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Panama Bank Accounts Offer the Best Offshore Asset Protection

With financial success comes many great opportunities and freedoms, but there is also a dark side with high income earners subjected to higher income tax rates. In the post 9/11 world, many offshore banking jurisdictions have signed tax treaties and disclosure treaties with the US government with the goal of stamping out money laundering, drug trafficking, terrorism and other illegal activities.

Offshore banking is the utilization of banking services located outside your country of residence. The good news for high income earners looking for a tax break is that there are still several banking centers that offer rock solid banking privacy and protection laws.

Generally offshore banking provides legal, financial and tax advantages to the depositor. The Bahamas used to be a haven for offshore banking but since they introduced stricter banking laws that give the banks the discretion to provide 45% of their collected information about their clients to authorities who ask.

The Republic of Panama has the best offshore banking secrecy laws in place in the current economic climate. Panama has not bowed to pressures from the IMF or US government to report on suspicious activity from their clientele. This does not mean that illegal activity will not be reported, only that the identity of the account holders is protected while an investigation is underway. Bank employees face fines, employment termination or imprisonment if they are caught disclosing client information.

Panama also offers clients uninhibited asset growth by providing services which require little or no capital gains or income tax. Putting your money in a Panamanian bank is a great way to grow a nest egg tax free.

Panama bank accounts can be set up for as little as $695USD and come with all of the expected services one would expect such as online banking, ATM cards and checks.

Another offshore banking haven is the Cayman Islands, which had a reputation for near perfection banking secrecy. Bank officials who report client information to the CIA, Treasury department and even the International Monetary Fund are supposed to face imprisonment.

In recent news a bank owner from the Cayman Islands named John Masterson allegedly reported over 1 year worth of bank records to the United States government that got a lot of US clients into big trouble. If the laws of the Cayman Islands were strictly enforced, Mr. Masterson would be in jail for the rest of his life. Mr. Masterson currently lives free so offshore banking clients beware.

Article Source: http://www.articlebankonline.com

Find out how to setup a offshore bank account or offshore asset protection at the OffshoreLegal.org website.

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