Daily Tip

According to the Panamanian laws if someone retain illegally the annual government fees including the first US$250.00 to incorporate a company, the person could be fined with three times that cost, plus the civil and penal responsibilities.

August 23, 2007

Every US citizen or resident alien, partnership, corporation, estate, or trust must file TD F 90-22.1 if they have "financial interest in or signature authority, or other authority over any financial accounts, including bank, securities, or other types of financial accounts in a foreign country, if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year."

August 22, 2007

If you set up a Panama private foundation and inscribe it in USA as an entity and then you get a property, paying respective taxes, it should be considered legal,  in the same order, you would open a saving bank account behalf the foundation, then if for any reason you pass away,  you would let it know erga omnes in your will. The beneficiaries are going to be able to enjoy right away of the benefits.

August 21, 2007

Philippines and Isle of man are two of the few jurisdiction where internet gambling license is accepted, tend is this matter is to eliminate offshore gambling license and porn hosting

August 20, 2007

Before, you make any Forex investment, verify carefully if in your domestic laws foreign income is taxable, you will be able to use an offshore corporation to minimize taxes from your profits.

August 19, 2007

Recently, some offshore services law firms are offering anonymous ATM debit card in Somalia and other weird jurisdiction, we recommend strongly avoid those countries and that type of card, because it would be considered suspicious transaction.

August 16, 2007

As a qualified pensionado in Panama, you will be entitled to:

• 50% off entertainment--such as movies, theaters, concerts, and sporting events -- anywhere in the country
• 50% off closing costs for home loans and more...
• 50% off hotel stays from Monday through Thursday
• 30% off hotel stays from Friday through Sunday
• 30% off bus, boat, and train fares
• 25% off airline tickets
• 25% off at restaurants
• 20% off medical consultations
• 20% off professional and technical services
• 15% off at fast-food restaurants
• 15% off hospital bills (if no insurance applies)
• 15% off dental and eye exams
• 10% off prescription medicines

August 15, 2007

According some experts if your domestic laws are based in the common law, and if you are planning to move offshore is better for you to find out an offshore jurisdiction based on civil laws.

August 14, 2007

A recent study by the McKinsey Global Institute proved that  every dollar spent on a business process outsourced, the U.S. economy get at least $1.12. The biggest part goes to the employer (58 cents). 
 

August 13, 2007

It is very important if you are planning to make an investment or If you are planning to move you or your assets, offshore, We strongly recommend to contact an expert in your country, we have important alliances in many countries around the world.

August 11, 2007

Perpetual travelers are people who live all the year from one place to another as itinerant or such as life style. They are not considered a legal resident anyplace. For that matter they are not compelled to pay some kind of taxes.  They may spend the majority of their time in other countries, never staying long enough to be considered a resident. If you are one of them or planning to be one of them you need to know some facts:
     + If you spend most of the time in a low tax jurisdiction you will save some income taxes, especially those get it out of your country. For example, one can spend up to 122 days each year in the United States without being considered a resident or being required to file a US tax return.

Whether to minimize governmental interference (via taxes or otherwise), or to maximize privacy, the theory proposes that you arrange for each of the following to be in a separate country:
1. Passport and Citizenship - in a country that does not tax money earned outside the country
2. Legal Residence - in a tax favorabe tax regime
3. Business Base - where you earn your money
4. Asset Haven - where you keep your money
5. Playgrounds - where you spend your money
 

August 10, 2007

More than 172 building projects are taking place in the metropolitan area.  The average luxury condominium unit under construction in Panama city is valued at US$289,100 approximately and is 213 sq meter in size. 

August 9, 2007

Taxation as a percentage of GDP in 2005 was 56.1% in Denmark, 54.5% in France, 49.0% in the Euro area, 42.6% in the United Kingdom, 35.7% in the United States, 35.2% in The Republic of Ireland, and among all OECD members an average of 40.7%.

August 8, 2007

August 7, 2007

Possible international business activities  Examples of such activities are listed below (the list is by no means exhaustive):

• International trading (an international business company can be used as intermediary to re-invoice exports, re-exportation and imports)
• International services companies (re-invoice services through an international company)
• International construction or engineering companies
• International transport/distribution companies
• Royalty companies
• Real estate companies
• Shipping and ship management companies
• Commission agents
• E-business
• Holding companies (receiving dividends from foreign subsidiaries)

August 6, 2007

+Important criteria for choosing an offshore jurisdiction to conduct business.  The choice of a suitable jurisdiction is an important decision and requires careful considerations. The most important aspects to be examined may be outlined as follows:

• Political and economic stability of the jurisdiction
• A good banking system
• The availability of a modern and flexible legislative framework
• Simple incorporation and filing requirements
• Favorable Tax Regime
• No Double Taxation Treaties
• Good telecommunications
• Reputation (some "tax havens" are viewed with suspicion).

See main jurisdiction

August 5, 2007

+Professional advise should always be sought before acquiring an offshore entity so that you are aware of any restrictions and reporting requirements.

August 4, 2007

+Offshore banking, by definition, is a bank that is located out of the depositor’s country of residence. Also, usually this involves a country whose tax jurisdiction is more favorable than one home banks.  Most offshore banks offer the same roster of services one might find at their local branch:

Deposits
Credit
Wire Transfers
Letters of Credit
Fund Management
Trust Services
Private Banking
Wealth Management
Corporate Admin

August 3, 2007

Simple Free Asset Protection Tips  Not everybody can afford a sophisticated asset protection plan: however, everybody can take some commonsensical steps to better protect their hard earned wealth. This page, which is still under construction, categorizes some of these simple techniques:

+Divide and Conquer Always use a separate entity for each liability generating asset and never mix liability generating assets. For example, an apartment house should not be owned by the same entity which owns a printing business.

+Get Good Advice Get a local lawyer (much like a "family" doctor). Pay for some advice every time you make an important move. It is money well spent. By the way, the market is flooded with well trained and underutilized lawyers. Don't be afraid to negotiate fees.

+Avoid General Partnerships Avoid general partnerships and handshake agreements. This only causes trouble. Did you know that any general partner can commit the partnership (and hence every other general partner) to any legal contract (like taking out a loan). All general partners are jointly and severally liable.

+Assume that most "Asset Protection Experts" are unqualified...because they are Please read our traps and scams page. Always check references and avoid the professional "seminar givers." Never assume that "charging order protection" is enough, never trust anybody who asks you to trust anybody else with your money and never trust anybody who promises to save you income taxes.

+Stealth Works Don't show off and don't put everything in your name. If people think that you are rich you will be sued. If you are unwilling to have a modest lifestyle (and many of us are not willing) then keep a low a profile as possible and don't title your assets directly in your own name. Remember, to take your assets they first have to be found. Also remember that a good asset protection plan does not rely on stealth. It should work even if every single document is discovered.

+Each State is Different Remember, what a creditor can get is often controlled by state law. Get good advice and you may be able to keep assets even when faced with serious creditor attack. For example, some states have liberal homestead laws and some states accord greater protection to pension plan type accounts than other states.

+No Country Automatically Recognizes US Judgments Remember, no country in the world automatically recognizes U.S. based judgments. In fact, most countries think that our tort laws, securities laws and anti-trust laws are nonsensical. Also, no country in the world recognizes US tax judgments.

+Never Ignore a Lawsuit If you are served always get good advice.

+Keep Insurance Even if you effect a state of the art asset protection plan you still should keep adequate insurance. Often the main value of a good policy is that the insurance company must provide you a defense

+ Remember always to beware of a provider who promises everything that you seek can be done! That is a clear lie. As a test try making seemingly difficult or impossible or costly demands. See how the contact handles these demands. Not everything that you would 'like' to have ideally would be possible in an outsourcing scenario - at least not right away. Anyone that claims that it can, either does not know the domain well or is over-committing.

+ Visit the provider's office at least once. Meet the team that will work for you. Get familiar with them.

+ Ask the provider to provide you a named list of people that will work for you and insist on keeping the team composition unchanged. Any changes in team should be communicated to you explicitly. Put clauses into the Service Level Agreement (SLA) ensuring these. Outsourcing is all about people. So give this the same amount of attention as you would do if you employed these people yourself in your own office. At a later date when the relationship has matured to an extent, you may consciously decide to trust your provider. But, don't do that from day one. This is in your as well as the provider's interests that this due diligence about the work force should be done. This is one of the best ways to build a trusting relationship between you, your provider and the people that'll be working remotely for you.

+ You can additionally insist for quality and security certifications. However, even if the provider has all the required certifications, you MUST visit their location and check for yourself the quality management system and the security procedures that they use in practice. Meet the security chief and the quality manager and talk to them informally about their processes.

+Insist on the provider coming up with measurable metrics about the work - both in terms of quality achieved and quantity served. Check if the metrics are such that you could double-check these on your own easily. Insist on a regular MIS reporting by the provider. The frequency of the reports will depend on various factors, but, should never be less frequent than once a month.

+ Insist on reward and penalty clauses within the SLA, based on these metrics. However, be flexible in reviewing these clauses from time to time. Remember, just as you are taking a risk outsourcing the work, the provider also is taking risks. It doesn't necessarily make you a winner if the provider's costs increase unduly while acceding to your demands.

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