectively take your rights to privacy and financial
well being away.
These same laws that were meant to protect
us are now instead being used as a loophole by high
power lawyers and government agencies to access your
banking records, garnish money and freeze your assets.
In fact, currently US banks automatically
report to government agencies on the activities of
their clients, including you. What's worse, your hard
earned savings can now be legally garnished from your
bank account by government agencies and creditors
who may believe they have a claim against you. In
the US alone you stand a 1 in 4 chance of being sued
if your net worth exceeds $100,000. Not a lot of money!
Can you sleep at night?
Many offshore tax havens are no longer
safe either. The Patriot act has enabled the US to
attack the privacy laws in the Bahamas, and the UK
has even forced the Jersey Islands to fully disclose
beneficial ownership information.
Indeed there are very few places now
with real asset protection. However, the tax haven
of Panama is one such place that still enjoys complete
company formation privacy and asset protection.
Panama constitution provides the highest
levels of banking and corporate 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 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 also offer "Bearer
Shares", allowing shareholders to maintain 100% privacy
and confidentiality.
Peter Flowers is the owner and author
of http://www
.confidentialbanking.com, a source for offshore
banking services.
