When it comes to top tax havens, Panama and Switzerland are
the favorite offshore jurisdictions of investors. For many
years, investors viewed Switzerland as the go-to place when
desiring to place money in an offshore account. Panama has
joined Switzerland in these ranks and now the two are the
most sought after jurisdictions for investors world wide.
Both countries offer a high level of security for both your
financial and personal information, though in recent years,
Panama has come to offer a higher level of security and
anonymity. When opening a bank account in Switzerland, one
must now provide such information as a social security
number, whereas in Panama this information is not required.
Due to the high pressure from other countries, and tax
treaties with certain countries, Switzerland has undergone
changes in its banking policies and security laws. Panama
however, does not have tax treaties with other countries
(except in a limited capacity with the US) and operates
independently, so it is able to uphold the laws that it has
in place.
This should not deter you from choosing to bank in
Switzerland though. Compared to the other offshore
jurisdictions that you have to choose from, both Panama and
Switzerland are still the best offshore companies for tax
breaks. Most Swiss banks are long standing, well
established facilities that provide a measure of protection
for investors if for no other reason than the fact that
they have a long business history of providing safe
banking. With so many offshore scams popping up and
stealing money from investors, the many people feel secure
using Swiss banks because of the long history they provide.
Though Panamanian banks do not have as long of a history as
the Swiss, many people are so impressed with their level of
bank secrecy laws and practices that they are willing to
take a chance and invest their money in Panama instead. For
those that are highly concerned about their tax information
being exchanged with other agencies or authorities, Panama
banks can provide the level of protection and anonymity
that they are looking for.
Panamanian banks do provide a higher level of asset
protection, if only for the fact that they operate without
any tax treaties from other countries and will not release
an individual's information. The only case of bank secrecy
being lifted in Panama is in the case of a severe criminal
investigation, and even then the agency looking to lift the
secrecy will have to make a strong case and go through the
proper channels including the Panama court system.
There are of course many other countries and jurisdictions
available for you to establish an offshore banking account
or an offshore incorporation. While many of these countries
are also viewed as tax havens and top choices for
investment, if you are looking for the best you should
consider placing your investment into a facility that is
located in a Switzerland or Panamanian jurisdiction. That
way, you can rest assured that your money is in an
established facility that will offer you the protection
that your assets need.
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For more information about reducing your taxes through
offshore techniques please visit:
http://www.offshorelegal.org/
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